Document:

EX-10.2

 EXHIBIT 10.2 

EXECUTION COPY 

AMENDMENT NO. 1 TO PURCHASE AND SALE AGREEMENT 

THIS AMENDMENT NO. 1 TO PURCHASE AND SALE AGREEMENT (this “Amendment”), dated as of May 18, 2015, is among AMRESCO, LLC,
an Ohio limited liability company (“Amresco”), BIOEXPRESS, LLC, a Utah limited liability company (“BioExpress”), INTEGRA COMPANIES, LLC a Massachusetts limited liability company (“Integra”), STI
COMPONENTS, LLC, a Virginia limited liability company (“STI”), TEK PRODUCTS, INC., a Minnesota corporation (“TEK”) and VWR INTERNATIONAL, LLC, a Delaware limited liability company (“VWR
International”) (each an “Originator”, and collectively, the “Originators”) and VWR RECEIVABLES FUNDING, LLC, a Delaware limited liability company, (the “Company”). 

BACKGROUND 
 WHEREAS, Amresco,
BioExpress, VWR Education, LLC, a Delaware limited liability company (“VWR Education”), VWR International and the Company entered into the Purchase and Sale Agreement as of November 4, 2011 (as amended, supplemented or
otherwise modified through the date hereof, the “Purchase and Sale Agreement”); 
 WHEREAS, VWR Education entered into the
Purchase and Sale Agreement and VWR Education subsequently merged into VWR International; 
 WHEREAS, immediately prior to this Amendment
Integra, STI and TEK (the “Joined Originators”) where joined as originators to the Purchase and Sale Agreement by executing and delivering the Joinder Agreement (the “Joinder Agreement”) dated as of the date hereof
among the Joined Originators and consented to by the Company and PNC Bank, National Association (“PNC”); and 
 WHEREAS,
the parties hereto wish to amend the Purchase and Sale Agreement pursuant to the terms and conditions set forth herein. 
 NOW, THEREFORE,
for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the
Purchase and Sale Agreement. 

  
 1 

 SECTION 2. Amendments to Purchase and Sale Agreement. Effective as of the date hereof and
subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Purchase and Sale Agreement is hereby amended as follows: 

(a) Section 2.2 of Purchase and Sale Agreement is hereby amended by deleting the definition of FMVD in its entirety and replaced
with the following: 
  

					
	“FMVD		=		Fair Market Value Discount, as measured on such Payment Date, which is equal to the quotient (expressed as percentage) of (a) one divided by (b) the sum of (i) one, plus (ii) the
product of (A) the sum of (1) the Prime Rate (calculated as of the last Business Day of the Fiscal Month or week, as applicable, preceding such Payment Date or, for the Closing Date, preceding the Cut-Off Date), (2) the Servicing Fee
Rate, and (3) the LR, and (B) a fraction, the numerator of which is the Days’ Sales Outstanding (calculated as of the last Business Day of the Fiscal Month or week, as applicable, preceding such Payment Date or, for the Closing Date,
preceding the Cut-Off Date) and the denominator of which is 365.
			
	LR		=		Loss Rate and means a percentage established from time to time by the Company and VWR International, which reflects the anticipated loss rate with respect to the Receivables, as a group, to be sold under this
Agreement.”

 (b) Section 5.11 of the Purchase and Sale Agreement is hereby deleted in its entirety and replaced
with the following: 
 “SECTION 5.11 Investment Company. Such Originator is not and will not become as a result
of the transactions contemplated by the Transaction Documents, an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. In
addition, such Originator is not a “covered fund” under Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.” 

(c) The following new Section 5.23 is hereby added to the Purchase and Sale Agreement immediately following
Section 5.22 of the Purchase and Sale Agreement: 
 “SECTION 5.23 Anti-Money Laundering/International
Trade Law. Based on the knowledge of such Originator, and after reasonable inquiry, no Covered Entity is a Sanctioned Person. Based on the knowledge of such Originator, and after reasonable inquiry, no Covered Entity (i) has any of its
assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in or transactions with, any
Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.” 

  
 2 

 (d) The following new clause (k) is hereby added to the Purchase and Sale Agreement
immediately following clause (j) of Section 6.1 of the Purchase and Sale Agreement: 
 “(k)
Anti-Laundering/International Trade Law Compliance. The funds used to repay such Originator’s obligations under this Agreement and each of the other Transaction Documents will not to the knowledge of such Originator, after reasonable
inquiry, be derived from any activity in violation of any Anti-Terrorism Laws. Each Covered Entity shall comply with all Anti-Terrorism Laws. Such Originator shall promptly notify the Administrator in writing upon the occurrence of a Reportable
Compliance Event. 
 (e) The following new clause (h) is hereby added to the Purchase and Sale Agreement immediately following
clause (g) of Section 6.3 of the Purchase and Sale Agreement: 
 “(h)
Anti-Laundering/International Trade Law Compliance. To the knowledge of such Originator, after reasonable inquiry, become a Sanctioned Person. To the knowledge of such Originator, after reasonable inquiry, (i) have any of its assets in a
Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country
or Sanctioned Person in violation of any Anti-Terrorism Law; (iii) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (iv) use the proceeds of any purchase to fund any operations in, finance any investments or
activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law.” 
 (f)
Section 7.5 of the Purchase and Sale Agreement is hereby deleted in its entirety and replaced with the following: 

“SECTION 7.5 Post-Closing Lock-Boxes. Notwithstanding anything to the contrary herein or in the Purchase Agreement,
with respect to any Pool Receivables the Originator thereof is Integra Companies, LLC, STI Components, LLC or TEK Products, Inc., amounts receivable from Obligors of such Pool Receivables may be directed and paid to such Originator or into one or
more lock-boxes or other deposit accounts held in the name of such Originator, as applicable (each, an “Originator Account”) (it being understood that (1) such Originator shall agree to hold any such funds and any funds on
deposit in such Originator Account in trust for the benefit of the Seller and its assigns, (2) any funds received by such Originator directly or in such Originator Account shall be required to be remitted to a Lock-Box Account in the name of
the Seller promptly following the establishment of such Lock-Box Account with respect to such Originator, and (3) such funds shall be applied pursuant to this Agreement and the Sale Agreement as if such funds were remitted to a Lock-Box
Account) and, in each case, subject to the conditions that (i) the Seller or such Originator shall have established a Lock-Box Account with respect to such Originator in the name of the Seller no later than August 18, 2015, (ii) the
Seller shall have entered into and delivered to the Administrator, no later than August 18, 2015, executed 

  
 3 

 
counterparts of the Lock-Box Agreements with the Lock-Box Banks holding or maintaining the Lock-Box Accounts to which payments on such Pool Receivables with respect to such Originator are
remitted and (iii) at all times prior to the establishment of such Lock-Box Accounts with respect to such Originator and such delivery of such Lock-Box Agreements, the aggregate Outstanding Balance of all such Pool Receivables shall not exceed
5% of the aggregate Outstanding Balance of all Pool Receivables, the representations, warranties, covenants and other agreements of the applicable Originator with respect to the deposit of such funds and the related Originator Account shall not
apply.” 
 (g) Schedule I to the Purchase and Sale Agreement is hereby deleted in its entirety and replaced with Schedule
I hereto. 
 (h) Schedule III to the Purchase and Sale Agreement is hereby deleted in its entirety and replaced with Schedule
III hereto. 
 (i) Schedule IV to the Purchase and Sale Agreement is hereby deleted in its entirety and replaced with Schedule
IV hereto. 
 (j) Schedule V to the Purchase and Sale Agreement is hereby deleted in its entirety and replaced with Schedule
V hereto. 
 (k) Exhibit A to the Purchase and Sale Agreement is hereby deleted in its entirety and replaced with Exhibit
A hereto. 
 SECTION 3. Representations, Warranties and Enforceability. Each Originator hereby represents and warrants to the
Company, as of the date hereof with respect to itself, as follows: 
 (a) the representations and warranties of such Originator contained in
Article V of the Purchase and Sale Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of such date (except for representations and warranties which apply as to an earlier date, in
which case such representations and warranties shall be true and correct as of such earlier date); 
 (b) no event has occurred and is
continuing, or would result from this Amendment, that constitutes a Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination Event, as set forth in Section 8.1 of the Purchase and Sale Agreement; and 

(c) (i) the execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment and the Purchase and
Sale Agreement, as amended hereby, are within its organizational powers and have been duly authorized by all necessary action on its part and (ii) this Amendment and the Purchase and Sale Agreement, as amended hereby, are its valid and legally
binding obligations, enforceable in accordance with their respective terms. 

  
 4 

 SECTION 4. Conditions Precedent. The effectiveness of this Amendment is subject to the
satisfaction of all of the following conditions precedent: 
 (a) The Company shall have received a fully executed counterpart of
(i) this Amendment and (ii) the Joinder Agreement. 
 (b) PNC shall have received a fully executed counterpart of (i) this
Amendment (ii) the Amendment No. 5 to the Receivables Purchase Agreement and Reaffirmation of the Performance Guaranty (the “RPA Amendment”) dated as of the date hereof among the Company, as seller, VWR International, as
servicer and PNC, as administrator, related committed purchaser, purchaser agent and LC bank, (iii) the Joinder Agreement, (iv) Company Notes each dated as of the date hereof executed by the Company in favor of each Joined Originator,
(v) the Second Amended and Restated Fee Letter (the “Fee Letter”) dated as of the date hereof among PNC and the Company and (vi) such other documents required pursuant to Section 4.3(a) of the Purchase and Sale
Agreement. 
 (c) PNC and the Company shall have received such documents and certificates as PNC or the Company shall have reasonably
requested on or prior to the date hereof. 
 (d) No Purchase and Sale Termination Event or Purchase and Sale Unmatured Termination Event, as
set forth in Section 8.1 to the Receivables Purchase Agreement, shall have occurred and be continuing. 
 SECTION 5.
Amendment. The Originators and the Company hereby agree that the provisions and effectiveness of this Amendment shall apply to the Purchase and Sale Agreement as of the date hereof. Except as amended by this Amendment, the Purchase and Sale
Agreement remains unchanged and in full force and effect. This Amendment is a Transaction Document. 
 SECTION 6. Counterparts. This
Amendment may be executed by the parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 7. Captions. The headings of the Sections of this Amendment are for convenience of reference only and shall not modify, define,
expand or limit any of the terms or provisions of this Amendment. 
 SECTION 8. Successors and Assigns. The terms of this Amendment
shall be binding upon, and shall inure to the benefit of, the Originators and the Company and their respective successors and permitted assigns. 

SECTION 9. Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. 
 SECTION 10. Governing Law and Jurisdiction. The provisions of the Purchase and Sale Agreement
with respect to governing law, jurisdiction, and agent for service of process are incorporated in this Amendment by reference as if such provisions were set forth herein. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized
officers as of the date first above written. 
  

			
	 AMRESCO, LLC,
as an Originator

		
	By:		 /s/ Scott K. Baker

	Name:		Scott K. Baker
	Title:		Secretary

  

					
			S-1		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 
			
	 BIOEXPRESS, LLC,
as an Originator

		
	By:		 /s/ Scott K. Baker

	Name:		Scott K. Baker
	Title:		Secretary

  

					
			S-2		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 
			
	 INTEGRA COMPANIES, LLC,
as an Originator

		
	By:		 /s/ Scott K. Baker

	Name:		Scott K. Baker
	Title:		Secretary

  

					
			S-3		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 
			
	 STI COMPONENTS, LLC,
as an Originator

		
	By:		 /s/ Scott K. Baker

	Name:		Scott K. Baker
	Title:		Secretary

  

					
			S-4		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 
			
	 TEK PRODUCTS, INC.,
as an Originator

		
	By:		 /s/ Scott K. Baker

	Name:		Scott K. Baker
	Title:		Secretary

  

					
			S-5		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 
			
	 VWR INTERNATIONAL, LLC,
as an Originator

		
	By:		 /s/ James M. Kalinovich

	Name:		James M. Kalinovich
	Title:		Vice President

  

					
			S-6		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 
			
	 VWR RECEIVABLES FUNDING, LLC,
as the Company

		
	By:		 /s/ Scott K. Baker

	Name:		Scott K. Baker
	Title:		Secretary

  

					
			S-7		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 SCHEDULE I 

Schedule I 
 LIST OF
ORIGINATORS 
 AMRESCO, LLC 
 BioExpress, LLC 

Integra Companies, LLC 
 STI Components, LLC 

TEK Products, Inc. 
 VWR International, LLC 

  

					
			SCH I-1		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 SCHEDULE II 

[Reserved] 

  

					
			SCH II-1		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 SCHEDULE III 

Schedule III 
 STATE OF
ORGANIZATION OF THE ORIGINATORS 
  

			
	 Originator
	  	 State of Organization

		
	AMRESCO, LLC	  	Ohio
		
	BioExpress, LLC	  	Utah
		
	Integra Companies, LLC	  	Massachusetts
		
	STI Components, LLC	  	Virginia
		
	TEK Products, Inc.	  	Minnesota
		
	VWR International, LLC	  	Delaware

  
 SCH III-1 

 SCHEDULE IV 

Schedule IV 
 LOCATION OF
BOOKS AND RECORDS OF THE ORIGINATORS 
  

			
	 Originator
	  	 Location of Books and Records

		
	AMRESCO, LLC	  	 190876681 Cochran Road
 Solon, OH 44139

and
 100 Matsonford Road

Building One, Suite 200
 Radnor, PA 19087

		
	BioExpress, LLC	  	 100 Matsonford Road
 Building One, Suite 200

Radnor, PA 19087

		
	Integra Companies, LLC	  	 29 Saratoga Blvd.
 Devens, MA 01432

and
 100 Matsonford Road

Building One, Suite 200
 Radnor, PA 19087

		
	STI Components, LLC	  	 606 Church Street, Unit 106
 Morrisville, NC
27560
 and
 100 Matsonford Road

Building One, Suite 200
 Radnor, PA 19087

		
	TEK Products, Inc.	  	 2435 W. Industrial Blvd.
 Long Lake, MN
55356
 and
 100 Matsonford Road

Building One, Suite 200
 Radnor, PA 19087

		
	VWR International, LLC	  	 100 Matsonford Road
 Building One, Suite 200

Radnor, PA 19087

  

					
		 	SCH IV-1	 	Amendment No. 1 to PSA
		 		 	VWR Receivables Funding, LLC

 SCHEDULE V 

Schedule V 
 TRADE NAMES

  

			
	 Legal Name
	  	 Trade Names

		
	AMRESCO, LLC	  	AMRESCO, LLC
		
	AMRESCO Inc.	  	AMRESCO Inc.
		
		  	AMRESCO
		
	BioExpress, LLC	  	BioExpress, LLC
		
	BioExpress Corp.	  	BioExpress Corp.
		
	Intermountain Scientific, Inc.	  	Intermountain Scientific, Inc.
		
		  	BioExpress
		
		  	GeneMate
		
	Integra Companies, LLC	  	Integra Companies, LLC
		
	STI Components, LLC	  	STI Components, LLC
		
	TEK Products, Inc.	  	TEK Products, Inc.
		
	VWR International, LLC	  	VWR International, LLC
		
		  	VWR Education, LLC
		
	Science Kit, Inc.	  	Science Kit, Inc.
		
	Science Kit, LLC	  	Science Kit, LLC
		
	Sargent Welch, LLC	  	Sargent Welch, LLC
		
	Ward’s Natural Science	  	Ward’s Natural Science Establishment, LLC

  

					
		 	SCH V-1	 	Amendment No. 1 to PSA
		 		 	VWR Receivables Funding, LLC

 SCHEDULE V 
  

			
	Establishment, LLC		Ward’s Natural Science Establishment, Inc.
		
	Ward’s Natural Science		VWR Education
		
	Establishment, Inc.		Science Kit
		
			Science Kit & Boreal Laboratories
		
			Scientifics
		
			SK Elementary
		
			SKmath
		
			SKeducation
		
			SKreading
		
			SKscience
		
			Boreal Laboratories
		
			Cenco Physics
		
			Edmund Scientific
		
			Sargent Welch
		
			Ward’s
		
			Ward’s Natural Science Establishment
		
			X-treme Geek
		
	VWR International, Inc.		VWR International, Inc.
		
			VWR International
		
			Cenco Physics
		
			Sargent Welch

  

					
			SCH V-2		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC

 EXHIBIT A 

Exhibit A 
 FORM OF
PURCHASE REPORT 
 Originator:
[                    ] 
 Company:
[                    ] 
 Purchase Report Date:
                                         

 

	1.	Outstanding Balance of Receivables Purchased: $         

  

	2.	Fair Market Value Discount: 

  

							
			1 / {1 + [(Prime Rate+Servicing Fee Rate+Loss Rate) x		Days’ Sales Outstanding		]}
				365	

 Where: 

Prime Rate =              

Servicing Fee Rate =              

Loss Rate =              

Days’ Sales Outstanding =              

 

	3.	Purchase Price (1 x 2) = $         

  

	4.	Reductions in the Purchase Price = $         

  

	5.	Net Purchase Price (3-4) = $         

  

					
			EX A-1		Amendment No. 1 to PSA
					VWR Receivables Funding, LLC8-K 2015 3rd Amend 2012 LTIP-Exhibit10.1

THIRD AMENDMENT
TO THE
ENSCO plc
2012 LONG-TERM INCENTIVE PLAN

THIS AMENDMENT is effective the 30th day of March 2015, by Ensco plc, having its principal office in London, England (hereinafter referred to as the “Company”).

WITNESSETH:

WHEREAS, the Company adopted the Ensco plc 2012 Long-Term Incentive Plan (the “Plan”), effective 1 January 2012;

WHEREAS, the Board of Directors of the Company, upon recommendation of the Executive Compensation Subcommittee of its Compensation Committee during its regular meeting held on 30 March 2015, has authorized and approved this Third Amendment to the Plan during a regular meeting held on 30 March 2015; and

WHEREAS, the Company now desires to adopt this Third Amendment to the Plan for the purpose of (i) amending Section 5(a) of the Plan to increase the aggregate number of Shares available for issuance under the Plan, such amendment to be subject to approval by the Company’s shareholders at the Annual General Meeting of Shareholders on 18 May 2015, and (ii) amending the definition of “Performance Goals” of the Plan to add one performance goal;

NOW, THEREFORE, in consideration of the premises and covenants herein contained, the Company hereby adopts the following Third Amendment to the Plan:

(1) Section 5(a) of the Plan is hereby amended in its entirety to read as follows:

(a)    Basic Limitation.  Subject to adjustment pursuant to Section 11, the aggregate number of Shares that are available for issuance under this Plan shall not exceed 23 million (23,000,000) Shares (the “Plan Maximum”), reduced by the total number of Shares subject to any awards granted under the 2005 LTIP during the period commencing on 1 January 2012 and ending on the date of the 2012 Annual Meeting (the “Pre-Effective Period”).  Any Shares that are subject to Awards of Options, whether granted under this Plan or the 2005 LTIP during the Pre-Effective Period, shall be counted against the Plan Maximum as one (1) Share for every one (1) Share granted.  Any Shares that are subject to Awards other than Options, whether granted under this Plan or the 2005 LTIP during the Pre-Effective Period, shall be counted against the Plan Maximum as two (2) Shares for every one (1) Share granted.  The Committee shall not issue more Shares than are available for issuance under this Plan.  The number of Shares that are subject to unexercised Options at any time under this Plan shall not exceed the number of Shares that remain available for issuance under this Plan.  The Company, during the term of this Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of this Plan.  Shares shall be deemed to have been issued under this Plan only to the extent actually issued and delivered pursuant to an Award; provided, however, in no event shall any Shares that have been subject to Options, Restricted Share Awards or Restricted Share Unit Awards be returned to the number of Shares available under the Plan Maximum for distribution in connection with future Awards by reason of such Shares (i) being withheld, if permitted under Section 3(b)(xii) and Section 6(f)(ii), from the total number of Shares to be issued upon the exercise of Options as payment of the Exercise Price of such Options, or (ii) being withheld or surrendered, if permitted under Section 3(b)(xiii) and Section 10(c), from the total number of Shares to be issued upon the exercise of Options, the vesting of any Restricted Share Awards, the settlement of any Restricted Share Unit Awards or the settlement of any Performance Unit Awards to meet the withholding obligations related to such exercises, vesting and settlement.  Nothing in this Section 5(a) shall impair the right of the Company to reduce the number of outstanding Shares pursuant to repurchases, redemptions, or otherwise; provided, however, that no reduction in the number of outstanding Shares shall (i) impair the validity of any outstanding Award, whether or not that Award is fully vested, exercisable, or earned and payable or (ii) impair the status of any Shares previously issued pursuant to an Award as duly authorized, validly issued, fully paid, and nonassessable.  The Shares to be delivered under this Plan shall be made available from (a) newly allotted and issued Shares, including any Shares held in reserve by any Subsidiary or (b) Shares that are held in an employee benefit trust, in each situation as the Committee may determine from time to time in its sole discretion. 

(2) The definition of “Performance Goals” of the Plan is hereby amended in its entirety to read as follows:
“Performance Goals” shall mean, with respect to any Performance Award or Performance Unit Award, the business criteria (and related factors) selected by the Committee to measure the level of performance of the Company during the Performance Period, in each case, prepared on the same basis as the financial statements published for financial reporting purposes, except as adjusted pursuant to Section 7(i)(iv), Section 8(g)(iv) or Section 9(g)(i).  The Committee may select as the Performance Goal for a Performance Period any one or combination of the following Company measures, as interpreted and defined by the Committee, which measures (to the extent applicable) will be determined in accordance with U.S. GAAP:
(a)    Net income as a percentage of revenue;
(b)    Earnings per share ("EPS");
(c)    Return on net assets employed before interest and taxes ("RONAEBIT");
(d)    Operating margin as a percentage of revenue; 
(e)    Safety performance relative to industry standards and the Company annual target;
(f)    Strategic team goals (“STGs”);
(g)    Net operating profit after taxes;
(h)    Net operating profit after taxes per share;
(i)    Return on invested capital;
(j)    Return on assets or net assets;
(k)    Total shareholder return (“TSR”);
		
	(l)
	Relative total shareholder return (as compared with a peer group of the Company) (“relative TSR”);

(m)    Absolute return on capital employed (“absolute ROCE”);
		
	(n)
	Relative return on capital employed (as compared with a peer group of the Company) (“relative ROCE”);

		
	(o)
	Earnings or adjusted earnings before interest, taxes, depletion, depreciation and/or amortization (e.g., “EBIT”, “EBITD”, EBITDA”); 

		
	(p)
	Net income;    

(q)    Free cash flow;
(r)    Free cash flow per share;
(s)    Revenue (or any component thereof); 
(t)    Revenue growth; or
		
	(u)
	If applicable, any other performance objective approved by the holders of Shares, in accordance with Section 162(m) of the Code.

IN WITNESS WHEREOF, the Company, acting by and through its duly authorized officers, has caused this Third Amendment to be executed effective as first above written.

Ensco plc

__/s/ Brady K. Long________________
By:    Brady K. Long
Its:    Vice President, General Counsel and Secretary

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