Document:

Unassociated Document

    
      

      Exhibit
10.1

      

      

      Compensation
Plan

      for
Independent Directors of the Board of Directors of

      Ultimate
Escapes, Inc.

      

      November
18, 2009

      

      

      [1]
Cash compensation for serving on Board

      
        	
                 
      

              	
                ·

              	
                $40,000
      per year

              

      

      
        	
                 
      

              	
                ·

              	
                Payable
      quarterly

              

      

      
        	
                 
      

              	
                ·

              	
                Board
      members need to attend at least 70% of all meetings, be they in person
      or  telephonic (though assumes no more than 4 in person meetings
      per year)

              

      

      

      [2]
Cash Compensation for Chair a Committee

      
        	
                 
      

              	
                ·

              	
                Audit
      - $10,000 per year

              

      

      
        	
                 
      

              	
                ·

              	
                Comp
      & Nominating - $5,000 per year

              

      

      
        	
                 
      

              	
                ·

              	
                Payable
      quarterly

              

      

      

      [3]
Fair Market Value Option Grants

      
        	
                 
      

              	
                ·

              	
                $50,000
      worth of options for Common Stock, priced at the market close, day of
      grant.  Number of actual options granted to be determined by a
      Black-Sholes model of option value.

              

      

      
        	
                 
      

              	
                ·

              	
                Vests
      25% per quarter

              

      

      
        	
                 
      

              	
                ·

              	
                Single
      Trigger, Full Acceleration on Change of
Control

              

      

      
        	
                 
      

              	
                ·

              	
                10
      year term

              

      

      
        	
                 
      

              	
                ·

              	
                Additional
      grants TBD on an annual basis

              

      

      

      [4]
Par Value Option Grants

      
        	
                 
      

              	
                ·

              	
                $20,000
      worth of options for Common Stock, with number of options granted to be
      determined based on market price at the market close on day of grant, in
      consideration for service through December 31,
  2010

              

      

      
        	
                 
      

              	
                ·

              	
                Exercise
      price of $0.0001 per share

              

      

      
        	
                 
      

              	
                ·

              	
                Vests
      25% per quarter

              

      

      
        	
                 
      

              	
                ·

              	
                Single
      Trigger, Full Acceleration on Change of
Control

              

      

      
        	
                 
      

              	
                ·

              	
                Additional
      grants TBD on an annual basis

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      [5]
Property Use

      [a]

      
        	
                 
      

              	
                ·

              	
                Use
      of properties for a total of 14 days per calendar
  year

              

      

      
        	
                 
      

              	
                ·

              	
                Usage
      is only on a “space available” basis (defined as available at 30 days from
      the target stay date)

              

      

      
        	
                 
      

              	
                ·

              	
                For
      tax purposes it determining the compensation of said grant, the cost of
      stay will be the nominal per night cost of that property to the Company,
      with any appropriate discounts for seasonality, demand, etc
      applied

              

      

      [b]

      
        	
                 
      

              	
                ·

              	
                At
      each director’s individual option, they may forgo part of their cash
      compensation, to utilize an additional 14 days at one of the Company’s
      properties.

              

      

      
        	
                 
      

              	
                ·

              	
                Usage
      has no limitations, but as such, the CEO must approve the target use of
      to-be-determined property.

              

      

      
        	
                 
      

              	
                ·

              	
                The
      rate for usage in sub-section [b] is the market rate for said property and
      the amount will be deducted from the director’s cash compensation for the
      quarter in which the stay occurs.

              

      

      

      [6]
Reimbursable expenses

      
        	
                 
      

              	
                ·

              	
                Reasonable
      travel costs to and from the Company for Board
  meetings

              

      

      
        	
                 
      

              	
                ·

              	
                Reasonable
      accommodations to attend Board
meetings

              

      

      
        	
                 
      

              	
                ·

              	
                Phone
      charges for Board calls

              

      

      
        	
                 
      

              	
                ·

              	
                Any
      reasonable expenses (ie, lunch, dinner) with a valid, direct tie to UEI
      business and long-term value of shareholders – please note that any amount
      above $250 should be discussed with the CEO in
  advance

              

      

      

      [7]
Tom McMillen

      Appoint
as non-executive Vice Chair of the Board, and in that role, he will assist with
member recruitment, capital markets efforts, business development and general
strategy

      

      
        	
                 
      

              	
                ·

              	
                1
      year term commencing 12/1/2009 but renewable
  annually

              

      

      
        	
                 
      

              	
                ·

              	
                $60,000
      cash per annum, payable in arrears in equal installments on the Company’s
      payroll schedule

              

      

      
        	
                 
      

              	
                ·

              	
                $60,000
      per annum in options for Common Stock with an exercise price of $0.0001
      per share, payable in equal quarterly installments, with number of options
      granted to be determined based upon the 20 day average closing price of
      the stock at the end of each quarter.  Options issuable in
      arrears (first issuance February 28, 2010).  The stock to be
      issued upon exercise of the options will have piggy back registration
      rights.  Upon the approval by the Company’s stockholders of an
      “omnibus” equity plan, future grants will be for restricted stock rather
      than options.CONTRACT
NO. MA-13680

    

    AMENDMENT
NO. 1

    TO

    COMMITMENT
TO GUARANTEE OBLIGATIONS

    

    THIS AMENDMENT NO. 1, dated as
of November 24, 2009 (the "Amendment"), to that certain Commitment to Guarantee
Obligations, dated as of May 23, 2001 (the "Commitment"), is by and between the
United States of America, represented by the Secretary of Transportation, acting
by and through the Maritime Administration (the "Secretary” or “Administrator”),
and ROWAN COMPANIES, INC. (the "Shipowner", and together with the Secretary, the
"Parties").

    

    WHEREAS, on May 23, 2001, the
Shipowner executed the Indenture, and issued thereunder a Floating Rate Note
designated, "United States Government Guaranteed Ship Financing Obligations,
GORILLA VIII Series" with a maximum principal amount of
$187,295,000;

    

    WHEREAS, on June 22, 2007, in
connection with the change in the Stated Maturity, the Shipowner executed
Supplement No. 1 to Trust Indenture and amended and restated the Floating Rate
Note (the “Initial Transaction”);

    

    WHEREAS, pursuant to Title XI
of the Merchant Marine Act, 1936 (now codified as Chapter 537 of
Title  46 of the U.S. Code), the Secretary guaranteed the payment of
outstanding principal of and interest on the Floating Rate Note (“the
Obligations”), the outstanding principal amount of which is currently
$124,859,000;

    

    WHEREAS, Section 4(b) of the
Special Provisions of the Trust Indenture provides that the Shipowner may redeem
or prepay the amended and restated Floating Rate Note, in whole or in part, on a
Redemption Date designated by the Shipowner, from the proceeds of the issuance
of a fixed rate note (the “Fixed Rate Note”); and

    

    WHEREAS, the Parties wish to
amend certain documents relating to the Initial Transaction in order to provide
for the complete redemption of the amended and restated Floating Rate Note, by
the issuance of a Fixed Rate Note in the aggregate principal amount of
$124,859,000;

    
      
         

      

      
        - 1
-

        
          

        

      

      
         

      

    

    

    NOW THEREFORE, in
consideration of the mutual rights and obligations set forth herein and of other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

    

    Section
1.01  Annexed to each counterpart of this Amendment are the
forms of the Obligation Purchase Agreement, Supplement No. 2 to Trust Indenture,
Amendment No. 3 to Security Agreement, and the Obligations to be issued November
24, 2009, the forms of which are hereby approved by the Secretary.

    

    Section
1.02  Article III of the Commitment shall be amended pursuant
to Article V thereof, as follows:

    

    The Obligations to be issued as a fixed
rate note shall be as provided in the Indenture and in the form of the Fixed
Rate Note annexed as Exhibit A to Supplement No. 2 to Trust
Indenture.  The Obligations shall be subject to all of the terms and
conditions set forth in the Indenture.  Supplement No. 2 to Trust
Indenture, Amendment No. 3 to Security Agreement, and the Obligations to be
issued as a fixed rate note shall be executed and delivered by the Shipowner on
the Effective Date.

    

    Except as so amended, the provisions of
the Commitment shall apply to and govern this Amendment.

    

    Capitalized terms not specifically
defined herein shall have the respective meanings stated in Schedule A to Trust
Indenture dated May 23, 2001, as amended, between the Shipowner and the
Indenture Trustee.

    

    This Amendment may be executed in
several counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

    

    Notwithstanding any provision herein,
in the event there are any inconsistencies between the original of this document
held by the Secretary, and an original held by any other party to this
transaction, the provisions of the original held by the Secretary shall
prevail.

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, this
Amendment No. 1 has been executed and sealed by the United States and accepted
and sealed by the Shipowner on the day and year first above
written.

    

    
      
        	 
      	
                UNITED
      STATES OF AMERICA

              
	 
      	
                SECRETARY
      OF TRANSPORTATION

              
	 
      	 
      
	 
      	
                BY:  MARITIME
      ADMINISTRATOR

              
	
                (SEAL)

              	 
      
	 
      	 
      
	 
      	 
      
	
                ATTEST:

              	
                Christine Gurland

              	 
      
	 
      	 
      	
                Secretary

              	 
      
	 
      	 
      	 
      	 
      
	
                Sarah J. Washington

              	 
      	 
      	 
      
	
                Assistant
      Secretary

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                ROWAN
      COMPANIES, INC.

              
	 
      	 
      	 
      	 
      
	
                (SEAL)

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                ATTEST:

              	 
      	
                By:

              	
                William H. Wells

              	 
      
	 
      	 
      	 
      	
                Vice
      President, Finance and

              	 
      
	 
      	 
      	 
      	
                Chief
      Financial Officer

              	 
      
	 
      	 
      	 
      	 
      
	
                Melanie M. Trent

              	 
      	 
      	 
      
	
                Corporate
      Secretary

              	 
      	 
      	 
      

      

    

     

    
      
         

      

      
        - 3
-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]