Document:

Exhibit

Exhibit 4.2

	
	
	 

Xilinx, Inc.
FIRST SUPPLEMENTAL INDENTURE
Dated as of May 19, 2020
U.S. Bank National Association
Trustee

	
	
	 

First Supplemental Indenture dated as of May 19, 2020 (the “Supplemental Indenture”) between Xilinx, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”).
RECITALS
A.The Company and the Trustee are parties to an Indenture, dated as of May 19, 2020 (the “Base Indenture”), which provides for the issuance by the Company from time to time of debt securities in one or more Series. The Base Indenture, as supplemented and amended by this Supplemental Indenture, is herein referred to as the “Indenture.” Capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Base Indenture.
B.    The Company has authorized the issuance of $750,000,000 aggregate principal amount of 2.375% Senior Notes due 2030 (the “Notes”).
C.    The Company desires to enter into this Supplemental Indenture pursuant to Section 9.01 of the Base Indenture to establish the form and terms of the Notes as a new Series of Securities as permitted by Sections 2.01 and Section 2.02 of the Base Indenture.
NOW, THEREFORE, for and in consideration of the foregoing premises, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows:
ARTICLE I
DESIGNATION AND TERMS OF THE SERIES
Section 1.1.    Terms of the Notes.
The Notes are hereby created and designated a Series of Securities under the Base Indenture titled “2.375% Senior Notes due 2030.” The following terms relate to the Notes:
(1)    The Notes shall constitute a separate Series of Securities under the Indenture having the title “2.375% Senior Notes due 2030.” 
(2)    The aggregate principal amount of the Notes (the “Initial Notes”) that may be initially authenticated and delivered under the Indenture shall be $750,000,000. The Company may from time to time, without the consent of the Holders of the Notes, issue additional Notes (in any such case “Additional Notes”) having the same priority, interest rate, maturity and/or other terms as the Initial Notes (other than the date of issuance, public offering price and, under certain circumstances, the date from which interest thereon will begin to accrue, the initial Interest Payment Date). Any Additional Notes shall constitute a single series under the Indenture, provided that if such Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, the applicable Additional Notes will have one or more separate CUSIP numbers. All references to the Notes shall include the Initial Notes and any Additional Notes, unless the context otherwise requires. The aggregate principal amount of Additional Notes shall be unlimited.
(3)    The Notes will mature on June 1, 2030, unless redeemed in accordance with Section 1.3 of this Supplemental Indenture or repurchased prior to such Stated Maturity.
(4)    The rate at which the Notes shall bear interest shall be 2.375% per year. The date from which interest shall accrue on the Notes shall be May 19, 2020, or the most recent Interest Payment Date 

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to which interest has been paid or provided for. The Interest Payment Dates for the Notes shall be June 1 and December 1 of each year, beginning December 1, 2020. Interest shall be payable on each Interest Payment Date to the holders of record at the close of business on May 15 and November 15 prior to each Interest Payment Date (in connection with the Notes, a “Regular Record Date”). The basis upon which interest shall be calculated shall be that of a 360-day year consisting of twelve 30-day months.
(5)    The Notes shall be issuable in whole in the form of one or more registered Global Securities, and the Depositary for such Global Securities shall be The Depository Trust Company, New York, New York (“Depositary”). The Notes shall be substantially in the forms attached hereto as Exhibit A, the terms of which are herein incorporated by reference. The Notes shall be denominated in Dollars and shall be issuable in minimum denominations of $2,000 or any integral multiple of $1,000 in excess thereof.
(6)    The Notes may be redeemed at the option of the Company prior to their Stated Maturity, as provided in Section 1.3.
(7)    The Notes will not have the benefit of any sinking fund.
(8)    Except as provided herein, the Holders of the Notes shall have no special rights in addition to those provided in the Base Indenture upon the occurrence of any particular events.
(9)    The Notes will be senior unsecured obligations of the Company.
(10)    The Notes are not convertible into shares of common stock or other securities of the Company.
(11)    The restrictive covenants set forth in Section 1.4 shall be applicable to the Notes.
(12)    The Notes are not repayable at the option of the Holders except as provided in Section 1.4.3.
(13)    The Notes are initially to be issued as Global Securities.
(14)    The Trustee, Security Registrar and Paying Agent shall be U.S. Bank National Association.
The changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes and shall not apply to any other Series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other Series of Securities specifically incorporates such changes, modifications and supplements.
Section 1.2.    Defined Terms.
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Base Indenture. As used herein, the following additional defined terms shall have the following meanings with respect to the Notes only:
“Applicable Par Call Date” means March 1, 2030.

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“Attributable Debt” with regard to a sale and lease-back transaction of Principal Property means the lesser of:
		
	(1)
	the fair market value of such Principal Property as determined in good faith by the Board of Directors;

or
		
	(2)
	discounted present value (discounted at a rate per annum equal to the average interest borne by all outstanding debt securities issued under this Indenture (which may include debt securities in addition to the Notes such as the Existing Notes) determined on a weighted average basis and compounded semi-annually) of all net rentals under the lease.

“Capital Stock” means: (1) in the case of a corporation, any and all shares, interests, participations, rights or other equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and preferred stock of such person; (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated and whether or not voting) of such person; and (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited).
“Change of Control” means the occurrence of any one or more of the following events: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets and the assets of the Company’s Subsidiaries taken as a whole to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one or more of the Company’s direct or indirect Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of a majority of the total voting power of the Company’s Voting Stock; provided, however, that a Person shall not be deemed beneficial owner of, or to own beneficially, (A) any securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s affiliates until such tendered securities are accepted for purchase or exchange thereunder, or (B) any securities if such beneficial ownership (i) arises solely as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations under the Exchange Act, and (ii) is not also then reportable on Schedule 13D (or any successor schedule) under the Exchange Act; (3) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person or any direct or indirect parent company of any surviving Person immediately after giving effect to such transaction; or (4) the adoption by the Board of Directors or the Company’s stockholders of a plan relating to the Company’s liquidation or dissolution.
Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (i) the Company becomes a direct or indirect wholly-owned Subsidiary of a holding company and (ii) either (A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction, in the aggregate, are substantially the same and in substantially the same 

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proportion as the holders of the Company’s Voting Stock, in the aggregate, immediately prior to that transaction or (B) immediately following that transaction no “person” (as such term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of clause (i) above) becomes the beneficial owner, directly or indirectly, of a majority of total voting power of the Voting Stock of such holding company.
“Change of Control Offer” has the meaning set forth in Section 1.4.3(a).
“Change of Control Payment” has the meaning set forth in Section 1.4.3(a).
“Change of Control Payment Date” has the meaning set forth in Section 1.4.3(a).
“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes (assuming for this purpose that the Notes matured on the Applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to such remaining term of the notes.
“Comparable Treasury Price” means, with respect to any Redemption Date (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations, (2) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all of such quotations or (3) if only one Reference Treasury Dealer Quotation is received, such quotation.
“Consolidated Net Tangible Assets” means, at any date on which the Company effects a transaction requiring such Consolidated Net Tangible Assets to be measured hereunder, the total assets (less applicable reserves) appearing on the Company’s most recent consolidated balance sheet, prepared in accordance with GAAP, after deducting: (1) total current liabilities, excluding notes and loans payable, current maturities of long-term indebtedness, and current maturities of capital leases; and (2) intangible assets, to the extent included in total assets.
“Credit Facility” means the Company’s $400.0 million senior unsecured revolving credit facility entered into on December 7, 2016.
“Definitive Security” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 201 of the Base Indenture.
“Event of Default”, with respect to the Notes, means any event specified in Section 1.5.1, continued for the period of time, if any, therein designated.
“Existing Notes” means the Company’s outstanding 3.000% senior notes due 2021 and 2.950% senior notes due 2024.
“GAAP” means generally accepted accounting principles in the United States as in effect from time to time, including without limitation, those set forth in the Accounting Standards Codification of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession.

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“Indebtedness” of any specified Person means, without duplication, any indebtedness in respect of borrowed money or that is evidenced by bonds, notes, debentures or similar instruments.
“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.
“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and an equivalent rating of another “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, if such other organization shall provide a rating of the Notes, or, if applicable, the equivalent investment grade credit rating from any Substitute Rating Agency.
“Lien” means a mortgage, security interest, pledge, lien, charge or other encumbrance of any kind (including any conditional sale or other title retention agreement and any agreement to give any security interest).
“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.
“Permitted Reinvested Attributable Debt” means any Attributable Debt arising from a sale and lease-back transaction with respect to which the net proceeds from the sale are applied in accordance with the first paragraph of Section 1.4.2.
“Principal Property” means the land, improvements, buildings, fixtures and equipment (including any leasehold interest therein) owned by the Company or a Restricted Subsidiary located in the United States that constitutes the Company’s principal corporate office, any manufacturing plant or any manufacturing facility and that has a gross book value (including related land, machinery and equipment without deduction of any depreciation reserves) of not less than 1.00% of the Company’s Consolidated Net Tangible Assets as of the determination date. Principal Property does not include any Property that the Board of Directors has determined in good faith not to be of material importance to the business conducted by the Company and its Subsidiaries, taken as a whole.
“Property” means any property or asset, whether real, personal or mixed, or tangible or intangible, including shares of capital stock.
“Rating Agency” means Moody’s and any other “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act if Moody’s or such other organization shall provide a rating of the notes, and if either of Moody’s or such other organization ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of our control, any Substitute Rating Agency in lieu thereof.
“Rating Event” means the notes cease to be rated Investment Grade by (i) each Rating Agency, if Moody’s and one or more other Rating Agencies provides a rating of the notes or (ii) Moody’s, if no other Rating Agency provides a rating of the notes, on any day during the period (the “Trigger Period”) commencing on the earlier of (a) the first public notice of the occurrence of a Change of Control or (b) the public announcement by us of our intention to effect a Change of Control, and ending 60 days following consummation of such Change of Control (which period shall be extended so long as the rating of the notes is under publicly announced consideration for a possible rating downgrade by any of the Rating Agencies on such 60th day, such extension to last with respect to each such Rating Agency until the date on which such Rating Agency considering such possible downgrade either (x) rates the notes 

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below Investment Grade or (y) publicly announces that it is no longer considering the notes for possible downgrade, provided that no such extension will occur if on such 60th day the notes are rated Investment Grade by at least one of such Rating Agencies in question and are not subject to review for possible downgrade by such Rating Agency). Unless at the commencement of any Trigger Period, either (i) at least two Rating Agencies are then providing a rating for the notes or (ii) Moody's is then providing a rating for the notes (if no other Rating Agency is then providing a rating of the notes), then the notes will be deemed to have ceased to be rated Investment Grade by such Rating Agencies during that Trigger Period.
“Redemption Date” means, when used with respect to any Note to be redeemed, the date fixed for such redemption by or pursuant to this Indenture. Such date must be a Business Day. 
“Redemption Price” means, when used with respect to any Note to be redeemed, the price at which it is to be redeemed pursuant to this Indenture.
“Reference Treasury Dealer” means (a) BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC (or, for each, one of its affiliates that is a primary U.S. Government securities dealer) and their respective successors; provided, however, that if any of the foregoing ceases to be a primary U.S. Government securities dealer, the Company will substitute another primary U.S. Government securities dealer, and (b) at least two other nationally recognized investment banking firms selected by the Company that are primary U.S. Government securities dealers.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and ask prices for the Comparable Treasury Issue (expressed as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on (i) the third Business Day preceding such Redemption Date or (ii) in the case of a redemption in connection with a legal defeasance, covenant defeasance or discharge with respect to the Notes, the third Business Day preceding the date the deposit is made with the Trustee.
“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption, assuming the notes matured on the Applicable Par Call Date; provided, however, that if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date.
“Restricted Subsidiary” means any Subsidiary that owns any Principal Property other than (1) any Subsidiary primarily engaged in financing receivables or in the finance business; or (2) any of the Company’s less than 80%-owned Subsidiaries if the common stock of such Subsidiary is traded on any national securities exchange or quoted on the Nasdaq Global Market or on the over-the-counter markets.
“Secured Debt” means any of the Company’s Indebtedness or any Indebtedness of a Restricted Subsidiary, in each case secured by a Lien on either any Principal Property or on the stock of a Restricted Subsidiary. Secured Debt does not include Indebtedness secured by:
(1)    Liens on Property existing at the time of acquisition of the Property by the Company or any Restricted Subsidiary, whether or not assumed;

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(2)    Liens on Property of a Person existing at the time such Person becomes a Restricted Subsidiary provided that such Liens were not incurred in anticipation of such Person becoming a Restricted Subsidiary and do not extend to any other Property of the Company or any other Restricted Subsidiary (other than direct or indirect subsidiaries of the Restricted Subsidiary so acquired);
(3)    Liens to secure payment of all or any part of the cost of acquisition, construction, development or improvement of any Property, or to secure any Indebtedness to finance such cost of acquisition, construction, development or improvement that is incurred within 24 months after the later of (i) the completion of the acquisition, construction, development or improvement thereof, and (ii) the placing in operation of such Property or of such Property as so constructed, developed or improved;
(4)    Liens to secure Indebtedness owing to the Company or to a Restricted Subsidiary;
(5)    Liens existing at the date of the Indenture;
(6)    Liens on Property of an entity existing at the time such entity is merged or consolidated with the Company or a Restricted Subsidiary provided that such Liens were not incurred in anticipation of such merger or consolidation and do not extend to any Property of the Company or any other Restricted Subsidiary other than that of the Person merged into or consolidated with the Company or a Restricted Subsidiary and its direct or indirect subsidiaries;
(7)    Liens on Property of an entity at the time of a sale or lease of the Property of such entity as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary provided that such Liens were not incurred in anticipation of such sale or lease and do not extend to any other Property (other than any additions, accessions, parts, improvements and attachments thereto, and the products and proceeds of the Property so acquired);
(8)    Liens incurred to finance the acquisition or construction of Property secured by liens in favor of the United States or a political subdivision of the United States;
(9)    Liens for taxes, assessments or other governmental charges not yet due or payable or not overdue for a period of more than 60 days or that are being contested by the Company or a Restricted Subsidiary, and for which the Company maintains adequate reserves in accordance with GAAP;
(10)    Liens incurred in connection with an asset acquisition or a project financed with a non-recourse obligation;
(11)    Liens in favor of materialmen, mechanics, workmen or repairmen, landlord’s Liens for rent or other similar Liens arising, in each case, in the ordinary course of business in respect of obligations which are not overdue or which are being contested by the Company or any Restricted Subsidiary in good faith and by appropriate proceedings;
(12)    Liens consisting of zoning restrictions, licenses, easements and restrictions on the use of real property and minor irregularities that do not materially impair the use of the real property;
(13)    Liens arising by reason of deposits with, or giving any form of security to, any governmental agency or any body created or approved by law or government regulation; 

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(14)    Liens created by or resulting from any litigation or other proceeding that is being contested in good faith by appropriate proceedings, including Liens arising out of judgments or awards against the Company or any Restricted Subsidiary with respect to which the Company or any of its Subsidiaries is in good faith prosecuting an appeal or proceedings for review for which the time to make an appeal has not yet expired, and Liens relating to final unappealable judgments that are satisfied within 60 days of the date of judgment or Liens incurred by the Company or any Restricted Subsidiary for the purposes of obtaining a stay or discharge in the course of any litigation proceeding to which the Company or any of its Subsidiaries is a party;
(15)    Liens on receivables from customers sold to third parties pursuant to credit arrangements in the ordinary course of business;
(16)    Liens relating to hedging and similar arrangements entered into in the ordinary course of business, including without limitation interest rate or foreign currency hedging arrangements;
(17)    Liens incurred or deposits made by the Company or its Restricted Subsidiaries in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, bids, leases, government contracts, performance and return-of-money bonds or other similar obligations (exclusive of obligations for the payment of borrowed money);
(18)    Liens on property incurred in sale and lease-back transactions permitted under Section 1.4.2.; or
(19)    Liens constituting any extension, renewal or replacement of any Liens listed above to the extent the principal amount of the indebtedness secured by such Lien is not increased (except to the extent of any premiums, fees or other costs associated with any such extension, renewal or replacement) and the Property encumbered by any such Lien is the same as or substantially similar in nature to the Property encumbered by the Lien being extended, renewed or replaced.
“Securities Act” means the Securities Act of 1933, as amended.
“Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors or a committee thereof) as a replacement agency for Moody’s or another Rating Agency, in each case, that provides a rating of the Notes.
“Treasury Rate” means, for any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis), computed as of (i) the third Business Day preceding that Redemption Date or (ii) in the case of a redemption in connection with a legal defeasance, covenant defeasance or discharge with respect to the Notes, the third Business Day preceding the date the deposit is made with the Trustee, of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Business Day.
“Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person.

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Section 1.3.    Optional Redemption.
1.3.1.    The provisions of Article Three of the Base Indenture, as supplemented by the provisions of this Supplemental Indenture, shall apply to the Notes.
1.3.2.    At the Company’s option, the Notes may be redeemed in whole or in part at any time or from time to time prior to the Stated Maturity of the Notes.
Upon such redemption of any Notes pursuant to this Section 1.3.2 prior to the Applicable Par Call Date, the Company shall pay a Redemption Price equal to the greater of:
(a)    100% of the aggregate principal amount of the Notes to be redeemed; and
(b)    the sum of the present values of the Remaining Scheduled Payments of the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, in each case, plus accrued and unpaid interest, if any, thereon to, but excluding, the Redemption Date, subject to the rights of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. Upon such redemption of any Notes pursuant to this Section 1.3.2 on or after the Applicable Par Call Date, the Company shall pay a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date, subject to the rights of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date.  The Company shall calculate or cause the calculation of the Redemption Price, and the Trustee shall have no duty to calculate or verify the calculations of the Redemption Price.
1.3.3.    At any time, the Company may repurchase Notes in the open market, by private agreement or otherwise and may hold such Notes or surrender such Notes to the Trustee for cancellation pursuant to Section 2.14 of the Base Indenture.
Section 1.4.    Additional Covenants.
The following additional covenants shall apply with respect to the Notes so long as any of the Notes remain outstanding:
1.4.1.    Limitation on Liens.
The Company will not (nor will the Company permit any Restricted Subsidiary to) issue, incur, create, assume or guarantee any Secured Debt without securing the Notes equally and ratably with or prior to that Secured Debt unless the total amount of all Secured Debt and Attributable Debt (other than Permitted Reinvested Attributable Debt) with which the Notes are not at least equally and ratably secured would not exceed the greater of (i) $400 million and (ii) 15% of the Company’s Consolidated Net Tangible Assets.
1.4.2.    Limitation on Sale and Leaseback Transactions.
Subject to the following paragraph of this Section 1.4.2, the Company will not (nor will the Company permit any Restricted Subsidiary to) enter into any lease with a term longer than three years covering any of the Company’s or any Restricted Subsidiary’s Principal Property that is sold to any other Person in connection with that lease unless an amount equal to the net proceeds from the sale is applied within 270 days of such sale to the retirement of the Company’s or any Restricted Subsidiary’s debt that is 

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at least pari passu with the Notes (including, for avoidance of doubt, the Notes, the Existing Notes and, if the Company has any future borrowings thereunder, the Credit Facility) or the purchase or development of Principal Property.
However, the Company or its Restricted Subsidiaries may enter into a sale and lease-back transaction with respect to Principal Property without being required to apply the net proceeds as required by the foregoing paragraph if the sum of the following amounts would not exceed the greater of (i) $400 million and (ii) 15% of the Company’s Consolidated Net Tangible Assets:
(a)    the Attributable Debt (other than Permitted Reinvested Attributable Debt) with respect to all such sale and lease-back transactions entered into after the date of initial issuance of the Notes; and
(b)    the total amount of Secured Debt.
1.4.3.    Purchase of Notes Upon a Change of Control Triggering Event.
(a)    Upon the occurrence of a Change of Control Triggering Event, unless the Company has given notice to redeem the respective series of Notes as described above under Section 1.3, and except as set forth in Section 1.4.3(c), each Holder of Notes will have the right to require that the Company purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (the “Change of Control Payment”), subject to the rights of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date.
Within 30 days following the date upon which the Change of Control Triggering Event occurred or, at the Company’s option, prior to any Change of Control but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company must send a notice to each Holder of Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date of such notice or, if the notice is delivered prior to the Change of Control, no earlier than 30 days and no later than 60 days from the date on which the Change of Control Triggering Event occurs, other than as may be required by law (the “Change of Control Payment Date”). The notice will, if sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. Holders of Definitive Securities electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice, and Holders of Global Securities must transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date.
(b)    On the Change of Control Payment Date, the Company shall, to the extent lawful:
(i)    accept for payment all Notes or portions of Notes properly tendered and not withdrawn pursuant to the Change of Control Offer; and

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(ii)    deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes so accepted for payment.
(c)    The Company will not be required to make a Change of Control Offer if a third party makes such an offer in the manner and at the times required and otherwise in compliance with the requirements for such an offer made by the Company, and such third party purchases all Notes properly tendered and not withdrawn under its offer.
(d)    The Company will comply with any applicable requirements of Rule 14e-1 under the Exchange Act, and any other applicable requirements of securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the purchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any such securities laws or regulations are applicable and conflict with this Section 1.4.3, the Company will comply with those securities laws and regulations and shall not be deemed to have breached its obligations under this Section 1.4.3 by virtue of any such conflict.
Section 1.5.    Defaults and Remedies.
1.5.1.    Events of Default.
In addition to the events specified in Section 6.01(1)-(5) of the Base Indenture, solely with respect to the Notes, the following shall be an “Event of Default” with respect to the Notes pursuant to Section 6.01(6) of the Base Indenture:
(a)    failure to make a Change of Control Payment when due and payable in accordance with the terms of this Supplemental Indenture.
ARTICLE II
DEFEASANCE
Section 2.1.    Defeasance and Covenant Defeasance. 
Article Eight of the Base Indenture shall be applicable to the Notes. For purposes of Article Eight of the Base Indenture, solely for purposes of the Notes, if the Company exercises its right of Covenant Defeasance pursuant to Sections 8.01 and 8.03 of the Base Indenture, in addition to being released from its obligations under the provisions of the Base Indenture set forth in Section 8.03, the Company also shall be released from its obligations under Section 1.4 of this Supplemental Indenture and from the operation of the Event of Default specified in Section 1.5 of this Supplemental Indenture.
ARTICLE III
MISCELLANEOUS
Section 3.1.    Confirmation of Indenture.
The Base Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture, this Supplemental Indenture and all indentures supplemental thereto with respect to the Notes shall be read, taken and construed as one and the same instrument.

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Section 3.2.    Governing Law.
THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 3.3.    Severability.
If any provision in this Indenture is deemed unenforceable, it shall not affect the validity or enforceability of any other provision set forth herein, or of the Indenture as a whole.
Section 3.4.    Counterparts.
The parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy of the Indenture is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile, electronic or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, electronic or PDF shall be deemed to be their original signatures for all purposes.
Section 3.5.    No Benefit.
Nothing in this Supplemental Indenture, express or implied, shall give to any Person other than the parties hereto and their successors or assigns, and the Holders of the Notes, any benefit or legal or equitable rights, remedy or claim under this Supplemental Indenture or the Base Indenture.
Section 3.6.    Electronic Transactions.
The parties hereto agree that the transactions described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law.

13

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed all as of the day and year first above written.
	
			
	XILINX, INC.

	 
	 
	 

	By:
	/s/ Brice Hill

	 
	Name:
	Brice Hill

	 
	Title:
	Executive Vice President and

	 
	 
	Chief Financial Officer

	 
	 
	 

	U.S. BANK NATIONAL ASSOCIATION,  
as Trustee

	 
	 
	 

	By:
	/s/ Andrew Fung

	 
	Name:
	Andrew Fung

	 
	Title:
	Vice President

[FORM OF FACE OF SECURITY]
[Global Securities Legend]
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK OR A NOMINEE OF DTC, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

A-1

2.375% Senior Notes due 2030
CUSIP: 983919 AK7
ISIN: US983919AK78
	
			
	No. [          ]
	 
	$[          ]          

XILINX, INC. promises to pay to CEDE & CO. or registered assigns, the principal sum: $[          ] ([          ] MILLION DOLLARS AND NO CENTS), as such amount may be increased or decreased as set forth in the Schedule of Increase or Decrease in Principal Amount of Global Security attached hereto, on June 1, 2030.
Interest Payment Dates: June 1 and December 1 of each year, commencing on December 1, 2020.
Record Dates: May 15 and November 15 next preceding the applicable interest payment date.
Additional provisions of this Security are set forth on the other side of this Security.
[Signature Pages Follow]

A-2

IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.
	
			
	XILINX, INC.

	 
	 
	 

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

A-3

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the Series designated therein referred to in the within-mentioned Indenture.
Date of authentication:
	
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee

	 
	 
	 

	By
	 
	 

	Authorized Signatory
	 

A-4

[FORM OF REVERSE SIDE OF NOTE]
XILINX, INC.
2.375% Senior Notes due 2030
1.    Indenture
This Security is one of a duly authorized issue of Securities of the Company, designated as its 2.375% Senior Notes due 2030 (herein called the “Securities”), issued and to be issued under an indenture, dated as of May 19, 2020 (the “Base Indenture”), between XILINX, INC., a Delaware corporation (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of May 19, 2020 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) between the Company and the Trustee, to which Indenture and all indentures supplemental thereto, Board Resolutions and Officer’s Certificates relevant to the Securities reference is hereby made for a complete description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities.  Capitalized terms used but not defined in this Security shall have the meanings ascribed to them in the Indenture.
Each Security is subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Security is referred to the corresponding provisions of the Indenture for a complete statement of such terms.  To the extent that there is any inconsistency between the summary provisions set forth in the Securities and the Indenture, the provisions of the Indenture shall govern.
2.    Interest
The Company promises to pay interest on the principal amount of this Security at the rate per annum shown above.  The Company will pay interest semiannually on June 1 and December 1 of each year, commencing December 1, 2020.  Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May 19, 2020.  Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.  In the event that an Interest Payment Date is not a Business Day, then interest shall be paid on the next succeeding Business Day and no interest shall accrue on such payment as the result of such delay.
3.    Paying Agent and Registrar
Initially, the Trustee will act as Paying Agent and registrar.  The Company may appoint and change any Paying Agent, registrar or co-registrar without notice to Holders.  The Company or any of its Subsidiaries may act as Paying Agent, registrar or co-registrar.
4.    Defaults and Remedies; Waiver
If an Event of Default with respect to any Securities at the time outstanding (other than an Event of Default specified in Section 6.01(4) or (5) of the Base Indenture) occurs and is continuing, the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Securities by notice to the Company in writing (and to the Trustee, if given by Holders of the Securities) specifying the Event of Default, may declare the principal amount of, premium, if any, and accrued and unpaid interest to, but not including, the date of acceleration on all the Securities to be due and payable.  Upon such a declaration, such amounts shall be due and payable immediately.  If an Event of Default specified in 

A-5

Section 6.01(4) or (5) of the Base Indenture occurs, the principal amount of, premium, if any, and accrued and unpaid interest to, but not including, the date of such Event of Default on all the Securities shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of the Securities.
5.    Amendment
The Indenture permits, with certain exceptions as therein provided, the amendment of the Indenture or this Security and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee without notice to any Holder but with the written consent of the Holders of a majority in aggregate principal amount of the Securities then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Securities) affected thereby.  The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities by written notice to the Trustee to waive an existing Default with respect to the Securities and its consequences except a continuing Default in the payment of the principal amount of, premium, if any, and accrued and unpaid interest on a Security.  A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security.
6.    Obligations Absolute
No reference herein to the Indenture and no provision of this Security or of the Indenture shall amend the contractual obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, or interest on this Security at the place, at the respective times, at the rate and in the coin or currency herein prescribed.
7.    Sinking Fund
The Securities will not have the benefit of any sinking fund.
8.    Denominations; Transfer; Exchange
The Securities are issuable in registered form without coupons in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof.  When Securities are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities, the Registrar shall register the transfer or make the exchange in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any transfer tax or other governmental charge that may be imposed in connection with any registration or exchange of Securities.
The Company and the Registrar shall not be required (a) to issue, register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of Securities selected for redemption and ending at the close of business on the day of such sending or (b) to register the transfer or exchange of Securities selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

A-6

9.    Further Issues
The Company may from time to time, without the consent of the Holders of the Securities and in accordance with the Indenture, provide for the issuance of additional Securities
		
	10.
	Optional Redemption

The Securities may be redeemed at the Company’s option, upon notice as set forth in the Indenture, in whole at any time or in part from time to time, on the terms set forth in the Indenture.
11.    Persons Deemed Owners
The ownership of Securities shall be proved by the register maintained by the Registrar.
		
	12.
	No Recourse Against Others

No shareholder, partner, manager, member, director, officer, employee, agent or incorporator, as such, of any Company shall have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  By accepting a Security, each Holder shall waive and release all such liability.  This waiver and release shall be part of the consideration for the issuance of the Securities.
		
	13.
	Discharge and Defeasance

Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Securities and the Indenture with respect to the Securities if the Company deposits with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Securities to, but not including, the date of redemption or Maturity, as the case may be.
		
	14.
	Unclaimed Money

Subject to applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or, if then held by the Company, shall be discharged from such trust.  Thereafter the Holder of such Security shall look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.
15.    Trustee Dealings with the Company
Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.  Any Paying Agent, Registrar or co-Paying Agent may do the same with like rights.
		
	16.
	Abbreviations

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of 

A-7

survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).
		
	17.
	CUSIP Numbers

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

A-8

ASSIGNMENT FORM
For value received            hereby sell(s), assign(s) and transfer(s) unto            (please insert social security or other identifying number of assignee) the within Security, and hereby irrevocably constitutes and appoints            attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises.
	
		
	Dated:
	 

	 

	 

	Signature(s)

Signature(s) must be guaranteed by an Eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.
	
		
	Signature Guarantee

A-9

INCREASES OR DECREASES IN PRINCIPAL
AMOUNT OF GLOBAL SECURITY
The initial principal amount of this Global Security is $                    .  The following increases or decreases in this Global Security have been made:
	
					
	Date of Increase or Decrease
	Amount of Decrease in Principal Amount of this Global Security
	Amount of Increase in Principal Amount of this Global Security
	Remaining Principal Amount of this Global Security Following such Decrease or Increase
	Signature of Authorized Signatory of Trustee or Custodian

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

A-10

OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Note purchased by the Company pursuant to Section 1.4.3 of the Supplemental Indenture, check the box below:
o Section 1.4.3
If you want to elect to have only part of the Note purchased by the Company pursuant to Section 1.4.3 of the Supplemental Indenture, state the amount you elect to have purchased:  $_________
Date:______________
	
			
	Your Signature:

	 

	 

	(Sign exactly as your name appears on the face of this Note)

	 

	Tax Identification No:
	 

	 

	Signature Guarantee:
	 

	 

A-11EX-10.1

 Exhibit 10.1 

Execution Version 
 BACKSTOP COMMITMENT AGREEMENT 

AMONG 
 HORNBECK OFFSHORE SERVICES, INC. 

AND 
 THE COMMITMENT PARTIES PARTY HERETO 

Dated as of May 13, 2020 

 TABLE OF CONTENTS 

 
  

 

							
	 	  	 	  	PAGE	 
	 Section 1.
	  	THE RIGHTS OFFERING.	  	 	3	 
			
	 Section 2.
	  	THE BACKSTOP COMMITMENTS.	  	 	6	 
			
	 Section 3.
	  	TRANSFER OF BACKSTOP COMMITMENT.	  	 	8	 
			
	 Section 4.
	  	COMMITMENT PARTY DEFAULT	  	 	11	 
			
	 Section 5.
	  	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.	  	 	13	 
			
	 Section 6.
	  	REPRESENTATIONS AND WARRANTIES OF THE COMMITMENT PARTIES.	  	 	27	 
			
	 Section 7.
	  	ADDITIONAL COVENANTS OF THE COMPANY.	  	 	30	 
			
	 Section 8.
	  	ADDITIONAL COVENANTS OF THE COMMITMENT PARTIES.	  	 	37	 
			
	 Section 9.
	  	SUPPORT OF PLAN.	  	 	37	 
			
	 Section 10.
	  	CONDITIONS TO THE OBLIGATIONS OF THE COMMITMENT PARTIES.	  	 	38	 
			
	 Section 11.
	  	CONDITIONS TO THE OBLIGATIONS OF THE COMPANY.	  	 	40	 
			
	 Section 12.
	  	SURVIVAL.	  	 	42	 
			
	 Section 13.
	  	TERMINATION.	  	 	42	 
			
	 Section 14.
	  	INDEMNIFICATION OBLIGATIONS.	  	 	45	 
			
	 Section 15.
	  	NOTICES.	  	 	48	 
			
	 Section 16.
	  	ASSIGNMENT; THIRD PARTY BENEFICIARIES.	  	 	49	 
			
	 Section 17.
	  	COMPLETE AGREEMENT.	  	 	49	 
			
	 Section 18.
	  	GOVERNING LAW; SUBMISSION TO JURISDICTION; SELECTION OF FORUM;
WAIVER OF TRIAL BY JURY.	  	 	50	 
			
	 Section 19.
	  	COUNTERPARTS.	  	 	50	 
			
	 Section 20.
	  	CONSENT OR APPROVAL OF THE COMMITMENT PARTIES.	  	 	50	 
			
	 Section 21.
	  	AMENDMENTS AND WAIVERS.	  	 	50	 
			
	 Section 22.
	  	SPECIFIC PERFORMANCE; DAMAGES.	  	 	51	 
			
	 Section 23.
	  	OTHER INTERPRETIVE MATTERS.	  	 	51	 
			
	 Section 24.
	  	JONES ACT COMPLIANCE.	  	 	52	 
			
	 Section 25.
	  	SEVERAL OBLIGATIONS; NO LIABILITY	  	 	53	 
			
	 Section 26.
	  	FURTHER ASSURANCES	  	 	54	 
			
	 Section 27.
	  	HIGHBRIDGE FUNDS	  	 	54	 

  
 i 

 BACKSTOP COMMITMENT AGREEMENT 

This BACKSTOP COMMITMENT AGREEMENT (including exhibits and schedules attached hereto and incorporated herein, this
“Agreement”), dated as of May 13, 2020, is made by and among (i) Hornbeck Offshore Services, Inc., a Delaware corporation (the “Company”), on behalf of itself and certain of its subsidiaries as set forth
on Schedule 2 (each, a “Debtor” and collectively, the “Debtors”), on the one hand, and (ii) in each case in their capacity as such, the Consenting Unsecured Noteholders (as defined below) (the
“Unsecured Commitment Parties”), the Consenting First Lien Lenders (as defined below) (the “First Lien Commitment Parties”) and the Consenting Second Lien Lenders (as defined below) (the “Second Lien
Commitment Parties” and, together with the First Lien Commitment Parties, the “Secured Commitment Parties” and, collectively with the Unsecured Commitment Parties, each a “Commitment Party” and,
collectively, the “Commitment Parties”) each as set forth on Schedule 1 hereto (as such list may be amended, supplemented or modified from time to time in accordance with this Agreement, including Sections
3 and 4 hereof), on the other hand. The Company and each Commitment Party is referred to herein, individually, as a “Party” and, collectively, as the “Parties”. Capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in the Plan (as defined below). 
 WHEREAS, the Debtors have entered into a
Restructuring Support Agreement, dated as of April 10, 2020 by and among (i) the Debtors, (ii) the holders, or the managers, beneficial holders, general partners or investment advisors of such holders, of claims derived from, based
upon, or arising under the ABL Credit Agreement (such holders, or the managers, beneficial holders, general partners or investment advisors acting on behalf of such holders, the “Consenting ABL Lenders”), (iii) the holders, or the
managers, beneficial holders, general partners or investment advisors of such holders, of claims derived from, based upon, or arising under the First Lien Credit Agreement (such holders, or the managers, beneficial holders, general partners or
investment advisors acting on behalf of such holders, the “Consenting First Lien Lenders”), (iv) the holders, or the managers, beneficial holders, general partners or investment advisors of such holders, of claims derived from,
based upon, or arising under the Second Lien Credit Agreement (such holders, or the managers, beneficial holders, general partners or investment advisors acting on behalf of such holders, the “Consenting Second Lien Lenders” and
together with the Consenting ABL Lenders and the Consenting First Lien Lenders, the “Consenting Secured Lenders”), and (v) the holders, or the managers, beneficial holders, general partners or investment advisors of such
holders, of claims derived from, based upon, or arising under the Unsecured Notes Indentures (as defined in the RSA) (such holders, or the managers, beneficial holders, general partners or investment advisors acting on behalf of such holders, the
“Consenting Unsecured Noteholders”) (such agreement, as may be amended, restated, supplemented or otherwise modified from time to time, including all the exhibits thereto, the “RSA”), which provides for the
restructuring of the Company’s capital structure and financial obligations pursuant to a “prepackaged” plan of reorganization (as it may be amended, modified or supplemented from time to time as provided in the RSA, the
“Plan”). The Debtors will file (or, in the case of HOS WELLMAX Services, LLC, have already filed) voluntary petitions for relief (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code, 11
U.S.C. §§ 

 
101, et seq. (the “Bankruptcy Code”), in the United States Bankruptcy Court for the Southern District of Texas (together with any court with jurisdiction over the Chapter 11
Cases, the “Bankruptcy Court”) (the date of such filings being referred to herein as the “Petition Date”) and will seek confirmation of the Plan; 

WHEREAS, subject to the Bankruptcy Court’s entry of an order confirming the Plan (the “Confirmation Order”),
consummation of the Plan, and the other conditions specified in Section 10 and Section 11 hereof, prior to or on the effective date of the Plan (the “Plan Effective Date”), the
Reorganized Company will offer and sell shares of the New Equity (or warrants issued in lieu thereof in accordance with the Rights Offering Procedures (as defined below) and the Plan (the “Jones Act Warrants”)) issued pursuant to
the Rights Offering and this Agreement (excluding New Equity and Jones Act Warrants issued as the Backstop Commitment Premium (as defined below)) to Eligible Holders (as defined below) of Eligible Claims (as defined below) at an aggregate purchase
price (excluding the Backstop Commitment Premium) of up to $100 million (the “Rights Offering Amount”) at a price per share equal to $10.00 (such price, the “Per Share Price”), which may be subscribed for by
Eligible Holders of Eligible Claims as of a date and time mutually agreed between the Company and the Required Commitment Parties for the determination of the holders entitled to participate in the Rights Offering (the “Subscription Record
Date”) of which (A)(i) 75% shall be offered pro rata to all holders of Allowed 2020 Notes Claims and/or Allowed 2021 Notes Claims, as applicable (individually and collectively, the “Allowed Unsecured Notes Claims”
and such shares of New Equity (or Jones Act Warrants issued in lieu thereof), the “Unsecured Rights Offering Shares”) and (ii) 25% shall be offered (x) first, pro rata to all holders of Allowed Second Lien Claims, (such
shares of New Equity (or Jones Act Warrants issued in lieu thereof), the “Second Lien Rights Offering Shares”) and (y) thereafter, any portion of such 25% not subscribed for by the holders of Allowed Second Lien Claims shall be
offered pro rata to all holders of Allowed First Lien Claims (such shares of New Equity (or Jones Act Warrants issued in lieu thereof), the “First Lien Rights Offering Shares” and, together with the Second Lien Rights
Offering Shares, the “Secured Rights Offering Shares” and, collectively with the Unsecured Rights Offering Shares, the “Rights Offering Shares”), and (B)(i) each Unsecured Commitment Party commits (such
commitment, the “Unsecured Backstop Commitment”) to purchase on a several and not joint basis, and the Company will sell to such Unsecured Commitment Party, the Unsecured Rights Offering Shares (based on the Per Share Price) that
are not purchased by holders of Allowed Unsecured Notes Claims as part of the Rights Offering (the “Unsecured Backstop Shares”) as set forth on Schedule 1 opposite such Unsecured Commitment Party’s name (as
amended, supplemented or modified from time to time in accordance with this Agreement, including Sections 3 and 4 hereof) (each, an “Unsecured Backstop Commitment Percentage”) and (ii) each Secured
Commitment Party commits (such commitment, the “Secured Backstop Commitment” and, together with the Unsecured Backstop Commitment, the “Backstop Commitments”) to purchase on a several and not joint basis, and the
Company will sell to such Secured Commitment Party, the Secured Rights Offering Shares (based on the Per Share Price) that are not purchased by holders of Allowed First Lien Claims or holders of Allowed Second Lien Claims as part of the Rights
Offering (the “Secured Backstop Shares” and, together with the Unsecured Backstop Shares, the “Backstop Shares”) as set forth on Schedule 1 opposite such

  
 2 

 
Secured Commitment Party’s name (as amended, supplemented or modified from time to time in accordance with this Agreement, including Sections 3 and 4 hereof) (each, a
“Secured Backstop Commitment Percentage” and, collectively with the Unsecured Backstop Commitment Percentages, the “Backstop Commitment Percentages”) (such rights offering that is backstopped by the Commitment
Parties, the “Rights Offering”); 
 WHEREAS, as consideration for their respective Backstop Commitments, the Company
has agreed, subject to the terms, conditions and limitations set forth herein, to pay the Commitment Parties, on the Plan Effective Date, the Backstop Commitment Premium; and 

WHEREAS, for purposes of this Agreement, “Required Commitment Parties” shall mean, as of the date of determination,
each of (i) the Unsecured Commitment Parties holding at least a majority in aggregate amount of the Unsecured Backstop Commitments of all Unsecured Commitment Parties (excluding any Defaulting Commitment Parties and their corresponding Backstop
Commitments) (the “Required Unsecured Commitment Parties”) and (ii) the Secured Commitment Parties (including at least two unaffiliated Secured Commitment Parties) holding at least a majority in aggregate amount of the Secured
Backstop Commitments of all Secured Commitment Parties (excluding any Defaulting Commitment Parties and their corresponding Backstop Commitments) (the “Required Secured Commitment Parties” and, together with the Required Unsecured
Commitment Parties, the “Required Commitment Parties”). 
 NOW, THEREFORE, in consideration of the foregoing, and the
representations, warranties and covenants set forth herein, and other good and valuable consideration, the Company and the Commitment Parties agree as follows: 

Section 1.    THE RIGHTS OFFERING.
Subject to the terms and conditions hereof, the Rights Offering will be conducted in accordance with the 4(a)(2) Second Lien Rights Offering Procedures, 4(a)(2) 2020 Notes Rights Offering Procedures, 4(a)(2) 2021 Notes Rights Offering Procedures and
1145 Rights Offering Procedures attached as Exhibit A-1, Exhibit A-2, Exhibit A-3 and Exhibit A-4 hereto, respectively (individually and collectively, the “Rights Offering Procedures”), as applicable, and as follows: 

(a)    Pursuant to the RSA, the Plan and the Rights Offering Procedures, each holder of an Allowed First Lien Claim,
an Allowed Second Lien Claim and/or an Allowed Unsecured Notes Claim (individually and collectively, the “Allowed Claims”) that is both (i) an “accredited investor” as defined in Rule 501(a) under the Securities Act
(an “Accredited Investor”) or a “qualified institutional buyer” as defined in Rule 144A under the Securities Act (a “QIB”) and (ii) holds (A) an Allowed First Lien Claim in an aggregate amount of at
least $50,000, (B) an Allowed Second Lien Claim in an aggregate amount of at least $50,000, (C) an Allowed 2020 Notes Claim in an aggregate amount of at least $50,000, or (D) an Allowed 2021 Notes Claim in an aggregate amount of at least
$50,000 (each such holder, solely with respect to each Allowed Claim identified in (A) through (D), an “Eligible Holder” with respect to such Allowed Claim) as of the Subscription Record Date will receive First Lien
Subscription Rights, Second Lien Subscription Rights and/or Noteholder Subscription Rights, as applicable (individually and collectively, 

  
 3 

 
“Subscription Rights”), with respect to the Allowed Claims held or beneficially held by such Eligible Holder as of the Subscription Record Date (the “Eligible
Claims”) to subscribe for its pro rata share (measured as the amount of Allowed First Lien Claims, Allowed Second Lien Claims, Allowed 2020 Notes Claims or Allowed 2021 Notes Claims that, in each case, are Eligible Claims held by
such Eligible Holder as compared to the aggregate amount of the applicable Allowed First Lien Claims, Allowed Second Lien Claims, Allowed 2020 Notes Claims or Allowed 2021 Notes Claims, respectively, held by all holders of the respective Allowed
Claims) of the Rights Offering Shares. 
 (b)    Subject to the terms and conditions of this Agreement, the
Company hereby undertakes to offer (i) Rights Offering Shares for subscription by Eligible Holders of Eligible Claims pursuant to the RSA, the Rights Offering Procedures and the Plan and (ii) Backstop Shares for subscription by the
Commitment Parties pursuant to the RSA and the Plan. 
 (c)    The Reorganized Company will issue Subscription
Rights to the Commitment Parties and the other Eligible Holders to purchase the Rights Offering Shares at the Per Share Price on the terms set forth herein. As of the Subscription Record Date (A)(i) each Eligible Holder of Allowed Unsecured Notes
Claims will receive a Subscription Right to subscribe for its pro rata share of the Unsecured Rights Offering Shares, (ii) each Eligible Holder of Allowed First Lien Claims will receive a Subscription Right to subscribe for its pro
rata share of the First Lien Rights Offering Shares and (iii) each Eligible Holder of Allowed Second Lien Claims will receive a Subscription Right to subscribe for its pro rata share of the Second Lien Rights Offering Shares and
(B)(i) each Unsecured Commitment Party will receive a Subscription Right to subscribe for its pro rata share of the Unsecured Backstop Shares based on its Unsecured Backstop Commitment Percentage and (ii) each Secured Commitment
Party will receive a Subscription Right to subscribe for its pro rata share of the Secured Backstop Shares based on its Secured Backstop Commitment Percentage. 

(d)    (1) The Reorganized Company will provide, or cause to be provided, to each Eligible Holder of Eligible Claims
a 4(a)(2) Second Lien Subscription Form, 4(a)(2) 2020 Notes Beneficial Holder Subscription Form, 4(a)(2) 2021 Notes Beneficial Holder Subscription Form or 1145 Subscription Form, as applicable, in accordance with the applicable Rights Offering
Procedures (individually and collectively, the “Rights Offering Subscription Form”), whereby each Eligible Holder of Eligible Claims may exercise its Subscription Rights in whole or in part, provided that such Eligible Holder
of Eligible Claims (i) timely and properly executes and delivers (or arranges for the delivery of) (x) its Rights Offering Subscription Form with accompanying IRS Form W-9 or appropriate IRS Form W-8, as applicable, and accredited investor questionnaire in the form provided with the Rights Offering Procedures (the “Investor Questionnaire”) to the subscription agent for the Rights Offering
selected by the Company (the “Subscription Agent”) in advance of the Subscription Expiration Deadline (as defined below) and, (y) if applicable, an affidavit of U.S. citizenship in the form provided with the Rights Offering
Procedures and any other documentation as the Company, in consultation with the Required Commitment Parties, deems advisable to fulfil the purpose or implement the provisions of the organizational documents of the Reorganized Company (the
“Governing Documents”) in 

  
 4 

 
order to maintain compliance with the Jones Act (collectively, the “Requisite Documentation”) to the Subscription Agent by the Subscription Expiration Deadline, and (ii) (A)
if such Eligible Holder is not a Commitment Party, such Eligible Holder pays the aggregate purchase price of the Rights Offering Shares elected to be purchased by the Eligible Holder of Eligible Claims by wire transfer of immediately available funds
prior to the Subscription Expiration Deadline to an account established by the Subscription Agent for the Rights Offering or (B) if such Eligible Holder is a Commitment Party, such Commitment Party pays, in accordance with
Section 1(g), the aggregate purchase price of its Rights Offering Shares and its Backstop Shares. 

(1)    The Secured Commitment Parties will be permitted to assign their respective Subscription Rights to an
Eligible Holder of Eligible Claims, which Subscription Rights may, for the avoidance of doubt, be detached from the underlying Allowed Claims. 

(2)    For purposes of this Agreement, the “Subscription Expiration Deadline” means 5:00 p.m. New
York City time on such date that is specified in the Rights Offering Procedures or such later date as the Company, subject to the written approval of the Required Commitment Parties, may specify in a notice provided to the Eligible Holders of
Eligible Claims before 9:00 a.m. New York City time on the Business Day before the then-effective Subscription Expiration Deadline. For purposes of this Agreement, “Business Day” means any day of the year on which national banking
institutions in New York City are open to the public for conducting business and are not required or authorized to close. 

(e)    Subject to Section 24, on the Plan Effective Date, the Reorganized Company will
issue Rights Offering Shares consisting of New Equity (or Jones Act Warrants issued in lieu thereof) to the Eligible Holders of Eligible Claims with respect to which Subscription Rights were validly exercised by such Eligible Holders of Eligible
Claims. The portion of Rights Offering Shares issued to an Eligible Holder who elects to acquire such Rights Offering Shares shall be rounded down to the nearest whole share, and the purchase price payable therefor shall be adjusted accordingly. No
compensation will be paid, whether in cash or otherwise, in respect of any rounded-down amounts. 
 (f)    If the
Subscription Agent for any reason does not receive from an Eligible Holder of Eligible Claims both a timely and duly completed Rights Offering Subscription Form (with accompanying IRS Form W-9 or appropriate
Form W-8, as applicable, and Investor Questionnaire) and timely payment for the Rights Offering Shares being purchased by such Eligible Holder of Eligible Claims, the Rights Offering Procedures shall provide
that, unless otherwise approved in writing by the Company and the Required Commitment Parties, such Eligible Holder of Eligible Claims shall be deemed to have relinquished and waived its right to participate in the Rights Offering. 

(g)    As soon as reasonably practicable following the Subscription Expiration Deadline (but no later than the tenth
(10th) Business Day following the Subscription Expiration Deadline), the Company hereby agrees and undertakes to deliver by email delivery a written notice (the “Funding Notice”)
(a) to each Unsecured Commitment Party 

  
 5 

 
of: (i) the number of Unsecured Rights Offering Shares that such Commitment Party has subscribed to purchase pursuant to such Unsecured Commitment Party’s Rights Offering Subscription
Form and the aggregate purchase price therefor; (ii) the aggregate number of Unsecured Backstop Shares, if any, and the aggregate purchase price therefor; (iii) the aggregate number of Unsecured Backstop Shares to be purchased by such
Unsecured Commitment Party based upon such Unsecured Commitment Party’s Unsecured Backstop Commitment Percentage and the aggregate purchase price therefor (individually and in the aggregate for all Unsecured Commitment Parties, as the context
may require, the “Unsecured Funding Amount”); (b) to each Secured Commitment Party of: (i) the number of Secured Rights Offering Shares that such Commitment Party has subscribed to purchase pursuant to such Secured Commitment
Party’s Rights Offering Subscription Form (which, for the avoidance of doubt, shall reflect any reduction in the number of Rights Offering Shares subscribed for as a result of the exercise of Subscription Rights by holders of Allowed Second
Lien Claims) and the aggregate purchase price thereof; (ii) the aggregate number of Secured Backstop Shares, if any, and the aggregate purchase price therefor; (iii) the aggregate number of Secured Backstop Shares to be purchased by such
Secured Commitment Party based upon such Secured Commitment Party’s Secured Backstop Commitment Percentage and the aggregate purchase price therefor (individually and in the aggregate for all Secured Commitment Parties, as the context may
require, the “Secured Funding Amount” and collectively with the Unsecured Funding Amount, the “Funding Amount”); (c) to each Commitment Party of wire instructions for a segregated account (the “Funding
Account”) established with an escrow agent reasonably acceptable to the Required Commitment Parties or the Subscription Agent to which such Commitment Party shall deliver an amount equal to its Funding Amount; and (d) to each
Commitment Party of the deadline for delivery of the Funding Amount, which shall be no later than three (3) Business Days before the expected Plan Effective Date (the “Funding Deadline”); provided that the Funding
Deadline shall be a minimum of five (5) Business Days after the date of the Funding Notice (unless an earlier date is required to ensure the Funding Deadline is no later than three (3) Business Days before the expected Plan Effective
Date). Each Commitment Party shall deliver and pay its applicable portion of the Funding Amount by wire transfer in immediately available funds in U.S. dollars into the Funding Account by the Funding Deadline. If this Agreement is terminated
pursuant to Section 13 after such delivery, such funds shall be released to the applicable Commitment Party, without any interest accrued thereon, promptly following such termination, but in any event within seven
(7) Business Days following such termination. If the number of Rights Offering Shares subscribed for by a Secured Commitment Party is reduced as a result of the exercise of Subscription Rights by holders of Allowed Second Lien Claims (such
unreceived Rights Offering Shares, the “Excess Rights Offering Shares”), that portion of the aggregate purchase price attributable to the Excess Rights Offering Shares will be returned, without interest, to the applicable Commitment
Party as soon as reasonably practicable, but in any event within seven (7) 
Business Days after the Funding Deadline. 
 Section 2.    THE
BACKSTOP COMMITMENTS. 
 (a)    On the basis of the representations and warranties
contained herein, but subject to the satisfaction or waiver of the conditions set forth in Section 10, each of the Commitment Parties, severally and not jointly, agrees to purchase, in accordance with

  
 6 

 
Section 1(g), (A) if such Commitment Party is a Secured Commitment Party, all of its Secured Backstop Commitment Percentage of the Secured Backstop Shares at the
aggregate purchase price therefor based upon the Per Share Price and (B) if such Commitment Party is an Unsecured Commitment Party, all of its Unsecured Backstop Commitment Percentage of the Unsecured Backstop Shares at the aggregate purchase
price therefor based on the Per Share Price. 
 (b)    On the basis of the representations and warranties herein
contained, and subject to the entry by the Bankruptcy Court of an order approving the transactions contemplated by this Agreement (which may be the Confirmation Order) (the “Backstop Commitment Agreement Order”), as consideration
for the Backstop Commitments and the other undertakings of the Commitment Parties herein, the Reorganized Company will pay to the Commitment Parties, in the aggregate, and free and clear of any withholding or deduction for any applicable Taxes, on
the Plan Effective Date, a nonrefundable premium in an aggregate amount equal to 5.0% of the Rights Offering Amount (the “Backstop Commitment Premium”), which Backstop Commitment Premium shall be deemed fully earned by the
Commitment Parties upon the execution of this Agreement, in the form of shares of New Equity (it being understood and agreed that any reference to New Equity issued pursuant to the Backstop Commitment Premium shall be deemed to include any Jones Act
Warrants that may be issued in lieu of such New Equity), issued at a price per share equal to $9.65 (subject to downward adjustment if the DIP Exit Backstop Premium is payable; provided that the number of shares of New Equity issuable in
respect of the Backstop Commitment Premium shall be correspondingly increased), which shall be allocated among the Commitment Parties pro rata based on each Commitment Party’s Backstop Commitment Percentage; provided that, if the
Plan Effective Date does not occur, then, the Backstop Commitment Premium shall, subject to Section 13(g), be payable, in cash, upon any termination hereof pursuant to Section 13. Pursuant to the
Backstop Commitment Agreement Order, the Backstop Commitment Premium shall constitute an allowed administrative expense of the Debtors’ estate under Sections 503(b) and 507 of the Bankruptcy Code. 

(c)    Expense Reimbursement. The Company shall promptly pay in cash as and when invoiced the Commitment Party Fees
and Expenses incurred from the date hereof through the termination of this Agreement (such payment obligations, collectively, the “Expense Reimbursement”). Notwithstanding anything to contrary in this Agreement, this
Section 2(c) shall survive the termination of this Agreement. For purposes of this Agreement, “Commitment Party Fees and Expenses” shall mean the reasonable and documented fees and expenses of the Commitment Party Representatives on
the efforts to implement the Restructuring Transactions (as defined in the RSA), including the transactions contemplated in this Agreement, and including, without limitation, any restructuring or completion fees contemplated therein; and
“Commitment Party Representatives” shall mean Davis Polk & Wardwell LLP, Ducera Partners LLC, Porter Hedges LLP, Creel, García-Cuéllar, Aiza y Enriquez, S.C., Blank Rome LLP
and any other local and special counsel to the Secured Lender Group (as defined in the RSA), Milbank LLP, Seward & Kissel LLP, any local counsel to the Noteholder Committee (as defined in the RSA), and, to the extent the Plan Effective Date
occurs, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Moelis & Company. 

  
 7 

 (d)    On the Plan Effective Date, (i) each of the Commitment
Parties shall purchase such amounts of Rights Offering Shares and Backstop Shares as are listed in the Funding Notice and (ii) the Reorganized Company shall sell to each of the Commitment Parties such amounts of Rights Offering Shares and
Backstop Shares for which such Commitment Party has funded its portion of the Funding Amount, without prejudice to the rights of the Reorganized Company or the Commitment Parties to seek later an upward or downward adjustment if the amount of Rights
Offering Shares and/or Backstop Shares in such Funding Notice is inaccurate and in such event, the respective obligations to fund additional purchase price, refund the applicable portion of the purchase price or issue additional Rights Offering
Shares and/or Backstop Shares, as applicable, shall survive notwithstanding such Funding Notice. 
 (e)    Subject
to the terms of the Plan, delivery of the Rights Offering Shares and Backstop Shares will be made by the Reorganized Company to the respective Commitment Parties on the Plan Effective Date upon the release of the applicable portion of the Funding
Amount of such Commitment Party from the Funding Account, upon which time such funds shall be delivered to the Reorganized Company by wire transfer of immediately available funds to the account specified by the Reorganized Company to the Commitment
Parties at least twenty-four (24) hours in advance. 
 (f)    Delivery of the shares of New Equity in
connection with the Backstop Commitment Premium (to the extent the Backstop Commitment Premium is payable in New Equity) will be made by the Reorganized Company to the respective Commitment Parties on the Plan Effective Date. 

(g)    Each of the Parties intends that, for U.S. federal income tax purposes, the Backstop Commitment Premium,
whether payable in shares of the New Equity or, upon the termination of this Agreement, payable in cash, shall be treated as a “put premium” paid to the Commitment Parties (the “Intended Tax Treatment”). Each party shall
file all tax returns consistent with, and take no position inconsistent with such treatment (whether in audits, tax returns or otherwise) unless required to do so pursuant to a “determination” within the meaning of Section 1313(a) of
the Internal Revenue Code of 1986, as amended (the “Code”). From and after the date of this Agreement, none of the parties shall, nor shall they permit any of their subsidiaries or Affiliates to, knowingly take any action, cause any
action to be taken or omit to take any action, which action or omission could cause the transactions to fail to qualify for, or fail to be reported in a manner consistent with, the Intended Tax Treatment. 

Section 3.    TRANSFER OF BACKSTOP
COMMITMENT. 
 (a)    Each Commitment Party’s Backstop Commitment shall only be transferable,
in whole or in part, to a Permitted Transferee (as defined below) or pursuant to Section 3(c); provided that the transferring Commitment Party shall give notice of its intent to transfer its Backstop Commitment
(other than to a Related Fund (as defined below)), whether in whole or in part (“Backstop Transfer Notice”), to the Company and the non-transferring Commitment Parties and (i) if the
transferring Commitment Party is a Secured Commitment Party, each non-transferring Secured Commitment Party shall have 

  
 8 

 
a right, but not an obligation, for a period of two (2) days following receipt of the Backstop Transfer Notice to purchase up to its pro rata share of such Backstop Commitment based
on the proportion of its Secured Backstop Commitment to the aggregate amount of Secured Backstop Commitments of all non-transferring Secured Commitment Parties purchasing such transferring Secured Commitment
Party’s Secured Backstop Commitment, on the terms described in the Backstop Transfer Notice and (ii) if the transferring Commitment Party is an Unsecured Commitment Party, each non-transferring
Unsecured Commitment Party shall have a right, but not an obligation, for a period of two (2) days following receipt of the Backstop Transfer Notice to purchase up to its pro rata share of such Backstop Commitment based on the proportion
of its Unsecured Backstop Commitment to the aggregate amount of Unsecured Backstop Commitments of all non-transferring Unsecured Commitment Parties purchasing such transferring Unsecured Commitment
Party’s Unsecured Backstop Commitment, on the terms described in the Backstop Transfer Notice. If any non-transferring Secured Commitment Party or Unsecured Commitment Party, as applicable, does not elect
to purchase its full pro rata share of the Secured Backstop Commitment or Unsecured Backstop Commitments, as applicable, offered in the Backstop Transfer Notice, then each non-transferring Secured
Commitment Party or Unsecured Commitment Party, as applicable, that elected to purchase its full pro rata share of the Secured Backstop Commitment or Unsecured Backstop Commitment, as applicable, proposed to be transferred shall have a right,
but not an obligation, for a period of two (2) days following the expiration of the period set forth in clauses (a)(i) and (a)(ii) above (the “Transfer Over-subscription Period”), to purchase its pro rata
share of the unsubscribed portion of the Secured Backstop Commitments or Unsecured Backstop Commitments, as applicable, proposed to be transferred in such Backstop Transfer Notice based on the proportion of its Secured Backstop Commitments or
Unsecured Backstop Commitments, as applicable, to the aggregate amount of Secured Backstop Commitments or Unsecured Backstop Commitments, as applicable, of all non-transferring Secured Commitment Parties or
Unsecured Commitment Parties, as applicable, purchasing such unsubscribed portion pursuant to this sentence. 

(b)    In the event that following the elections described in Section 3(a), the non-transferring Secured Commitment Parties or Unsecured Commitment Parties, as applicable, do not elect to purchase all of the Backstop Commitment offered in the Backstop Transfer Notice, any other non-transferring Commitment Party shall have a right, but not an obligation, for a period of two (2) days following the expiration of the Transfer Over-subscription Period (the “Secondary ROFR
Period”), to purchase its pro rata share of the remaining unsubscribed portion of the Backstop Commitments proposed to be transferred in such Backstop Transfer Notice based on the proportion of its Backstop Commitment to the
aggregate amount of Backstop Commitments of all non-transferring Commitment Parties purchasing such transferring Commitment Party’s Backstop Commitment that are offered an opportunity to purchase such
transferring Commitment Party’s Backstop Commitment pursuant to this sentence (each, a “Secondary ROFR Offeree”), on the terms described in the Backstop Transfer Notice. If any Secondary ROFR Offeree does not elect to purchase
its full pro rata share of the Backstop Commitment offered in the Backstop Transfer Notice, then each Secondary ROFR Offeree that elected to purchase its full pro rata share of the Backstop Commitment proposed to be transferred shall
have a right, but not an obligation, for a period of two (2) days following the expiration of the Secondary 

  
 9 

 
ROFR Period, to purchase its pro rata share of the remaining unsubscribed portion of the Backstop Commitments proposed to be transferred in such Backstop Transfer Notice based on the
proportion of its Backstop Commitments to the aggregate amount of Backstop Commitments of all Secondary ROFR Offerees purchasing such remaining unsubscribed portion pursuant to this sentence. In the event that following the elections described
above, the non-transferring Commitment Parties do not elect to purchase all of the Backstop Commitment offered in the Backstop Transfer Notice, the transferring Commitment Party shall have the right to
complete such transfer to any Permitted Transferee at a price no lower than the price set forth in the Backstop Transfer Notice and on other terms and conditions that are at least as favorable in the aggregate to such transferring Commitment Party
as such other terms and conditions set forth in the Backstop Transfer Notice. 
 (c)    Any Permitted Transferee
of the Backstop Commitment shall agree in writing to be bound by the representations, warranties, covenants and obligations of such transferring Commitment Party under this Agreement and the RSA and any Permitted Transferee (other than a Related
Fund) shall, as a condition of such transfer, provide the Company and the non-transferring Commitment Parties with evidence reasonably satisfactory to the Required Commitment Parties (excluding any
transferring Commitment Party) in consultation with the Company that such transferee is capable of fulfilling such obligations (including the ability of such Permitted Transferee to fund the entire amount of its existing Backstop Commitment plus the
amount of the Backstop Commitment transferred to such Permitted Transferee), including the provision of Requisite Documentation to the Company in accordance with Section 1(d) and such financial information as may reasonably
be requested by the Required Commitment Parties in consultation with the Company or their respective representatives. For purposes of this Agreement, “Permitted Transferee” means, with respect to any Commitment Party, (i) a
Related Fund thereof, (ii) any other Commitment Party or any Related Fund thereof, and (iii) any other Person that is a party to the RSA or executes a joinder thereto that the Company and the Required Commitment Parties (excluding the
transferring Commitment Party) determine in good faith is capable of fulfilling the obligations of this Agreement to be transferred (including making the necessary representations and warranties and agreeing to be bound by the covenants and
obligations under this Agreement and the RSA); provided that the term “Permitted Transferee” does not include any Person (other than a Commitment Party, a Related Fund of a Commitment Party or a party to the RSA prior to such
transfer) that is a Competitor of a Company Party (each as defined in the RSA), an Affiliate of a Competitor, or a “significant shareholder” (within the meaning of the RSA) of a Competitor. 

(d)    Notwithstanding the foregoing, a Commitment Party may assign its Backstop Commitment to any fund, account
(including any separately managed accounts) or investment vehicle that is controlled, managed, advised or sub-advised by such Commitment Party, an Affiliate thereof or the same investment manager, advisor or
subadvisor as the Commitment Party or an Affiliate of such investment manager, advisor or subadvisor (other than any portfolio company of such Commitment Party) (each, a “Related Fund”) without submitting a Backstop Transfer Notice,
in which case (x) such assigning Commitment Party shall notify the Company and the non-transferring Commitment Parties of such assignment and (y) such Related Fund transferee shall agree

  
 10 

 
in writing to be bound by the representations, warranties, covenants and obligations of such transferring Commitment Party under this Agreement and the RSA and shall make the representations set
forth in Section 6 hereof as of the date of such transfer as if it was a Commitment Party. Any assignment to a Related Fund pursuant to this Section 3(d) shall be subject to Section 24, and
any such Related Fund shall submit the Requisite Documentation to the Company in accordance with Section 1(d). Solely in the case of transfers to a Related Fund, the assigning Commitment Party shall remain fully obligated
for its Backstop Commitment (which, for the avoidance of doubt, includes such assigned amount). For purposes of this Agreement, (i) “Affiliate” shall mean with respect to any specified Person (as defined below), any other Person
that, at the time of determination, directly or indirectly through one or more intermediaries, Controls (as defined below), is Controlled by or is under common Control with such specified Person and (ii) “Control” shall mean, as to
any Person, the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. The terms “Controlled by,”
“Controlled” and “under common Control with” shall have correlative meanings. 

(e)    Any transferee pursuant to, and in accordance with, clauses (a), (b), (c) and
(d) above shall be deemed a Commitment Party for all purposes of this Agreement. Notwithstanding anything to the contrary set forth herein, the transfer of any Allowed Claims by any Commitment Party shall not have any effect on a
Commitment Party’s Backstop Commitment Percentage. Any transfer of a Commitment Party’s obligations under this Agreement made in violation of this Section 3 shall be deemed null and void ab initio and of no
force or effect, regardless of any prior notice provided to the Debtors or any Commitment Party, and shall not create any obligation or liability of any Debtor or any other Commitment Party to the purported transferee. 

(f)    Notwithstanding anything to the contrary set forth in this Section 3, any transfer
pursuant to Section 3, other than a transfer to a Related Fund, must commence at least eight (8) days prior to the Subscription Expiration Deadline, and no transfer, including to a Related Fund, will be recognized if it has not been
completed by the Subscription Expiration Deadline. Any transfers in violation of this Section 3(f) shall be deemed null and void ab initio and of no force or effect, regardless of any prior notice provided to the
Debtors or any Commitment Party, and shall not create any obligation or liability of any Debtor or any other Commitment Party to the purported transferee. 

Section 4.    COMMITMENT PARTY
DEFAULT. Any Commitment Party that fails to timely fund its Backstop Commitment (a “Defaulting Commitment Party”) after written notice thereof (a “Default Notice”) will be liable for the
consequences of its breach and the parties hereto may enforce rights of money damages and/or specific performance upon the failure to timely fund by the Defaulting Commitment Party (but for the avoidance of doubt, no Commitment Party shall be liable
for any default of any other Commitment Party pursuant to this Agreement); provided that (i) in the event that the Defaulting Commitment Party is a Secured Commitment Party, each non-defaulting
Secured Commitment Party shall have the right, but not the obligation, for a period of two (2) days following the delivery of the Default Notice, to elect to assume up to its pro rata share of such Defaulting Commitment Party’s
Backstop Commitment based on the proportion of its Secured 

  
 11 

 
Backstop Commitment to the aggregate amount of Secured Backstop Commitments of all non-defaulting Secured Commitment Parties assuming such Defaulting
Commitment Party’s Secured Backstop Commitment and (ii) in the event that the Defaulting Commitment Party is an Unsecured Commitment Party, each non-defaulting Unsecured Commitment Party shall have
the right, but not the obligation, for a period of two (2) days following the delivery of the Default Notice, to elect to assume up to its pro rata share of such Defaulting Commitment Party’s Backstop Commitment based on the
proportion of its Unsecured Backstop Commitment to the aggregate amount of Unsecured Backstop Commitments of all non-defaulting Unsecured Commitment Parties assuming such Defaulting Commitment Party’s
Unsecured Backstop Commitment. If any non-defaulting Secured Commitment Party or Unsecured Commitment Party, as applicable, does not elect to assume its full pro rata share of the Secured Backstop
Commitment or Unsecured Backstop Commitments, as applicable, of the Defaulting Commitment Party, then each non-defaulting Secured Commitment Party or Unsecured Commitment Party, as applicable, that assumed its
full pro rata share of the Defaulting Commitment Party’s Secured Backstop Commitment or Unsecured Backstop Commitment, as applicable, shall have a right, but not an obligation, for a period of two (2) days following the expiration
of the period set forth in clauses (i) and (ii) above (the “Default Over-subscription Period”), to assume up to its pro rata share of the unsubscribed portion of the Defaulting Commitment Party’s
Secured Backstop Commitments or Unsecured Backstop Commitments, as applicable, based on the proportion of its Secured Backstop Commitments or Unsecured Backstop Commitments, as applicable, to the aggregate amount of Secured Backstop Commitments or
Unsecured Backstop Commitments, as applicable, of all non-defaulting Secured Commitment Parties or Unsecured Commitment Parties, as applicable, assuming such unsubscribed portion pursuant to this sentence. In
the event that following the elections described above, the non-defaulting Secured Commitment Parties or Unsecured Commitment Parties, as applicable, do not assume all of the Backstop Commitment of the
Defaulting Commitment Party, any other non-defaulting Commitment Party shall have the right, but not the obligation, for a period of two (2) days following the expiration of the Default Over-subscription
Period (the “Secondary Default Period”), to assume up to its pro rata share of such Defaulting Commitment Party’s Backstop Commitment, based on the proportion of its Backstop Commitment to the aggregate amount of
Backstop Commitments of all non-defaulting Commitment Parties assuming such Defaulting Commitment Party’s Backstop Commitment that are offered an opportunity to assume such defaulting Commitment
Party’s Backstop Commitment pursuant to this sentence (each, a “Secondary Default Offeree”). If any Secondary Default Offeree does not elect to assume its full pro rata share of the Backstop Commitment of the Defaulting
Commitment Party, then each Secondary Default Offeree that elected to assume its full pro rata share of the Defaulting Commitment Party’s Backstop Commitment shall have a right, but not an obligation, for a period of one (1) day
following the expiration of the Secondary Default Period, to assume up to its pro rata share of the remaining unsubscribed portion of the Defaulting Commitment Party’s Backstop Commitment based on the proportion of its Backstop
Commitments to the aggregate amount of Backstop Commitments of all Secondary Default Offerees assuming such remaining unsubscribed portion pursuant to this sentence. For the avoidance of doubt, any assumption of the Defaulting Commitment
Party’s Backstop Commitment pursuant to 

  
 12 

 
this Section 4 may be in whole or in part (and need not be in whole for the assumption of any part thereof to be effective). Any Defaulting Commitment Party shall not be
entitled to any portion of the Backstop Commitment Premium and the portion of the Backstop Commitment Premium otherwise payable to any Defaulting Commitment Party shall be paid pro rata to any Commitment Parties that assume all or a portion
of the Defaulting Commitment Party’s Backstop Commitment, based on the portion of the Defaulting Commitment Party’s Backstop Commitment so assumed. If a Commitment Party default occurs, the Outside Date shall be delayed only to the extent
necessary to allow for the foregoing notices and assumptions to be completed within the time periods set forth herein. The Parties acknowledge and agree that the expiration of the time periods set forth in this Section 4 shall not be a
condition to the consummation of the transactions contemplated by this Agreement. 

Section 5.    REPRESENTATIONS AND
WARRANTIES OF THE COMPANY. Except as set forth in the Company Disclosure Schedules delivered to the Commitment Parties on the date hereof (the “Company Disclosure
Schedules”), the Company represents and warrants to, and agrees with, the Commitment Parties as set forth below. Except for representations, warranties and agreements that are expressly limited as to their date, each representation,
warranty and agreement is made as of the date hereof. 
 (a)    Organization and Qualification. Each of the
Company and its subsidiaries is duly organized, validly existing and in good standing under the laws of its respective jurisdiction of incorporation or organization and has the requisite power and authority to own, lease and operate its properties
and to carry on its business as now conducted in all material respects. Each of the Company and its subsidiaries is duly qualified or authorized to do business and is in good standing under the laws of each jurisdiction in which it owns or leases
real property or in which the conduct of its business or the ownership of its properties requires such qualification or authorization, except where the failure to be so qualified, authorized or in good standing has not had, and would not reasonably
be expected to result in, individually or in the aggregate, a Material Adverse Effect. The Company or a subsidiary thereof is the record and beneficial owner of and has good and valid title to all of the issued and outstanding equity ownership
interest of each of the subsidiaries of the Company (the “Subsidiary Interests”) free and clear of all liens, other than Permitted Liens (as such term is defined in the DIP Credit Agreement) or liens in connection with the Allowed
Claims, and free of any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such Subsidiary Interests other than transfer restrictions imposed by applicable Law). All of the issued and
outstanding Subsidiary Interests are duly authorized, validly issued, fully paid and nonassessable (if such concepts apply). There are no: (i) outstanding securities convertible or exchangeable into Subsidiary Interests; (ii) options,
warrants, phantom equity rights, notional interests, profits interests, calls, equity equivalents, restricted equity, performance equity, profit participation rights, stock appreciation rights, redemption rights or subscriptions or other rights,
agreements or commitments obligating any subsidiary to issue, transfer or sell any Subsidiary Interests; (iii) voting trusts or other agreements or understandings to which any subsidiary is a party or by which any subsidiary is bound with
respect to the voting, transfer or other disposition of Subsidiary Interests or (iv) outstanding obligations of the Company or any of its subsidiaries to repurchase, redeem or otherwise acquire any Subsidiary Interests. Other than

  
 13 

 
certain subsidiaries of the Company, neither the Company nor any of its subsidiaries owns or holds the right to acquire any stock, partnership interest, joint venture interest, or other equity
interest in any other Person. 
 (b)    Power and Authority. 

(i)    The Company has the requisite corporate power and authority to enter into, execute and
deliver this Agreement and any other agreements contemplated herein or in the Plan and, subject to entry of the Confirmation Order and consummation of the Plan, to perform its obligations hereunder and under any other agreements contemplated herein
or in the Plan, including, to issue the Subscription Rights and, subject to the entry of the Confirmation Order and the consummation of the Plan, to issue the Rights Offering Shares, the Backstop Shares and the New Equity pursuant to the Backstop
Commitment Premium. The Company has taken all necessary corporate action required for the due authorization, execution, delivery and performance by it of this Agreement and any other agreements contemplated herein or in the Plan, and following the
entry of the Confirmation Order will have taken all necessary corporate action required to perform its obligations hereunder and under any other agreements contemplated herein or in the Plan, including, to issue the Subscription Rights, the Rights
Offering Shares, the Backstop Shares and the New Equity pursuant to the Backstop Commitment Premium. 

(ii)    The Company has the requisite corporate power and authority to file the Plan with the
Bankruptcy Court and, subject to entry of the Confirmation Order and consummation of the Plan, to perform its obligations thereunder, and will have taken all necessary corporate action required for the due authorization, execution, delivery and
performance by it of the Plan. 
 (c)    Execution and Delivery; Enforceability. This
Agreement and any other agreements contemplated herein have been and will be duly and validly executed and delivered by the Company, and, subject to entry of the Backstop Commitment Agreement Order, the Confirmation Order and consummation of the
Plan, each of this Agreement and any other agreements contemplated herein and the Plan constitutes or will constitute the valid and binding obligations of the Company and the Reorganized Company, as applicable, enforceable against the Company and
the Reorganized Company, as applicable in accordance with its terms. 
 (d)    Authorized Capital. Upon the
Plan Effective Date, the authorized capital of the Reorganized Company shall be consistent with the terms of the Plan and Disclosure Statement (as defined below) and the issued and outstanding Rights Offering Shares, the Backstop Shares and the New
Equity pursuant to the Backstop Commitment Premium shall be consistent with the terms of the Plan and Disclosure Statement, except, in each case, for those modifications agreed to in writing by the Company and the Required Commitment Parties. 

  
 14 

 (e)    Issuance. The distribution of the Subscription
Rights and, subject to entry of the Confirmation Order and consummation of the Plan, the issuance of the Rights Offering Shares and the Backstop Shares, including the New Equity (or Jones Act Warrants issued in lieu thereof) subscribed for by the
Commitment Parties in the Rights Offering and the shares of New Equity issued pursuant to the Backstop Commitment Premium, will have been duly and validly authorized and, when such shares are issued and delivered against payment therefor in the
Rights Offering or to the Commitment Parties hereunder, as applicable, will be duly and validly issued and outstanding, fully paid, non-assessable and free and clear of all Taxes, liens, pre-emptive rights, rights of first refusal, subscription and similar rights, except as set forth herein, in the Plan or in the RSA, and other than liens pursuant to applicable securities laws. 

(f)    No Conflict. The distribution of the Subscription Rights, the execution and delivery of this
Agreement, the filing of the Plan with the Bankruptcy Court, and, subject to entry of the Confirmation Order and consummation of the Plan, the sale, issuance and delivery of the Rights Offering Shares upon exercise of the Subscription Rights, the
consummation of the Rights Offering by the Reorganized Company, the sale, issuance and delivery of the Backstop Shares pursuant to the terms hereof, the shares of New Equity issued pursuant to the Backstop Commitment Premium and compliance by it
with all of the provisions of this Agreement and the Plan and the consummation of the transactions contemplated hereby and thereby: (i) will not conflict with or result in a breach or violation of, any of the terms or provisions of, or
constitute a default under (with or without notice or lapse of time, or both), or result, except to the extent expressly provided in or contemplated by the Plan, in the acceleration of, or the creation of any lien under, any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of their properties or assets is subject;
(ii) will not result in any violation of the provisions of the organizational documents of the Company or any of its subsidiaries; and (iii) assuming the accuracy of the Commitment Parties’ representations and warranties in
Section 6, will not result in any violation of, or any termination or material impairment of any rights under, any statute or any license, authorization, injunction, judgment, order, decree, rule or regulation of any
transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department, agency or official, including any political subdivision thereof or any federal, state, municipal, domestic or foreign court,
arbitrator, or tribunal (“Governmental Entity”) having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, except in any such case described in clause (i) or clause
(iii), as has not had, and would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect. “Material Adverse Effect” means any fact, event, change, effect, development, circumstance,
or occurrence that, individually or in the aggregate, has had, or would reasonably be expected to have, a material adverse effect on: (a) the business, operations, properties, assets or financial condition of the Company and its subsidiaries,
in each case, taken as a whole; or (b) the ability of the Company or any of its subsidiaries, in each case taken as a whole, to perform their obligations under this Agreement, the Plan or the RSA; provided, that, for the purposes of
clause (a) of this definition, none of the following, either alone or in combination, will constitute a Material Adverse Effect: (A) any change in the United States or foreign economies or securities or financial markets in

  
 15 

 
general (including any decline in the price of securities generally or any market or index); (B) any change that generally affects any industry in which the Company or its subsidiaries operate;
(C) general business or economic conditions in any of the geographical areas in which the Company or its subsidiaries operate; (D) national or international political or social conditions, including any change arising in connection with,
hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions, whether commenced before or after the date hereof and
whether or not pursuant to the declaration of a national emergency or war, or force majeure events or “acts of God” (excluding the COVID-19 pandemic except with respect to Sections 5(q), 5(dd),
10(h)(ii) and 10(k), with respect to which force majeure or “acts of God” shall be inclusive of the COVID-19 pandemic and resulting effects therefrom and response thereto) and force majeure events
resulting or purportedly resulting therefrom; (E) changes in the market price or trading volume of the claims or equity or debt securities of the Debtors (but not the underlying facts giving rise to such changes unless such facts are otherwise
excluded pursuant to the clauses contained in this definition); (F) any changes in any applicable transnational, domestic or foreign federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code,
rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Entity, as amended unless expressly specified otherwise (“Law”), or in the binding
interpretation thereof; (G) any changes to U.S. GAAP (or other relevant accounting rules), or in the interpretation thereof; (H) any change resulting from the filing or pendency of or emergence from the Chapter 11 Cases, actions taken in
connection with the Chapter 11 Cases, or any reasonably anticipated effects of such filing, pendency, emergence or actions, or from any action approved by the Bankruptcy Court; (I) any change resulting from the public announcement of the
Chapter 11 Cases or the entry into this Agreement or the consummation of the transactions contemplated hereby (provided that the exception in this clause (I) shall not apply to Section 10(h) or to any
representation or warranty contained in this Agreement, in each case to the extent that such representation or warranty relates to the consequences resulting from the public announcement of the Chapter 11 Cases, the negotiation, execution or
performance of this Agreement or the consummation of the transactions contemplated hereby); (J) any change resulting from the taking of any action taken by the Company and its subsidiaries after the date hereof with the prior written consent of the
Required Commitment Parties; or (K) any effects or changes arising from or related to the breach of this Agreement by the Commitment Parties; provided further, that the exceptions set forth in clauses (A) through (D)
of this definition shall not be regarded as exceptions to clause (a) of this definition solely if any such described event has a disproportionately adverse impact on the Company and its subsidiaries, taken as a whole, as compared to
other companies in the industries in which the Company and its subsidiaries operate. 
 (g)    Alternative
Restructuring Proposals. As of the date hereof, neither the Company nor any of its controlled Affiliates nor, to the knowledge of the Company, any other Person is pursuing, or is in discussions or has made, nor shall there then be in effect, any
Alternative Restructuring Proposal (as such term is defined in the RSA). 

  
 16 

(h)    Arm’s-Length. The Company agrees that (a) each of the
Commitment Parties is acting solely in the capacity of an arm’s-length contractual counterparty with respect to the transactions contemplated hereby (including in connection with determining the terms of
the Rights Offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any of its subsidiaries and (b) no Commitment Party is advising the Company or any of its subsidiaries as to any legal, tax, investment,
accounting or regulatory matters in any jurisdiction. 
 (i)    Consents and Approvals. Assuming the
accuracy of the Commitment Parties’ representations and warranties in Section 6, no consent, approval, authorization, order, registration or qualification of or with any Governmental Entity having jurisdiction over the
Company or any of its subsidiaries is required for the distribution of the Subscription Rights, the sale, issuance and delivery of the Rights Offering Shares upon exercise of the Subscription Rights, the issuance, sale and delivery of the Backstop
Shares or the issuance and delivery of shares of New Equity pursuant to the Backstop Commitment Premium, the consummation of the Rights Offering by the Reorganized Company and the execution and delivery by the Company of this Agreement or the Plan
and compliance by them with all of the provisions hereof and thereof (including payment of the Transaction Expenses of the Commitment Parties as required herein) and the consummation of the transactions contemplated hereby and thereby, except
(i) the entry of the Confirmation Order and the Backstop Commitment Agreement Order, (ii) filings, if any, (w) pursuant to the HSR Act and the expiration or termination of all applicable waiting periods thereunder or any applicable
notification, authorization, approval or consent under any other Antitrust Laws in connection with the transactions contemplated by this Agreement, (x) pursuant to any applicable requirements of the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder (the “Securities Act”), the Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”), and any other
applicable U.S. state or federal securities laws, (y) pursuant to any applicable provisions of Section 721 of the Defense Production Act of 1950, as amended, and 31 C.F.R. Parts 800 through 802 (together, the “DPA”),
including, if applicable, (A) the receipt of written notification from the Committee on Foreign Investment in the United States (“CFIUS”) that (1) the transactions contemplated by this Agreement are not a “covered
transaction” under the DPA or (2) CFIUS has, as applicable, (I) completed its review or investigation of any joint voluntary notice and has concluded all action under the DPA, or (II) completed its assessment of a declaration and
concluded all action under the DPA, or declined to conclude all action but failed to require the submission of a joint voluntary notice, or (B) if CFIUS has sent a report to the President of the United States (the
“President”) requesting the President’s decision regarding the transactions contemplated by this Agreement, then (1) a written notice is received from CFIUS announcing the President’s decision not to take any
action to suspend or prohibit the transactions contemplated by this Agreement, or (2) the President has not taken any action, within fifteen (15) days after the date the President received such report from CFIUS, to suspend or prohibit the
transactions contemplated by this Agreement, and (z) pursuant to the National Industrial Security Program Operating Manual (“NISPOM”) with the Defense Counterintelligence and Security Agency (“DCSA”) and any
other Cognizant Security Agency (as defined in the NISPOM), and the receipt of a request from the DCSA for the parties to submit a “Commitment Letter” signed by the Company and the Required

  
 17 

 
Commitment Parties, (I) proposing a FOCI Action Plan (as set forth in the NISPOM) and (II) permitting the Company to retain a Facility Security Clearance (as defined in the NISPOM)
(“FCL”) at the same level as the FCL currently in place, along with written approval required from any other CSA, (iii) the filing of any other documents in connection with the transactions contemplated by this Agreement with
applicable state filing agencies, (iv) such consents, approvals, authorizations, registrations or qualifications as may be required under foreign securities laws, federal securities laws or state securities or “Blue Sky” laws in
connection with the offer and sale of the Rights Offering Shares, the Backstop Shares and the Backstop Commitment Premium, (v) confirmation from the U.S. Coast Guard and the U.S. Maritime Administration that the transactions contemplated by
this Agreement will not affect the status of the Company as a U.S. Citizen and (vi) such consents, approvals, authorizations, registrations or qualifications the absence of which have not had, and would not reasonably be expected to result in,
individually or in the aggregate, a Material Adverse Effect. 
 (j)    No Undisclosed Material Liabilities.
Except as set forth on Section 5(j) of the Company Disclosure Schedules, there are no liabilities or obligations of the Company or any of its subsidiaries of any kind whatsoever, whether accrued, contingent, absolute, determined or
determinable, other than: (i) liabilities or obligations disclosed and provided for in the Financial Statements (as defined below), (ii) liabilities or obligations incurred in the ordinary course of business since the date of the most recent
balance sheet presented in the Financial Statements (as defined below), (iii) liabilities or obligations that would not be required to be set forth or reserved for on a balance sheet of the Company or its subsidiaries (and the notes thereto)
prepared in accordance with GAAP consistently applied and in accordance with past practice, or (iv) non-material liabilities or obligations; it being understood that for purposes of this clause
(j), any contract, agreement or understanding with any Person providing for a payment (in cash or otherwise) in excess of $100,000 in connection with any of the transactions contemplated under the Plan, the RSA or this Agreement (other than any
contract, agreement, understanding or other transaction specifically contemplated by this Agreement, the Plan, the RSA, the Management Incentive Plan, the DIP Credit Agreement and any other Definitive Documents) shall not be deemed to have been
incurred in the ordinary course of business or deemed to be non-material, and shall otherwise be deemed to be required to be set forth on the Company’s balance sheet for purposes of clause
(iii) above notwithstanding such clause. 
 (k)    Financial Statements. The (1) audited
consolidated balance sheets of the Company and its consolidated subsidiaries as of December 31, 2017 and 2018, the related consolidated statements of operations, comprehensive income (loss), changes in stockholders’ equity and cash flows
for the year ended December 31, 2018 and the related notes thereto as filed in the Company’s Annual Report on Form 10-K for such year, and (2) the unaudited consolidated balance sheets and its
consolidated subsidiaries of the Company as of March 31, 2019, June 30, 2019 and September 30, 2019 and the related consolidated statements of operations, comprehensive income (loss) changes in stockholders’ equity and of cash
flows as filed in the Company’s applicable Quarterly Reports on Form 10-Q for such quarters (collectively, the “Financial Statements”) present fairly in all material respects the
consolidated financial position of the Company and its subsidiaries as of the dates indicated and the results of their operations and their cash flows for the periods 

  
 18 

 
specified, subject to customary year-end audit adjustments and the absence of certain footnotes in the case of the unaudited quarterly financial
statements. The Financial Statements have been prepared in conformity with U.S. GAAP as applied on a consistent basis throughout the periods covered thereby (except as disclosed therein). 

(l)    Internal Control Over Financial Reporting. The Company has established and maintains a system of
internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act) that complies in all material respects with
the requirements of the Exchange Act and has been designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. The
Company’s management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2018 and no changes in the Company’s internal control over financial reporting occurred since
December 31, 2018 that have materially affected, or were, as of those dates, reasonably likely to materially affect, the Company’s internal control over financial reporting. 

(m)    Disclosure Controls and Procedures. The Company maintains disclosure controls and procedures (within
the meaning of Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) that are designed to provide reasonable assurance that information required to be
disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management of the
Company as appropriate to allow timely decisions regarding required disclosure. 
 (n)    No Violation. The
Company and its subsidiaries are not, except as a result of the Chapter 11 Cases, and have not since January 1, 2018 been, in violation of any applicable law or statute or any judgment, order, rule or regulation of any Governmental Entity,
except for any such default or violation that has not had, and would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect. 

(o)    Legal Proceedings. Except as set forth on Section 5(o) of the Company Disclosure Schedules, other
than the Chapter 11 Cases and any adversary proceedings or contested motions commenced in connection therewith, and there are no and since January 1, 2018 have not been any legal, governmental or regulatory investigations, actions, suits or
proceedings pending or, to the knowledge of the Company, threatened, in each case, to which the Company and its subsidiaries is, was or may be a party or to which any property of the Company and its subsidiaries is, was or may be the subject that,
individually or in the aggregate, has had or would reasonably be expected to result in a Material Adverse Effect. 

(p)    No Broker’s Fees. Neither the Company nor any of its subsidiaries is a party to any
contract, agreement or understanding with any other individual, firm, corporation (including any non-profit corporation), partnership, limited liability company, joint venture, associate, trust, Governmental
Entity or other entity or organization (each, a “Person”) that would give rise to a valid claim against it (other than this Agreement) or the Commitment Parties for a brokerage commission, finder’s fee or like payment in

  
 19 

 
connection with the offering and sale of the Subscription Rights or the Rights Offering Shares. 

(q)    Absence of Certain Changes. Since December 31, 2018, except for the Chapter 11 Cases and any
adversary proceedings or contested motions in connection therewith, no change, event, circumstance, effect, development, occurrence or state of facts has occurred or exists that has had, or would reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. 
 (r)    Environmental. Except as to matters (A) that have
not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (B) set forth on Section 5(r) of the Company Disclosure Schedules: (i) no unresolved written notice, claim, demand,
request for information, order, complaint or penalty has been received by the Company or any of its subsidiaries, and there are no judicial, administrative or other actions, suits or proceedings pending or, to the knowledge of the Company,
threatened, in each case which allege a violation of or liability under any Environmental Laws and relate to the Company or any of its subsidiaries, (ii) the Company and each of its subsidiaries is in compliance with Environmental Law and has
obtained, maintains in full force and effect, and is in compliance with all material permits, licenses and other approvals currently required under any Environmental Law for conduct of its business as presently conducted by the Company and each of
its subsidiaries, and (iii) to the knowledge of the Company, no Hazardous Materials have been released by the Company or any of its subsidiaries at any location in a manner that would reasonably be expected to give rise to any cost, liability
or obligation of the Company or any of its subsidiaries under any Environmental Laws. For purposes of this Agreement, “Environmental Law” means all applicable foreign, federal, state and local conventions, treaties, protocols, laws,
statutes, rules, regulations, ordinances, orders and decrees in effect on the date hereof relating in any manner to contamination, pollution or protection of the environment or exposure to Hazardous Materials, and “Hazardous
Materials” means all materials, substances, chemicals, or wastes (or combination thereof) that are listed, defined, designated, regulated or classified as hazardous, toxic, radioactive, dangerous, a pollutant, a contaminant, petroleum, or
oil under any Environmental Law. 
 (s)    Insurance. Except as has not had, and would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect, (i) the Company and each of its subsidiaries, as applicable, has insured its respective properties and assets against such risks and in such amounts as are
consistent with past practice or are customary for similarly situated companies engaged in similar businesses, and (ii) all premiums due and payable in respect of material insurance policies maintained by the Company and its subsidiaries have
been paid. As of the date hereof, to the knowledge of the Company, neither the Company nor any of its subsidiaries has received written notice from any insurer or agent of such insurer with respect to any material insurance policies of the Company
or any of its subsidiaries of cancellation or termination of such policies, other than such notices which are received in the ordinary course of business or for policies that have expired in accordance with their terms. 

  
 20 

 (t)    Intellectual Property. Except, in each case, as set
forth on Section 5(t) of the Company Disclosure Schedules or where the failure of such statement to be correct has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) the
Company and its subsidiaries own, or possess the right to use, all of the patents, patent rights, trademarks, service marks, trade names, copyrights, licenses, domain names, and any and all applications or registrations for any of the foregoing
(collectively, “Intellectual Property Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other person, (ii) to the knowledge of the Company, neither
the Company and its subsidiaries nor any Intellectual Property Right, proprietary right, product, process, method, substance, part, or other material now employed, sold or offered by the Company and its subsidiaries, is infringing upon,
misappropriating or otherwise violating any valid Intellectual Property Rights of any person, and (iii) no claim or litigation regarding any of the foregoing is pending or, to the knowledge of the Company, threatened. 

(u)    No Undisclosed Relationship. Except for the employment agreements with executive officers set forth on
Section 5(u) of the Company Disclosure Schedule, the Consulting Agreement with Larry D. Hornbeck, the Facilities Use Agreement relating to use of the Hornbeck Executive Conference Center, other employment relationships and compensation,
benefits and travel advances in the ordinary course of business, or as otherwise set forth on Section 5(u) of the Company Disclosure Schedules, neither the Company nor any of its subsidiaries is a party to any agreement with, or involving the
making of any payment or transfer of assets to, any (i) stockholder beneficially owning greater than 5% of the Company, (ii) officer or director of the Company or any of its subsidiaries or (iii) member of the immediate family of any
individual referenced in clauses (i) or (ii) (each, a “Related Party” and each such agreement, an “Affiliate Agreement”). Except for the Hornbeck Family Assets (as defined in the RSA), no Related
Party has any right, title or interest in, to or under any assets or other property, real or personal or mixed, tangible or intangible, used or operated by the Company or any of its subsidiaries in connection with its business. 

(v)    Money Laundering Laws. The operations of the Company and its subsidiaries are, and have been at all
times since January 1, 2018, conducted in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transactions Reporting Act of 1970, the money laundering statutes
of all jurisdictions in which the Company and its subsidiaries operate (and the rules and regulations promulgated thereunder) and any related or similar laws and there has been no material legal proceeding by or before any Governmental Entity or any
arbitrator involving the Company or any of its subsidiaries with respect to such laws and no material legal proceeding with respect to such laws is pending or, to the knowledge of the Company, threatened. 

(w)    Sanctions Laws. Neither the Company and its subsidiaries nor, to the knowledge of the Company, any of
their respective directors, officers, employees or other Persons acting on their behalf with express authority to so act are currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department. The Company and its subsidiaries will not directly or knowingly indirectly 

  
 21 

 
use the proceeds of the Rights Offering, or lend or contribute such proceeds to any subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person
that, to the knowledge of the Company and its subsidiaries, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department. 

(x)    Foreign Corrupt Practices Act. To the knowledge of the Company, there have been no actual or alleged
material violations of the Foreign Corrupt Practices Act of 1977, as amended, nor any applicable anti-corruption or anti-bribery laws in any jurisdiction other than the United States, in each case, since January 1, 2018, by the Company and its
subsidiaries or any of their respective officers, directors, agents, distributors, employees or any other Person acting on behalf of the Company or any of its subsidiaries. 

(y)    Tax Matters. 

(i)    Except as has not had, and would not reasonably be expected to result in, individually or in
the aggregate, a Material Adverse Effect (and except, with respect to the Debtors only, to the extent the non-payment thereof is permitted by the Bankruptcy Code), each of the Company and its respective
subsidiaries has paid all income, gross receipts, license, payroll, employment, excise, severance, occupation, premium, windfalls profits, customs duties, capital stock, franchise, profits, withholding, unemployment, disability, real property,
personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated or other taxes levied by a Governmental Entity having jurisdiction over the Company or any of its
subsidiaries or any of their respective properties, including interest and penalties thereon (“Taxes”) imposed on it or its assets, business or properties, or, to the extent not yet due, such Taxes have been accrued and fully
provided for in accordance with generally accepted accounting principles. Except as has not had, and would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect, each of the Company and its subsidiaries
has timely filed, or filed appropriate extensions for, all returns, information statements or reports required to be filed with any Governmental Entity with respect to Taxes. 

(ii)    There are no material Liens for Taxes on any asset of the Company or any of its subsidiaries
other than liens for Taxes not yet delinquent or for Taxes contested in good faith by appropriate proceedings and for which adequate accruals have been made with respect thereto in accordance with U.S. GAAP. 

(iii)    Neither the Company nor any of its subsidiaries is a party to any material Tax allocation
or Tax sharing agreement with any third party (other than an agreement, the principal purpose of which is not the sharing, assumption or indemnification of Tax). Neither the Company nor any of its subsidiaries has any liability for any material
amount of Taxes of any other Person or entity (other than the Company or any of its subsidiaries), either by operation of law, by contract or as a transferee or successor. 

  
 22 

 (iv)    Except as set forth on
Section 5(y)(iv) of the Company Disclosure Schedules, as of the date hereof, there is no outstanding audit, assessment, or claim concerning any material Tax liability of the Company or any of its subsidiaries and neither the Company nor any of
its subsidiaries has received from any Governmental Entity any written notice regarding any contemplated or pending audit, examination or other administrative proceeding or court proceeding concerning any material amount of Taxes imposed thereon.

 (v)    All material Taxes that the Company or any of its subsidiaries was required by law to
withhold or collect in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder or other third party have been duly withheld or collected, and have been timely paid to the proper authorities to the extent
due and payable. 
 (vi)    Neither the Company nor any of its subsidiaries has been included in
any “consolidated,” “unitary” or “combined” tax return provided for under any law with respect to Taxes for any taxable period for which the statute of limitations has not expired (other than a group of which the
Company and/or its current or past subsidiaries are or were the only members). 
 (vii)    Neither
the Company nor any of its subsidiaries has been requested in writing, and, to the knowledge of the Company, there are no claims against the Company or any of its subsidiaries, to pay any liability for Taxes of any Person (other than the Company or
any of its subsidiaries) that is material to the Company or any of its subsidiaries, arising from the application of Treasury Regulation Section 1.1502-6 or any analogous provision of state, local or
foreign law, or as a transferee or successor. 
 (viii)    Neither the Company nor any of its
subsidiaries has been either a “distributing corporation” or a “controlled corporation” in a distribution occurring during the last five years in which the parties to such distribution treated the distribution as one to which
Section 355 of the Code is applicable. 
 (z)    Title to Property. 

(i)    Personal Property. Except as has not had, and would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, (A) the Company and its subsidiaries have good title to, free and clear of any and all Liens (other than Permitted Liens), or a valid leasehold interest in, all personal
properties, machinery, equipment and other tangible assets of the business necessary for the conduct of the business as presently conducted by the Company and its subsidiaries and (B) such properties, (x) are, except for the vessels set
forth on Section 5(z)(i)(B)(x) of the Company Disclosure Schedule, in the possession or control of the Company or its subsidiaries; and (y) (except with respect to Stacked Vessels) are in good and operable condition and repair, reasonable wear
and tear excepted. For purposes of this Agreement, “Lien”, “Permitted Liens” and 

  
 23 

 
“Stacked Vessels” shall have the respective meanings given to those terms in the DIP Credit Agreement. 

(ii)    Leased Real Property. The Company and its subsidiaries have complied with all
obligations under all leases (as may be amended from time to time) to which it is a party that have not been rejected in the Chapter 11 Cases, except where the failure to comply has not had, and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, and all such leases are in full force and effect (except to the extent subject to applicable to bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium, and
similar laws affecting creditors’ rights generally and to general principles of equity), except leases in respect of which the failure to be in full force and effect have not had, and would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. The Company and its subsidiaries enjoy peaceful and undisturbed possession under all such leases, other than leases in respect of which the failure to enjoy peaceful and undisturbed possession have not had,
and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(aa)    Labor Relations. There is no labor or employment-related legal proceeding pending or, to the
knowledge of the Company, threatened against the Company or any of its subsidiaries, by or on behalf of any of their respective employees or such employees’ labor organization, works council, workers’ committee, union representatives or
any other type of employees’ representatives appointed for collective bargaining purposes, or by any Governmental Entity having jurisdiction over the Company or any of its subsidiaries or any of their respective properties or employees, that
has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Except as would not be material to the Company and its subsidiaries, taken as a whole, (i) each of the Company and its subsidiaries
has complied and is currently in compliance with all laws and legal requirements in respect of personnel, employment and employment practices; (ii) all service providers of each of the Company and its subsidiaries are correctly classified as
employees, independent contractors, or otherwise for all purposes (including any applicable tax and employment policies or law); and (iii) the Company and its subsidiaries have not and are not engaged in any unfair labor practice. 

(bb)    Employee Benefit Plans. 

(i)    None of the Company, its subsidiaries, or any of their ERISA Affiliates sponsor, maintain,
contribute to, or has an obligation to contribute to, or has, or could be reasonably expected to have, any liability with respect to any Multiemployer Plan or a plan that is subject to Title IV of ERISA. The Deferred Compensation Liabilities of each
Company Benefit Plan or Foreign Plan that is a non-qualified deferred compensation plan, including any supplemental retirement plan, do not exceed the Deferred Compensation Assets of such plan. 

(ii)    Except as otherwise disclosed to advisors for the Required Commitment Parties prior to the
date hereof or as set forth on Section 5(bb) of the 

  
 24 

 
Company Disclosure Schedules, none of the Company or any of its subsidiaries has established, sponsored or maintained, or has any liability with respect to, any employee pension defined benefit
plan or other material employee benefit plan, program, policy, agreement or arrangement governed by or subject to the Laws of a jurisdiction other than the United States of America (a “Foreign Plan”). No Foreign Plan has unfunded
liabilities.  
 (iii)    None of the Company
Benefit Plans or Foreign Plans obligates the Debtors to provide retiree or post-employment health or life insurance or benefits, other than as required under Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code or any similar Law
for which the covered Person pays the full cost of coverage. 
 (iv)    For purposes of this
Agreement, the following terms have the following meanings: 
 (1)    “Company Benefit
Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA), other than a Foreign Plan or a Multiemployer Plan, established by, maintained or contributed to or required to be contributed to by
the Company or any of its subsidiaries or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any of their respective ERISA Affiliates, or with respect to which the Company or any of its subsidiaries
has any actual or contingent liability. 
 (2)    “Deferred Compensation Asset”
means any amounts in a Rabbi trust or the cash surrender value, as of the date hereof, of any whole life insurance policies covering participants in any non-qualified plan, in each case which are intended to
secure the funding of account balances under any non-qualified deferred compensation plan, including any supplemental retirement plan. 

(3)    “Deferred Compensation Liability” means the amount, as of immediately prior
to the date hereof, of all distributions that may become payable in respect of any non-qualified deferred compensation plan, including any supplemental retirement plan, and account balances thereunder. 

(4)    “ERISA Affiliate” means any trade or business (whether or not incorporated)
that, together with the Company or any of its subsidiaries, is, or at any relevant time during the past six years was, treated as a single employer under any provision of Section 414 of the Code. 

(5)    “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA to which any the Company or any ERISA Affiliate is making or accruing an obligation to make contributions, has within any of the preceding six plan years made or accrued an

  
 25 

 
obligation to make contributions, or each such plan with respect to which any such entity has any actual or contingent liability or obligation. 

(cc)    Licenses and Permits. The Company and its subsidiaries possess all licenses, certificates, permits
and other authorizations issued by, and have made all declarations and filings with, the appropriate Governmental Entities that are necessary for the ownership or lease of their respective properties and the conduct of their business as presently
conducted by the Company and its subsidiaries, in each case, except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Except as has not had, and would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect, the Company and its subsidiaries (i) have not received written notice of any revocation or modification of any such license, certificate, permit or authorization or
(ii) have no reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course. 

(dd)    Material Contracts. 

(i)    All Material Contracts are valid, binding and enforceable by and against the Company and its subsidiaries, as
applicable (except to the extent enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium, and similar laws affecting creditors’ rights generally and to general
principles of equity), except where the failure to be valid, binding or enforceable has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and no written notice to terminate, in whole
or part, any Material Contract has been delivered to the Company and its subsidiaries except where such termination has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Other than as
a result of the filing of the Chapter 11 Cases, neither the Company and its subsidiaries nor, to the knowledge of the Company and its subsidiaries, any other party to any Material Contract, is in default or breach under the terms thereof except, in
each case, for such instances of default or breach that have not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. For purposes of this Agreement, “Material Contract”
means any contract necessary for the operation of the business of the Company and its subsidiaries as presently conducted by the Company and its subsidiaries that is a “material contract” (as such term is defined in Item 601(b)(10) of
Regulation S-K or required to be disclosed on a current report on Form 8-K). 

(ee)    Jones Act Compliance. Since January 1, 2018, each of (x) the Company, (y) any
subsidiary which owns, bareboat charters or operates any vessel documented under the laws of the United States with a coastwise endorsement (“U.S. Vessel”) for the purposes of the carriage or transport of merchandise and/or other
materials in the coastwise trade of the United States of America within the meaning of 46 U.S.C. Chapter 551 as now in effect and as the same may be from time to time amended (“U.S. Coastwise Trade”), and (z) any subsidiary
(i) having an ownership interest in any subsidiary which owns, operates or bareboat charters any U.S. Vessel engaged in the U.S. Coastwise Trade and (ii) which the Company relies upon to establish that the ownership, bareboat charter or
operation of such 

  
 26 

 
U.S. Vessel complies with the U.S. Citizen requirements of the Jones Act, has been and is a U.S. Citizen. 

(ff)    U.S. Coastwise Trade. All U.S. Vessels owned, bareboat chartered or operated by the Company and its
subsidiaries are, and have since January 1, 2017 been eligible and qualified to operate in the U.S. Coastwise Trade in compliance with the Jones Act. 

(gg)    Takeover Statutes. No restrictions contained in any “fair price,” “moratorium,”
“control share acquisition,” “business combination” or other similar antitakeover statute or regulation (including Delaware General Corporation Law Section 203) is applicable to this Agreement, the Backstop Commitment and
other transactions contemplated by this Agreement. 
 (hh)    Investment Company Act. Neither the Company
nor any of its subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 

Section 6.    REPRESENTATIONS AND
WARRANTIES OF THE COMMITMENT PARTIES. Each of the Commitment Parties severally represents and warrants to, and agrees with, the Company as set forth below. Each
representation, warranty and agreement is made as of the date hereof. 
 (a)    Formation. Such Commitment
Party has been duly organized or formed, as applicable, and is validly existing as a corporation or other entity in good standing under the applicable laws of its jurisdiction of organization or formation. 

(b)    Power and Authority. Such Commitment Party has the requisite power and authority to enter into,
execute and deliver this Agreement and to perform its obligations hereunder and has taken all necessary action required for the due authorization, execution, delivery and performance by it of this Agreement. 

(c)    Execution and Delivery. This Agreement has been duly and validly executed and delivered by such
Commitment Party and constitutes its valid and binding obligation, enforceable against such Commitment Party in accordance with its terms. 

(d)    Securities Laws Compliance. The New Equity (or Jones Act Warrants issued in lieu thereof) subscribed
for by the Commitment Parties in the Rights Offering, the Backstop Shares and the shares of New Equity issued pursuant to the Backstop Commitment Premium (collectively, the “Commitment Party Shares”) will not be offered for
sale, sold or otherwise transferred by such Commitment Party except pursuant to an effective registration statement under the Securities Act or in a transaction exempt from or not subject to registration under the Securities Act and any applicable
state securities laws. 
 (e)    Purchase Intent. Such Commitment Party is acquiring the Commitment Party
Shares for its own account or for the accounts for which it is acting as investment advisors or manager, and not with a view to distributing or reselling such Commitment Party Shares or any part thereof. Such Commitment Party understands that such

  
 27 

 
Commitment Party must bear the economic risk of this investment indefinitely, unless the Commitment Party Shares are registered pursuant to the Securities Act and any applicable state securities
or Blue Sky laws or an exemption from such registration is available, and further understands that it is not currently contemplated that the issuance of any Commitment Party Shares will be registered. 

(f)    Investor Status. Such Commitment Party is an Accredited Investor or a QIB. Such Commitment Party
understands that the Commitment Party Shares are being offered and sold to such Commitment Party in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Reorganized
Company is relying upon the truth and accuracy of, and such Commitment Party’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Commitment Party set forth herein in order to determine the
availability of such exemptions and the eligibility of such Commitment Party to acquire Commitment Party Shares. Such Commitment Party has such knowledge and experience in financial and business matters such that it is capable of evaluating the
merits and risks of its investment in the Commitment Party Shares. Such Commitment Party understands and is able to bear any economic risks associated with such investment (including the necessity of holding such shares for an indefinite period of
time). Except for the representations and warranties expressly set forth in this Agreement, such Commitment Party has independently evaluated the merits and risks of its decision to enter into this Agreement and disclaims reliance on any
representations or warranties, either express or implied, by or on behalf of the Reorganized Company or any financial advisor or investment banker to any of the Parties. 

(g)    No Conflict. Assuming the consents referred to in Section 6(h) are obtained,
the execution and delivery by such Commitment Party of this Agreement, the compliance by such Commitment Party with all provisions hereof and the consummation of the transactions contemplated hereunder (i) will not conflict with or result in a
breach or violation of, any of the terms or provisions of, or constitute a default under (with or without notice or lapse of time, or both), or result, except to the extent expressly provided in or contemplated by the Plan, in the acceleration of,
or the creation of any lien under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Commitment Party is a party or by which such Commitment Party is bound or to which any of their properties or
assets is subject; (ii) will not result in any violation of the provisions of the organizational documents of such Commitment Party; and (iii) assuming the accuracy of the Company’s representations and warranties in
Section 5, will not result in any violation of, or any termination or material impairment of any rights under, any statute or any license, authorization, injunction, judgment, order, decree, rule or regulation of any
Governmental Entity having jurisdiction over such Commitment Party or any of their properties, except in any such case described in clause (i) or clause (iii), as has not had, and would not reasonably be expected to result in,
individually or in the aggregate, a material adverse effect on the ability of such Commitment Party to perform its obligations under this Agreement, the Plan or the RSA. 

(h)    Consents and Approvals. Assuming the accuracy of the Company’s representations and warranties in
Section 5, no consent, approval, authorization, order, 

  
 28 

 
registration or qualification of or with any Governmental Entity having jurisdiction over such Commitment Party or any of its properties is required for the purchase of the Commitment Party
Shares by the Commitment Parties hereunder and the execution and delivery by such Commitment Party of this Agreement and performance of and compliance by it with all of the provisions hereof and thereof (and the consummation of the transactions
contemplated hereby and thereby), except (i) the entry of the Confirmation Order, (ii) filings, if any, pursuant to the HSR Act and the expiration or termination of all applicable waiting periods thereunder or any applicable notification,
authorization, approval or consent under any other Antitrust Laws in connection with the transactions contemplated by this Agreement, (iii) filings, if any, pursuant to the DPA, including, if applicable, (A) the receipt of written
notification from CFIUS that (1) the transactions contemplated by this Agreement are not a “covered transaction” under the DPA or (2) CFIUS has (I) completed its review or investigation of any joint voluntary notice and has
concluded all action under the DPA, or (II) completed its assessment of a declaration and concluded all action under the DPA, or declined to conclude all action but failed to require the submission of a joint voluntary notice, or (B) if
CFIUS has sent a report to the President requesting the President’s decision regarding the transactions contemplated by this Agreement, then (1) a written notice is received from CFIUS announcing the President’s decision not to take
any action to suspend or prohibit the transactions contemplated by this Agreement, or (2) the President has not taken any action, within fifteen (15) days after the date the President received such report from CFIUS, to suspend or prohibit
the transactions contemplated by this Agreement, (iv) filings, if any, pursuant to the NISPOM with the DCSA and any other Cognizant Security Agency, and the receipt of a request from the DCSA for the parties to submit a “Commitment
Letter” signed by the Company and the Required Commitment Parties (I) proposing a FOCI Action Plan and (II) permitting the Company to retain a FCL at the same level as the FCL currently in place, along with written approval required
from any other CSA, (v) the filing of any other corporate documents in connection with the transactions contemplated by this Agreement with applicable state filing agencies, (vi) such consents, approvals, authorizations, registrations or
qualifications as may be required under foreign securities laws, federal securities laws or state securities or Blue Sky laws in connection with the offer and sale of the Rights Offering Shares, the Backstop Shares and the Backstop Commitment
Premium, (vii) confirmation from the U.S. Coast Guard and the U.S. Maritime Administration that the transactions contemplated by this Agreement will not affect the status of the Company as a U.S. Citizen and (viii) such consents,
approvals, authorizations, registrations or qualifications the absence of which have not had, and would not reasonably be expected to result in, individually or in the aggregate, a material adverse effect on the ability of such Commitment Party to
perform its obligations under this Agreement, the Plan or the RSA. 
 (i)    Sufficiency of Funds. Such
Commitment Party will have sufficient immediately available funds to make and complete the payment of the aggregate purchase price for such Commitment Party’s Commitment Party Shares on the Funding Deadline. 

(j)    No Brokers Fee. Such Commitment Party is not a party to any contract with any Person that would give
rise to a valid claim against any of the Debtors for a brokerage commission, finder’s fee or like payment in connection with the Rights Offering or the sale of the Commitment Party Shares. 

  
 29 

 (k)    Beneficial Ownership. As of the date hereof, such
Commitment Party and its Affiliates were, collectively, the beneficial owner (or investment advisor or manager for the beneficial owner) of the aggregate principal amount of Eligible Claims set forth opposite its name on Schedule 1,
has full power to vote and dispose thereof, and has not entered into any agreement to transfer the foregoing where such transfer would prohibit such Commitment Party from complying with its obligations hereunder or under the Plan or the RSA. 

Section 7.    ADDITIONAL COVENANTS
OF THE COMPANY. The Company agrees with the Commitment Parties as follows: 

(a)    Plan and Disclosure Statement. The Company shall: (i) file on the Petition Date, the Plan and a
related disclosure statement (the “Disclosure Statement”) with the Bankruptcy Court, each in form and substance reasonably acceptable to the Required Commitment Parties or as otherwise approved pursuant to the terms of the RSA, it
being understood that the Plan and Disclosure Statement distributed to creditors on May 13, 2020 are reasonably acceptable to the Required Commitment Parties and consistent in all material respects with the RSA; and (ii) seek the entry of
a Confirmation Order by the Bankruptcy Court, in form and substance acceptable to the Required Commitment Parties and the Company, pursuant to the terms set forth in the RSA. The Company will, not later than five (5) Business Days prior to the
filing thereof, provide draft copies of all Definitive Documents (as defined in the RSA) to counsel to the Commitment Parties; provided, that if five (5) Business Days in advance is not reasonably practicable, such Definitive Document
shall be delivered as soon as reasonably practicable prior to filing. 
 (b)    Motion to Approve this
Agreement. The Company shall (i) as soon as practicable after the Petition Date (but in no event more than three (3) Business Days thereafter) file a motion to seeking entry of the Backstop Commitment Agreement Order, which motion may
be a motion seeking scheduling of the confirmation hearing and shall be in form and substance reasonably acceptable to the Required Commitment Parties or as otherwise approved pursuant to the terms of the RSA; and (ii) use its best efforts to
obtain the entry of by the Bankruptcy Court of the Backstop Commitment Agreement Order, to be entered no later than forty-five (45) days after the Petition Date. 

(c)    Support of the Plan. The Company agrees that, for the duration of the Agreement Effective Period (as
defined in the RSA), the Company shall, and shall cause each of its subsidiaries included in the definition of “Company Parties” in the RSA, to use commercially reasonable efforts to (i) obtain approval of the Plan and consummate the
Restructuring Transactions (as defined in the RSA), including timely filing any objection or opposition to any motion filed with the Bankruptcy Court seeking the entry of an order modifying or terminating the Company’s exclusive right to file
and/or solicit acceptances of a plan of reorganization, directing the appointment of an examiner with expanded powers or a trustee, converting the Chapter 11 Cases or for relief that (A) is inconsistent with the RSA in any respect or
(B) would, or would reasonably be expected to, frustrate the purposes of the RSA, including by preventing the consummation of the Restructuring Transactions and (ii) obtain orders of the Bankruptcy Court in respect of the Restructuring
Transactions. 

  
 30 

 (d)    Rights Offering. The Company shall effectuate the
Rights Offering in accordance with the Plan and the Rights Offering Procedures in all material respects (it being understood and agreed that any modifications that affect or impact the treatment of or distributions to claims, DIP Exit Backstop
Premium, Backstop Commitment Premium, the economic terms, including the Backstop Commitment Percentages, under this Agreement, the pro forma capital structure of the Reorganized Company, economic terms of the New Equity (or Jones Act Warrants
issued in lieu thereof), or the means of implementation of the Plan, in each case shall be deemed to be material). 

(e)    Form D and Blue Sky. The Reorganized Company shall timely file a Form D with the SEC with respect to
the Commitment Party Shares, to the extent required under Regulation D of the Securities Act. The Reorganized Company shall, on or before the Plan Effective Date, take such action as it shall reasonably determine is necessary in order to obtain an
exemption for, or to qualify for sale or issuance to the Commitment Parties the Commitment Party Shares under applicable securities and “blue sky” laws of the states of the United States (or to obtain an exemption from such qualification)
and any applicable foreign jurisdictions. The Reorganized Company shall timely make all filings and reports relating to the offer and sale of the Commitment Party Shares required under applicable securities and “blue sky” laws of the
states of the United States following the Plan Effective Date. The Reorganized Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 7(e). 

(f)    4(a)(2) Share Legend. Each certificate evidencing New Equity or Jones Act Warrants issued
pursuant to the applicable Rights Offering Procedures, without registration in reliance upon the exemption provided under Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, including any New Equity or Jones Act
Warrants that may be issued in satisfaction of the Backstop Commitment Premium, and each certificate issued in exchange for or upon the transfer of any such shares or warrants, shall be stamped or otherwise imprinted with a legend (the
“Legend”) in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON
[DATE OF ISSUANCE] AND SUCH SECURITIES [AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF SUCH SECURITIES] HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE
STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN AVAILABLE EXEMPTION FROM REGISTRATION THEREUNDER.” 

In the event that any such shares or warrants are uncertificated, such shares or warrants shall be subject to a restrictive notation
substantially similar to the Legend in the stock ledger or other appropriate records maintained by the Reorganized Company or agent and the term “Legend” shall include such restrictive notation. 

(g)    Backstop Shares. The Company, in consultation with counsel for the Commitment Parties, shall determine
the amount of Backstop Shares, if any, and, in good 

  
 31 

 
faith, provide a Funding Notice that accurately reflects the amount of Backstop Shares as so determined and to provide to the Commitment Parties a certification by the Subscription Agent of the
Backstop Shares or, if such certification is not available, such written backup to the determination of the Backstop Shares as the Commitment Parties may reasonably request. 

(h)    Regulatory Approvals. Except as set forth in this Agreement or with the prior written consent of the
Required Commitment Parties, during the period from the date of this Agreement to the earlier of the Plan Effective Date and the date on which this Agreement is terminated in accordance with its terms, the Company and each of its subsidiaries shall
use reasonable efforts to reasonably promptly take all actions and prepare and file all necessary documentation (including by reasonably cooperating with the Commitment Parties as to the appropriate time of filing such documentation and its content
and requesting early termination of any waiting period associated with any filing pursuant to the HSR Act) and to effect all applications that are necessary in connection with seeking any governmental approval, exemption or authorization from any
Governmental Entity, including under any Antitrust Laws, the NISPOM or the DPA, that are necessary or advisable (as determined by the Debtors and the Required Commitment Parties) to consummate and make effective the transactions contemplated by this
Agreement. Without limiting the foregoing, the Company and its subsidiaries will reasonably cooperate with the Commitment Parties in preparing and filing all necessary documentation and to effect all applications that are necessary in connection
with seeking any governmental approval, exemption or authorization from any Governmental Entity. To the extent permitted by applicable law, the Company shall reasonably promptly notify the Commitment Parties (and furnish to them copies of, if
requested) of any material communications from Governmental Entities and shall not participate in any substantive meeting with any such authority unless, to the extent practicable, it consults with the Commitment Parties in advance to the extent
permitted by applicable law and gives the Commitment Parties a reasonable opportunity to attend and participate thereat. The Company and each of its subsidiaries shall not take any action that is intended or reasonably likely to materially impede or
delay the ability of the parties hereto to obtain any necessary approvals required for the transactions contemplated by this Agreement. 

            For purposes of this Agreement, “Antitrust
Laws” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder (the “HSR Act”) and any similar law enforced by any governmental antitrust entity of any
jurisdiction (including the Mexican Federal Economic Competition Commission (Comisión Federal de Competencia Económica)) regarding pre-acquisition notifications
for the purpose of competition reviews of mergers and acquisitions, the Sherman Act, as amended, the Clayton Act, as amended, the Federal Trade Commission Act, as amended, and all other applicable laws that are designed or intended to prohibit,
restrict or regulate actions or transactions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition or effectuating foreign investment. 

(i)    Conduct of Business. Except as set forth in the Plan, the RSA, herein or with the prior consent of
the Required Commitment Parties (not to be unreasonably withheld), 

  
 32 

 
the Company shall, and shall cause its subsidiaries to, (i) carry on its business in the ordinary course (except to the extent inconsistent with the Bankruptcy Code or the DIP Credit
Agreement) and in compliance with all applicable Laws in all material respects, (ii) use commercially reasonable efforts to implement the Business Plan (as defined below) and, unless inconsistent with the Business Plan, preserve intact their
material business organization, (iii) use commercially reasonable efforts to keep available the services of their current senior executive officers and key employees, and (iv) use commercially reasonable efforts to preserve their material
relationships with customers, suppliers, lessors, licensors, licensees, distributors and others having material business dealings with the Company or its subsidiaries in connection with its business. Except (i) with the prior consent of the
Required Commitment Parties (not to be unreasonably withheld) or (ii) as expressly provided in the Plan, the RSA or herein, from and after the date hereof until the Plan Effective Date, the Company shall not, and shall cause its subsidiaries
not to: 
 (i)    enter into any acquisition, merger with or other change of control of another
business or any assets to the extent prohibited under the DIP Credit Agreement regardless of whether or not such DIP Credit Agreement is yet or remains in effect; 

(ii)    dispose of any assets to the extent prohibited under the DIP Credit Agreement regardless of
whether or not such DIP Credit Agreement is yet or remains in effect; 
 (iii)    give effect to
any material changes to the Company’s business plan underlying the Financial Projections attached as Exhibit J to the Disclosure Statement (the “Business Plan”); 

(iv)    enter into, or materially amend or modify, or terminate any Material Contract, other than as
described in the Business Plan; 
 (v)    (A) enter into any new employee incentive plan, employee
retention plan or similar arrangement, or any new or amended agreement regarding employee compensation, deferred compensation or severance or termination arrangements, other than (x) as required pursuant to the terms of any existing employee
benefit or compensation plan or contract, (y) in the case of any non-executive employee, in the ordinary course of business consistent with past practice or (z) as agreed in connection with the RSA,
(B) increase the compensation, bonus opportunity or other benefits payable to any of their respective directors, officers, employees or individual independent contractors (including former directors, officers, employees or individual
independent contractors) or (C) grant any change in control, severance or termination pay to (or amend any existing arrangement with) any of their respective directors, officers, employees or individual independent contractors (including former
directors, officers, employees or individual independent contractors) other than severance or termination pay in the ordinary course of business consistent with past practice for terminated employees in exchange for a general release of claims or
other customary covenants; 

  
 33 

 (vi)    give effect to a capital expenditure
contracted for following the date hereof that is not expressly contemplated in the Business Plan; 

(vii)    enter into any Affiliate Agreements, except to the extent not prohibited by the DIP Credit
Agreement regardless of whether or not such DIP Credit Agreement is yet or remains in effect; 

(viii)    declare, set aside or pay any dividends or purchase, redeem, or otherwise acquire, except
in connection with the Plan, any shares of its capital stock, except to the extent not prohibited by the DIP Credit Agreement regardless of whether or not such DIP Credit Agreement is yet or remains in effect; 

(ix)    issue, deliver, grant, sell, pledge or otherwise encumber any of its capital stock or any
convertible securities into its capital stock or any of its assets, except to the extent required by the DIP Credit Agreement, to the extent required by the Bankruptcy Court or to the extent not prohibited by the DIP Credit Agreement regardless of
whether or not such DIP Credit Agreement is yet or remains in effect; 
 (x)    make, change or
rescind any material election relating to Taxes, change the classification for income tax purposes of the Company or any of its subsidiaries, change any accounting period for tax purposes, file any material amended Tax return, settle any audit or
other proceeding relating to a material Tax, surrender any right to claim a material refund of Taxes, seek any Tax ruling from any taxing authority or take any other action, or fail to take an action, if such action or failure would reasonably be
expected to result in, individually or in the aggregate, material adverse Tax consequences with respect to a taxable period (or any part of a taxable period) after the Plan Effective Date; 

(xi)    become a party to, establish, adopt, amend or terminate any collective bargaining agreement
or other agreement with a labor union, works council or similar organization; 
 (xii)    amend
its articles of incorporation, bylaws or other similar organizational documents (whether by merger, consolidation or otherwise), other than as contemplated by this Agreement, the Plan, the RSA or the other transactions contemplated thereby or as
approved by the Bankruptcy Court; 
 (xiii)    make any loans, advances or capital contributions
to, or investments in, any other Person, except to the extent not prohibited by the DIP Credit Agreement regardless of whether or not such DIP Credit Agreement is yet or remains in effect; 

(xiv)    settle any material litigation, investigation, arbitration, proceeding or other claim
involving or against the Company or any of its subsidiaries, except to the extent permitted by the DIP Credit Agreement regardless of whether or not such DIP Credit Agreement is yet or remains in effect; or 

  
 34 

 (xv)    except as permitted above, agree, resolve
or commit to do any of the foregoing. 
 (j)    Access to Information. The Company and each of its
subsidiaries shall (i) afford the Commitment Parties and their respective representatives, upon the reasonable request and notice of at least three (3) Business Days, a status call with senior management of the Company and its subsidiaries
and (ii) during such period, furnish promptly to such parties all reasonable information concerning the Company and its subsidiaries’ business and properties as may reasonably be requested by any such party, such information to be
consistent with the information required to be provided pursuant to the DIP Credit Agreement, and directly related to a stated purpose for such request, provided that the foregoing shall not require the Company (x) to disclose any
legally privileged information of the Company or (y) to violate any applicable laws or orders. 

(k)    [Reserved] 

(l)    Alternative Restructuring Transactions. 

(i)    Notwithstanding anything to the contrary in this Agreement, but subject to the terms of
Section 7(l)(ii), the Company and its subsidiaries and its and their respective directors, officers, employees, investment bankers, attorneys, accountants, consultants, and other advisors or representatives, shall have the
right to receive and discuss and/or analyze Alternative Restructuring Proposals, but none of the Company or its subsidiaries shall request or authorize any of the foregoing to solicit an Alternative Restructuring Proposal, offer, indication of
interest or inquiry for one or more Alternative Restructuring Proposals; provided, that if the Company or any of its subsidiaries, receives an unsolicited Alternative Restructuring Proposal, then the Company shall (A) within one
(1) Business Day of receiving such proposal, provide counsel to the Commitment Parties with all documentation received in connection with such Alternative Restructuring Proposal, which shall be subject to professional eyes only unless otherwise
authorized by the Company; (B) provide counsel to the Commitment Parties with regular updates as to the status and progress of such Alternative Restructuring Proposal; (C) respond promptly to reasonable information requests and
questions from counsel to the Commitment Parties relating to such Alternative Restructuring Proposal; and (D) if the Company or any of its subsidiaries decides, in the exercise of its fiduciary duties, to pursue an Alternative Restructuring
Proposal in accordance with Section 7(l)(ii), the Company shall give prompt written notice (with email being sufficient) thereof to the Commitment Parties. 

(ii)    Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall
require the Company (including in its capacity as a Debtor) or any of its subsidiaries or the Governing Body (as such term is defined in the RSA) of the Company or any of its subsidiaries, or its or their respective directors, managers, and
officers, to take any action or to refrain from taking any action to the extent such person or persons determines, based on the advice of counsel, that taking or failing to take such action (including, without limitation, the termination

  
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of this Agreement under Section 13) would be inconsistent with applicable Law or its or their respective fiduciary obligations under applicable Law. The Company or its
subsidiaries shall give prompt written notice to the Commitment Parties of any determination made in accordance with this Section 7(l). This Section 7(l) shall not impede any Party’s right to
terminate this Agreement pursuant to Section 13 of this Agreement, including on account of any action or inaction the Company or any of its subsidiaries or a Governing Body of the Company or its subsidiaries may take
pursuant to this Section 7(l). 
 (iii)    Nothing in this Agreement
shall: (a) impair or waive the rights of the Company or any of its subsidiaries to assert or raise any objection permitted under this Agreement in connection with the Restructuring Transactions; or (b) prevent the Company from enforcing
this Agreement or contesting whether any matter, fact, or thing is a breach of, or is inconsistent with, this Agreement. 

(m)    U.S. Coastwise Trade. Each of (x) the Company, (y) any subsidiary which owns, bareboat
charters or operates, or will own, bareboat charter or operate, any U.S. Vessel engaged in the U.S. Coastwise Trade, and (z) any subsidiary (i) having an ownership interest in any subsidiary which owns, bareboat charters or operates, or
will own, bareboat charter or operate, any such U.S. Vessel and (ii) which the Company relies upon to establish that such U.S. Vessel is or will be owned, bareboat chartered or operated in compliance with the U.S. Citizen requirements of the
Jones Act shall be, and at all times at which such entity shall own, bareboat charter or operate any such U.S. Vessel, or shall have an ownership interest in any subsidiary which owns, bareboat charters or operates any such U.S. Vessel, as the case
may be, shall remain a U.S. Citizen. 
 (n)    U.S. Vessel Operation and Registration. 

(i)    The Company and its subsidiaries will: (y) maintain each U.S. Vessel owned by it, other
than vessels identified as undocumented or planned for re-flagging in each case, as provided on Section 7(n)(i) of the Company Disclosure Schedules, documented in its name under the laws and flag of the
United States with a coastwise endorsement, and not do, omit to do or allow to be done anything as a result of which such documentation and coastwise endorsement might be cancelled or imperiled; and (z) except in the ordinary course, not change
the name of any U.S. Vessel owned by it. 
 (ii)    Except with respect to Stacked Vessels and
vessels set forth on Section 7(n)(ii) of the Company Disclosure Schedule, the Company and its subsidiaries shall keep each U.S. Vessel owned by it in a good and safe condition and state of repair in all material respects: (w) consistent
with standards generally followed in the domestic offshore supply vessel industry (ordinary wear and tear excepted); (y) so as to comply with all Laws applicable to such U.S. Vessel; and (z) with all Operating Certificates required for the
operation of such U.S. Vessel in full force and effect based on the use of the U.S. Vessel. 

  
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 (iii)    Neither the Company nor any subsidiary
will cause or permit any U.S. Vessel (or any other vessel it owns or operates) to be operated in any manner contrary to Law or engage in any unlawful trade or violate any Law or carry any cargo that will expose any such U.S. Vessel or vessel to
penalty, confiscation, forfeiture, capture or condemnation that, in each case, would reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect. 

(iv)    For purposes of this Agreement, “Operating Certificates” means, with
respect to a U.S. Vessel, to the extent required by applicable Law based on the use of such U.S. Vessel: (A) a Certificate of Inspection issued by the U.S. Coast Guard; (B) a load line certificate; (C) a tonnage certificate;
(D) a Certificate of Financial Responsibility issued under the Oil Pollution Act 1990; and (E) all other trading certificates required for such U.S. Vessel. 

(o)    ABL Redemption Fee. For so long as this Agreement remains in effect and has not been terminated, the
parties agree that the ABL Redemption Fee shall receive the treatment set forth in the DIP Orders and the Plan. 

(p)    Management Incentive Plan; Employment Agreements. The Reorganized Company shall adopt and implement,
effective as of the Plan Effective Date, the Management Incentive Plan in accordance with the terms and conditions set forth in the Management Incentive Plan Term Sheet, and the Company and/or a subsidiary of the Company shall, as of the Plan
Effective Date, execute and deliver to the applicable executive officers counterparts to employment agreements with each of the Company’s top five executive officers on the terms and conditions set forth in the Executive Employment Agreement
Term Sheet. 
 Section 8.    ADDITIONAL
COVENANTS OF THE COMMITMENT PARTIES. Each of the Commitment Parties agrees with the Company, severally and not jointly, as follows: 

(a)    Approvals. Except as set forth in this Agreement or with the prior written consent of the Company,
during the period from the date of this Agreement to the earlier of the Plan Effective Date and the date on which this Agreement is terminated in accordance with its terms, the Commitment Parties shall use reasonable efforts to reasonably promptly
take all actions and prepare and file all necessary documentation (including by reasonably cooperating with the Company as to the appropriate time of filing such documentation and its content and requesting early termination of any waiting period
associated with any filing pursuant to the HSR Act) and to effect all applications that are necessary or advisable in connection with seeking any governmental approval, exemption or authorization from any Governmental Entity under any Antitrust
Laws, the NISPOM or the DPA, that are necessary or advisable (as determined by the Debtors and the Required Commitment Parties) to consummate and make effective the transactions contemplated by this Agreement. 

Section 9.    SUPPORT OF PLAN.
Each Commitment Party agrees that, for the duration of the Agreement Effective Period, such Commitment Party shall comply with the RSA. 

  
 37 

Section 10.    CONDITIONS TO THE
OBLIGATIONS OF THE COMMITMENT PARTIES. The obligations of the Commitment Parties to purchase Rights Offering Shares and
Backstop Shares pursuant hereto on the Plan Effective Date are subject to the satisfaction of the following conditions (unless waived by the Required Commitment Parties): 

(a)    Plan and Confirmation Order. The Plan, as approved, and the Confirmation Order, as entered by the
Bankruptcy Court and which shall have become a Final Order, shall each be consistent in all material respects with the RSA, New Corporate Governance Term Sheet, Exit First Lien Facility Term Sheet, Exit Second Lien Facility Term Sheet, Definitive
Documents, or otherwise with such amendments, modifications or changes that are approved by the Required Commitment Parties in writing (it being understood and agreed that any modifications that affect or impact the treatment of or distributions to
claims, DIP Exit Backstop Premium, Backstop Commitment Premium, the economic terms, including the Backstop Commitment Percentages, under this Agreement, the pro forma capital structure of the Reorganized Company, economic terms of the New
Equity (or Jones Act Warrants issued in lieu thereof), or the means of implementation of the Plan, in each case shall be deemed to be material). 

(b)    Conditions to the Plan. The conditions to the occurrence of the Plan Effective Date set forth in the
Plan and the Confirmation Order shall have been satisfied in all material respects in accordance with the terms of the Plan or waived by the Required Commitment Parties in writing (it being understood and agreed that any modifications that affect or
impact the treatment of or distributions to claims, DIP Exit Backstop Premium, Backstop Commitment Premium, the economic terms, including the Backstop Commitment Percentages, under this Agreement, the pro forma capital structure of the
Reorganized Company, economic terms of the New Equity (or Jones Act Warrants issued in lieu thereof), or the means of implementation of the Plan, in each case shall be deemed to be material), and the Plan Effective Date shall have occurred. 

 (c)    Rights Offering. The Reorganized Company shall have commenced the Rights Offering, the Rights
Offering shall have been conducted in all material respects in accordance with this Agreement and the Rights Offering Procedures, and the Subscription Expiration Deadline shall have occurred (it being understood and agreed that any modifications
that affect or impact the treatment of or distributions to claims, DIP Exit Backstop Premium, Backstop Commitment Premium, the economic terms, including the Backstop Commitment Percentages, under this Agreement, the pro forma capital
structure of the Reorganized Company, economic terms of the New Equity (or Jones Act Warrants issued in lieu thereof), or the means of implementation of the Plan, in each case shall be deemed to be material). 

(d)    Approvals. All terminations or expirations of waiting periods imposed by any Governmental Entities
required under the HSR Act or any other Antitrust Laws, the Jones Act or any other applicable Law, shall have occurred, and all other notifications, consents, authorizations and approvals required (or, with respect to the DPA, advisable (as
determined by the Debtors and the Required Commitment Parties)) to be made or obtained from any Governmental Entities under any Antitrust Law, the DPA, the NISPOM, the Jones Act or any other applicable Law shall have been made or obtained for the
transactions 

  
 38 

 
contemplated by this Agreement, including the receipt of confirmation from the U.S. Coast Guard and the U.S. Maritime Administration that the transactions contemplated by this Agreement will not
affect the status of the Company as a U.S. Citizen. 
 (e)    Funding Notice. The Commitment Parties shall
have received a Funding Notice in accordance with Section 1(g). 
 (f)    Valid
Issuance. The Rights Offering Shares and the Backstop Shares shall be, upon (i) payment of the aggregate purchase price as provided herein and (ii) the Plan Effective Date, validly issued and outstanding, and free and clear of all
Taxes, liens, pre-emptive rights, rights of first refusal, subscription and similar rights, except as set forth herein, and other than liens pursuant to applicable securities laws. 

(g)    No Restraint. No judgment, injunction, decree or other legal restraint or applicable Law shall be in
effect that prohibits the consummation of the Restructuring Transactions. 
 (h)    Representations and
Warranties. 
 (i)     The representations and warranties of the Company contained in
Sections 5(a), (b), (c), (d), (e), (f), (j), (k), (l), (n), (o), (p), (q), (r), (s), (t), (v) and (y)(i) – (v) and
(vii), (z), (aa), (bb)(ii), (cc), (dd)(i) and (gg) (A) qualified as to “materiality”, “Material Adverse Effect” or other qualifications based on the word “material”
or similar phrases shall be true and correct in all respects, and (B) those not so qualified shall be true and correct in all material respects, in each case, on and as of the date hereof and on and as of the Plan Effective Date as if made on
and as of such date (or, to the extent made as of a specific date, as of such date); and 

(ii)    all other representations and warranties of the Company contained in
Section 5 shall be true and correct (without giving effect to any qualification set forth therein as to “materiality”, “Material Adverse Effect” or other qualifications based on the word
“material” or similar phrases) on and as of the date hereof and on and as of the Plan Effective Date as if made on and as of such date (or, to the extent made as of a specific date, as of such date), except, where the failure of such
representations and warranties to be so true and correct has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(i)    Covenants. The Reorganized Company shall have performed and complied in all material respects with all
obligations and agreements required in this Agreement to be performed or complied with by it on or prior to the Plan Effective Date. 

(j)    Expenses and Premiums. All Consenting Creditor Fees and Expenses (as defined in the RSA), Expense
Reimbursement, premiums and other amounts, including the Backstop Commitment Premium, required to be paid or reimbursed by the Reorganized Company to or on behalf of the Commitment Parties as of the Plan Effective Date shall have been so paid or
reimbursed (or shall be paid concurrently with the occurrence of the 

  
 39 

 
Plan Effective Date) in accordance with the terms of this Agreement, the Plan or the RSA, as applicable. 

(k)    Material Adverse Effect. Since December 31, 2018, except for the Chapter 11 Cases and any
adversary proceedings or contested motions in connection therewith, there shall not have occurred, and there shall not exist, any change, event, circumstance, effect, development, occurrence or state of facts that has had, or would reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (l)    Officer’s
Certificate. The Commitment Parties shall have received on and as of the Plan Effective Date a certificate of the chief executive officer or chief financial officer of the Company, in his or her capacity as such and not in his or her individual
capacity, confirming that the conditions set forth in Section 10(g), Section 10(h), Section 10(i) and Section 10(k) have been satisfied. 

(m)    Management Incentive Plan; Employment Agreements. The Reorganized Company shall have adopted and
implemented, effective as of the Plan Effective Date, the Management Incentive Plan in accordance with the terms and conditions set forth in the Management Incentive Plan Term Sheet, and the Company and/or a subsidiary of the Company and each of the
Company’s top five executive officers shall have each executed and delivered to one another counterparts to, and shall have entered into, employment agreements on the terms and conditions set forth in the Executive Employment Agreement Term
Sheet. 
 Section 11.    CONDITIONS TO
THE OBLIGATIONS OF THE COMPANY. The obligations of the Company to issue the Rights Offering Shares and the Backstop Shares pursuant to this Agreement are subject to
satisfaction of the following conditions (unless waived by the Company): 
 (a)    Plan and Confirmation
Order. The Plan, as approved, and the Confirmation Order, as entered by the Bankruptcy Court and which shall have become a Final Order, shall each be consistent in all material respects with the RSA, New Corporate Governance Term Sheet, Exit
First Lien Facility Term Sheet, Exit Second Lien Facility Term Sheet, Definitive Documents, or otherwise with such amendments, modifications or changes that are approved by the Required Commitment Parties in writing (it being understood and agreed
that any modifications that affect or impact the treatment of or distributions to claims, DIP Exit Backstop Premium, Backstop Commitment Premium, the economic terms, including the Backstop Commitment Percentages, under this Agreement, the pro
forma capital structure of the Reorganized Company, economic terms of the New Equity (or Jones Act Warrants issued in lieu thereof), or the means of implementation of the Plan, in each case shall be deemed to be material). 

(b)    Conditions to the Plan. The conditions to the occurrence of the Plan Effective Date set forth in the
Plan and the Confirmation Order shall have been satisfied in all material respects in accordance with the terms of the Plan or waived by the Required Commitment Parties in writing (it being understood and agreed that any modifications that affect or
impact the treatment of or distributions to claims, DIP Exit Backstop Premium, 

  
 40 

 
Backstop Commitment Premium, the economic terms, including the Backstop Commitment Percentages, under this Agreement, the pro forma capital structure of the Reorganized Company, economic
terms of the New Equity (or Jones Act Warrants issued in lieu thereof), or the means of implementation of the Plan, in each case shall be deemed to be material), and the Plan Effective Date shall have occurred. 

(c)    Rights Offering. The Reorganized Company shall have commenced the Rights Offering, the Rights Offering
shall have been conducted in all material respects in accordance with this Agreement and the Rights Offering Procedures, and the Subscription Expiration Deadline shall have occurred (it being understood and agreed that any modifications that affect
or impact the treatment of or distributions to claims, DIP Exit Backstop Premium, Backstop Commitment Premium, the economic terms, including the Backstop Commitment Percentages, under this Agreement, the pro forma capital structure of the
Reorganized Company, economic terms of the New Equity (or Jones Act Warrants issued in lieu thereof), or the means of implementation of the Plan, in each case shall be deemed to be material). 

(d)    Funding Amount. Each Commitment Party shall have wired its portion of the Unsecured Funding Amount or
Secured Funding Amount, as applicable, into the bank account so designated by the Company. 

(e)    Approvals. All terminations or expirations of waiting periods imposed by any Governmental Entities
required under the HSR Act or any other Antitrust Laws, the Jones Act or any other applicable Law, shall have occurred and all other notifications, consents, authorizations and approvals required (or, with respect to the DPA, advisable (as
determined by the Debtors and the Required Commitment Parties)) to be made or obtained from any Governmental Entities under any Antitrust Law, the DPA, the NISPOM, the Jones Act or any other applicable Law shall have been made or obtained for the
transactions contemplated by this Agreement, including the receipt of confirmation from the U.S. Coast Guard and the U.S. Maritime Administration that the transactions contemplated by this Agreement result in the Company remaining a U.S. Citizen.

 (f)    Representations and Warranties. The representations and warranties of the Commitment
Parties set forth in this Agreement qualified as to materiality shall be true and correct, and those not so qualified shall be true and correct in all material respects, in each case, on and as of the date hereof and on and as of the Plan Effective
Date as if made on and as of such date (or, to the extent given as of a specific date, as of such date). 

(g)    Covenants. The Commitment Parties shall have performed and complied in all material respects with all
obligations and agreements required by this Agreement to be performed or complied with by the Commitment Parties on or prior to the Plan Effective Date. 

(h)    No Restraint. No judgment, injunction, decree or other legal restraint shall be in effect that
prohibits the consummation of the Restructuring Transactions. 

  
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Section 12.    SURVIVAL. The representations, warranties,
covenants and agreements made in this Agreement will not survive the Plan Effective Date, except that the covenants and agreements made in this Agreement that by their terms are to be satisfied after the Plan Effective Date shall survive until
satisfied in accordance with their terms, subject to termination pursuant to Section 13. Notwithstanding the termination of this Agreement pursuant to Section 13, the agreements and obligations of the Parties in
Sections 2(b), 2(c), 13(f), 13(g), 14 through 22 and 25 shall survive such termination and shall continue in full force and effect for the benefit of the parties hereto in accordance with the
terms hereof. 
 Section 13.    TERMINATION. 

(a)    Termination. This Agreement may be terminated by (i) by the mutual written consent of the Company
and the Required Commitment Parties by written notice to the other such Party(ies) or (ii) either the Company or the Required Commitment Parties if the Plan Effective Date has not occurred on or prior to the date that is seventy-five
(75) days after the Petition Date (the “Outside Date”), subject to the extension of such Outside Date pursuant to Section 4 or by mutual agreement of the Required Commitment Parties and the Company in
writing (with email being sufficient); provided that if, prior to the Outside Date, all conditions precedent to effectiveness of the Plan (as provided therein) and to this Agreement have in each case been satisfied or waived, as
applicable, or, for conditions that by their nature are to be satisfied on the Plan Effective Date, shall then be capable of being satisfied, except for the conditions set forth in Sections 10(d) and 11(e) because the Company Parties
(as defined in the RSA) have not received all required regulatory and competition act consents or approvals, or the waiting periods therefor have not expired, under any applicable jurisdiction, the Outside Date shall be automatically extended until
the earlier of (x) ninety (90) calendar days and (y) five (5) Business Days after the date on which all such required regulatory and competition act consents and approvals are received and the waiting periods thereof have expired, or to
such other time as agreed between the Required Commitment Parties and the Company in writing (with email being sufficient). 

(b)    Termination by the Company. The Company may terminate this Agreement by written notice to each
Commitment Party upon the occurrence and during the continuance of any of the following: 

(i)    any Commitment Party shall have breached any representation, warranty, covenant or other
agreement made by such Commitment Party in this Agreement, and such breach or inaccuracy would, individually or in the aggregate, result in a failure of a condition set forth in Section 11(d),
Section 11(f) or Section 11(g), if continuing on the Plan Effective Date, being satisfied and such breach or inaccuracy is not cured by such Commitment Party by the earlier of (1) the tenth
(10th) Business Day after the giving of notice thereof to such Commitment Party by the Company and (2) the Outside Date; provided that the Company shall not have the right to terminate
this Agreement pursuant to this Section if it is then in breach of any representation, warranty, covenant or other agreement hereunder that would result in the failure of any condition set forth in Section 10 being
satisfied; and provided, further, that prior to the Company being permitted to terminate the 

  
 42 

 
Agreement under this Section each of the other non-breaching Commitment Parties shall have the right, but not the obligation, to assume its pro rata
share of such breaching Commitment Party’s Backstop Commitment in accordance with Section 4, in which case (to the extent the full amount of such breaching Commitment Party’s Backstop Commitment is assumed by the non-breaching Commitment Parties) the Company shall not have the right to terminate this Agreement pursuant to this Section; 

(ii)    subject to prior compliance by the Company and its subsidiaries with the terms of
Section 7(l), the Governing Body of the Company reasonably determining in good faith based upon the advice of outside counsel that failing to enter into an Alternative Restructuring Proposal would be inconsistent with the
exercise of its fiduciary duties under applicable law of the State of Delaware; 
 (iii)    the
issuance by any Governmental Entity, including any regulatory authority or court of competent jurisdiction, of any final ruling, judgment or order enjoining the consummation of or rendering illegal the Restructuring Transactions; 

(iv)    the Bankruptcy Court denies entry of the Backstop Commitment Agreement Order or any order
approving this Agreement, or the RSA is reversed, stayed, dismissed or vacated; or 
 (v)    the
RSA has been terminated in accordance with its terms other than a termination under Section 14.04(a) thereof. 

(c)    Termination by the Required Commitment Parties. The Required Commitment Parties may terminate this
Agreement by written notice to the Company upon the occurrence and during the continuance of any of the following: 

(i)    the Company or the Reorganized Company shall have breached any representation, warranty,
covenant or other agreement made thereby in this Agreement, and such breach or inaccuracy would, individually or in the aggregate, result in a failure of a condition set forth in Section 10(f),
Section 10(h) or Section 10(i), if continuing on the Plan Effective Date, being satisfied and such breach or inaccuracy is not cured by such Debtor by the earlier of (1) the tenth (10th) Business Day after the giving of notice thereof to the Company by the Required Commitment Parties and (2) the Outside Date; provided that the Required Commitment Parties shall not have
the right to terminate this Agreement pursuant to this Section if any Commitment Party is then in breach of any representation, warranty, covenant or other agreement hereunder that would result in the failure of any condition set forth in
Section 11 being satisfied; 
 (ii)    the Debtors breach in any
material respect the terms of Section 7(b) or Section 7(l) of this Agreement; 

(iii)    (A) the Debtors file any pleading, motion or document with the Bankruptcy Court proposing
or seeking approval of an Alternative Restructuring Proposal, (B) the Bankruptcy Court approves or authorizes an Alternative 

  
 43 

 
Restructuring Proposal request at the request of any party in interest, or (C) the Company, its subsidiaries or any of its Affiliates enters into any contract or written agreement in
principle providing for the consummation of any Alternative Restructuring Proposal (or the public announcement of any of the foregoing); 

(iv)    the issuance by any Governmental Entity, including any regulatory authority or court of
competent jurisdiction, of any final ruling, judgment or order enjoining the consummation of or rendering illegal the Restructuring Transactions, the Rights Offering, or any material aspect of the transactions contemplated by the RSA or this
Agreement; 
 (v)    the RSA has been terminated in accordance with its terms other than a
termination under Section 14.04(a) thereof; 
 (vi)    the occurrence of an “Event of
Default” (as defined under the DIP Credit Agreement) that has not been waived or timely cured in accordance therewith for more than three (3) days; 

(vii)    any of the Chapter 11 Cases, other than with respect to HOS WELLMAX Services, LLC, shall
have been dismissed or converted to a case under chapter 7 of the Bankruptcy Code, or the Bankruptcy Court has entered an order in any of the Chapter 11 Cases appointing an examiner or trustee with expanded powers to oversee or operate the Debtors
in the Chapter 11 Cases; or 
 (viii)    Any member of the Hornbeck family, HFR, LLC, Hornbeck
Family Ranch, LP or any other trust owned or controlled by the Hornbeck family seeks to terminate, or objects to the assumption or seeks to compel the rejection by the Debtors of, the License Agreement (other than the entry into the Amended and
Restated License Agreement on the Plan Effective Date) or otherwise seeks to interfere with the Debtors’ use of any Intellectual Property Rights of the Debtors or takes any other action (whether in the Chapter 11 Cases or otherwise) that is
inconsistent with the transactions contemplated herein, in the RSA and in the Plan. 
 (d)    Termination by
the Required Secured Commitment Parties. The Required Secured Commitment Parties may terminate this Agreement by written notice to the Company (i) upon the occurrence and during the continuance of a material breach by any of the Unsecured
Commitment Parties of any representation, warranty, covenant or other agreement made thereby in this Agreement or the RSA that has not been waived or cured with ten (10) Business Days after written notice thereof or (ii) if the RSA has
been terminated in accordance with its terms other than a termination under Section 14.04(a) thereof. 

(e)    Termination by the Required Unsecured Commitment Parties. The Required Unsecured Commitment Parties
may terminate this Agreement by written notice to the Company (i) upon the occurrence and during the continuance of a material breach by any of the Secured Commitment Parties of any representation, warranty, covenant or other agreement made
thereby in this Agreement or the RSA that has not been waived or cured 

  
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with ten (10) Business Days after written notice thereof or (ii) if the RSA has been terminated in accordance with its terms other than a termination under Section 14.04(a)
thereof. 
 (f)    Effect of Termination. Subject to Section 12, upon termination
of this Agreement, each party hereto shall be released from its commitments, undertakings and agreements under or related to this Agreement and shall have the rights and remedies that it would have had and shall be entitled to take all actions,
whether with respect to the transactions contemplated hereby or otherwise, that it would have been entitled to take had it not entered into this Agreement. Notwithstanding anything contained herein, if this Agreement is terminated as a result of a
breach of this Agreement by a party hereto, such party shall not be released and shall remain liable for any damages resulting from such termination. 

(g)    Termination Payment. Notwithstanding anything to the contrary contained herein, if this Agreement is
terminated for any reason in accordance with the terms hereof, then, as promptly as practicable and in any event no later than two (2) Business Days following such termination, the Company shall pay or cause to be paid to the Commitment Parties
that are not (x) Defaulting Commitment Parties or (y) Commitment Parties whose breach of this Agreement caused its termination by another Party, (i) a non-refundable cash payment in an aggregate
amount equal to the cash equivalent of the Backstop Commitment Premium (pro rata in accordance with their Backstop Commitment Percentages, excluding the Backstop Commitment Percentage of any (A) Defaulting Commitment Party or
(B) Commitment Party whose breach of this Agreement caused its termination by another Party) and (ii) any filing fees or other similar costs, fees or expenses associated with the matters contemplated by Sections 7(h) or 8(a),
as well as the Expense Reimbursement pursuant to Section 2(c) (Expense Reimbursement) (in each case, excluding any such fees or other expenses referenced in this clause (ii) of any (A) Defaulting
Commitment Party or (B) Commitment Party whose breach of this Agreement caused its termination by another Party); provided that any invoices shall not be required to contain individual time detail (collectively,
“Transaction Expenses”). 

Section 14.    INDEMNIFICATION OBLIGATIONS. 

(a)    Company Indemnity. Following entry by the Bankruptcy Court of the Backstop Commitment Agreement Order,
but effective as of the date hereof, the Reorganized Company (the “Indemnifying Parties”) shall indemnify and hold harmless each Commitment Party and its Affiliates, equity holders, members, partners, general partners, managers and
its and their respective representatives and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and costs and expenses (other than Taxes of the Commitment Parties,
except to the extent otherwise provided for in this Agreement) (collectively, “Losses”) that any such Indemnified Person may incur or to which any such Indemnified Person may become subject arising out of or in connection with this
Agreement, the Plan and the transactions contemplated hereby and thereby, including the Backstop Commitments, the Rights Offering, the payment of the Backstop Commitment Premium or the use of the proceeds of the Rights Offering, the Transaction
Expenses or any claim, challenge, litigation, 

  
 45 

 
investigation or proceeding relating to any of the foregoing, regardless of whether any Indemnified Person is a party thereto, whether or not such proceedings are brought by the Company or its
equity holders, Affiliates, creditors or any other Person, and reimburse each Indemnified Person upon demand for reasonable documented (with such documentation subject to redaction to preserve attorney client and work product privileges) legal or
other third party expenses incurred in connection with investigating, preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any lawsuit, investigation, claim or other proceeding
relating to any of the foregoing (including in connection with the enforcement of the indemnification obligations set forth herein), irrespective of whether or not the transactions contemplated by this Agreement or the Plan are consummated or
whether or not this Agreement is terminated; provided, that the foregoing indemnity will not, as to any Indemnified Person, apply to Losses (i) as to any Defaulting Commitment Party or any Indemnified Person related thereto, caused by
such default by such Commitment Party, or (ii) to the extent they are found by a final, non-appealable judgment of a court of competent jurisdiction to arise from the bad faith, willful misconduct or
gross negligence of such Indemnified Person. 
 (b)    Indemnification Procedure. Promptly after receipt by
an Indemnified Person of notice of the commencement of any claim, challenge, litigation, investigation or proceeding (an “Indemnified Claim”), such Indemnified Person will, if a claim is to be made hereunder against the Indemnifying
Party in respect thereof, notify the Indemnifying Party in writing of the commencement thereof; provided, that (A) the omission to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability that it may
have hereunder except to the extent it has been materially prejudiced by such failure and (B) the omission to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability that it may have to such Indemnified
Person otherwise than on account of this Section 14. In case any such Indemnified Claims are brought against any Indemnified Person and it notifies the Indemnifying Party of the commencement thereof, the Indemnifying Party
will be entitled to participate therein, and, at its election by providing written notice to such Indemnified Person, the Indemnifying Party will be entitled to assume the defense thereof, with counsel reasonably acceptable to such Indemnified
Person; provided, that if the parties (including any impleaded parties) to any such Indemnified Claims include both such Indemnified Person and the Indemnifying Party and based on advice of such Indemnified Person’s counsel there are
legal defenses available to such Indemnified Person that are different from or additional to those available to the Indemnifying Party, such Indemnified Person shall have the right to select separate counsel to assert such legal defenses and to
otherwise participate in the defense of such Indemnified Claims. Upon receipt of notice from the Indemnifying Party to such Indemnified Person of its election to so assume the defense of such Indemnified Claims with counsel reasonably acceptable to
the Indemnified Person, the Indemnifying Party shall not be liable to such Indemnified Person for expenses incurred by such Indemnified Person in connection with the defense thereof or participation therein (other than reasonable costs of
investigation) unless (i) such Indemnified Person shall have employed separate counsel (in addition to any local counsel) in connection with the assertion of legal defenses in accordance with the proviso to the immediately preceding sentence
(it being understood, however, that the Indemnifying Party shall not be liable for the expenses of more than one separate counsel representing the Indemnified Persons who are parties to such Indemnified Claims (in

  
 46 

 
addition to one local counsel in each jurisdiction in which local counsel is required)), (ii) the Indemnifying Party shall not have employed counsel reasonably acceptable to such Indemnified
Person to represent such Indemnified Person within a reasonable time after the Indemnifying Party has received notice of commencement of the Indemnified Claims from, or delivered on behalf of, the Indemnified Person, (iii) after the
Indemnifying Party assumes the defense of the Indemnified Claims, the Indemnified Person determines in good faith that the Indemnifying Party has failed or is failing to defend such claim and provides written notice of such determination, and such
failure is not reasonably cured within ten (10) Business Days of receipt of such notice, or (iv) the Indemnifying Party shall have authorized in writing the employment of counsel for such Indemnified Person. Notwithstanding anything herein
to the contrary, the Company shall have sole control over any Tax controversy or Tax audit. 

(c)    Settlement of Indemnified Claims. The Indemnifying Party shall not be liable for any settlement of any
Indemnified Claims effected by such Indemnified Person without the written consent of the Indemnifying Party. If any settlement of any Indemnified Claims is consummated with the written consent of the Indemnifying Party or if there is a final
judgment for the plaintiff in any such Indemnified Claims, the Indemnifying Party agrees to indemnify and hold harmless each Indemnified Person from and against any and all Losses by reason of such settlement or judgment to the extent such Losses
are otherwise subject to indemnification by the Indemnifying Party hereunder in accordance with, and subject to the limitations of, this Section 14. The Indemnifying Party shall not, without the prior written consent of an
Indemnified Person (which consent shall be granted or withheld, conditioned or delayed in the Indemnified Person’s sole discretion), effect any settlement of any pending or threatened Indemnified Claims in respect of which indemnity or
contribution has been sought hereunder by such Indemnified Person unless (i) such settlement includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all
liability on the claims that are the subject matter of such Indemnified Claims and (ii) such settlement does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

 (d)    Contribution. If for any reason the foregoing indemnification is unavailable to any Indemnified
Person or insufficient to hold it harmless from Losses that are subject to indemnification pursuant to Section 14(a), then the Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Person as
a result of such Loss in such proportion as is appropriate to reflect not only the relative benefits received by the Indemnifying Party, on the one hand, and such Indemnified Person, on the other hand, but also the relative fault of the Indemnifying
Party, on the one hand, and such Indemnified Person, on the other hand, as well as any relevant equitable considerations. It is hereby agreed that the relative benefits to the Indemnifying Party, on the one hand, and all Indemnified Persons, on the
other hand, shall be deemed, with respect to the Commitment Parties, to be in the same proportion as (i) the total value received or proposed to be received by the Company pursuant to the issuance and sale of the Rights Offering Shares in the
Rights Offering contemplated by this Agreement and the Plan, bears to (ii) the Backstop Commitment Premium paid or proposed to be paid to the Commitment Parties. The Indemnifying Parties also agree that no Indemnified Person shall have any
liability based 

  
 47 

 
on their comparative or contributory negligence or otherwise to the Indemnifying Parties, any Person asserting claims on behalf of or in right of any of the Indemnifying Parties, or any other
Person in connection with an Indemnified Claim. 
 (e)    Treatment of Indemnification Payments. All
amounts paid by an Indemnifying Party to an Indemnified Person under this Section 14 shall, to the extent permitted by applicable law, be treated for all Tax purposes as adjustments to the purchase price for the Rights
Offering Shares subscribed for by such Indemnified Person in the Rights Offering and the Backstop Shares purchased by such Indemnified Person. The provisions of this Section 14 are an integral part of the transactions
contemplated by this Agreement and without these provisions the Commitment Parties would not have entered into this Agreement, and the obligations of the Company under this Section 14 shall constitute allowed administrative
expenses of the Debtors’ estate under Sections 503(b) and 507 of the Bankruptcy Code and are payable without further order of the Bankruptcy Court, and the Company may comply with the requirements of this Section 14
without further order of the Bankruptcy Court. 

Section 15.    NOTICES. All notices and other communications
under this Agreement shall be in writing and shall be deemed given (a) when delivered personally by hand (with written confirmation of receipt), (b) when sent via electronic mail (with acknowledgment received), (c) five (5) days after
being deposited with the United States Post Office, by registered or certified mail (return receipt requested), postage prepaid, or (d) one (1) Business Day following the day sent by overnight courier (with written confirmation of receipt), in
each case at the following addresses (or to such other address as a party hereto may have specified by like notice): 
 If to a
Consenting Secured Lender, to: 
 Davis Polk & Wardwell LLP 

450 Lexington Avenue 

New York, NY 10017 

	 	Attention:	 Damian S. Schaible 

	 	    	 Harold Birnbaum 

	 	    	 Darren S. Klein 

	 	Email:	 damian.schaible@davispolk.com 

	 	    	 harold.birnbaum@davispolk.com 

	 	    	 darren.klein@davispolk.com 

If to a Consenting Unsecured Noteholder, to: 

Milbank LLP 
 55
Hudson Yards 
 New York, New York 10001 

	 	Attention:	 Gerard Uzzi 

	 	    	 Brett Goldblatt 

	 	    	 James Ball 

	 	Email:	 guzzi@milbank.com 

  
 48 

	 	    	 bgoldblatt@milbank.com 

	 	    	 jball@milbank.com 

If to the Company, to: 

Hornbeck Offshore Services, Inc. 

103 Northpark Boulevard, Suite 300 

Covington, Louisiana 70433 

	 	Attention:	 Samuel Giberga 

	 	Email:    	 Samuel.giberga@hornbeckoffshore.com 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 

609 Main Street 

Houston, Texas 77002 

	 	Attention:	 Ryan Blaine Bennett. P.C. 

	 	    	 Matthew R. Pacey, P.C. 

	 	    	 Bryan Flannery 

	 	Email:	 ryan.bennett@kirkland.com 

	 	    	 matt.pacey@kirkland.com 

	 	    	 bryan.flannery@kirkland.com 

Section 16.    ASSIGNMENT; THIRD
PARTY BENEFICIARIES. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned by any of the parties hereto without the prior written consent of the Company, with
respect to any assignment by any Commitment Party, or the Required Commitment Parties, with respect to any assignment by the Company. Notwithstanding the previous sentence, the Commitment Parties’ obligations hereunder may be assigned,
delegated or transferred, in whole or in part, without the Company’s consent by any Commitment Party in accordance with the terms of Section 3 or Section 4. Any purported assignment in
violation of this Section 16 shall be void ab initio and of no force or effect. For the avoidance of doubt, except as provided herein, any Subscription Rights in the Rights Offering shall not be separately assigned,
delegated, transferred or otherwise detached from Allowed Claims and may only be assigned, delegated or transferred in the manner as permitted herein, together with the applicable Allowed Claims. Except solely with respect to Indemnified Persons as
set forth in Section 14 and the financial advisors and investment bankers as set forth in the final sentence of Section 6(f), each Party intends that this Agreement does not benefit or create any
right or cause of action in or on behalf of any Person other than the Parties. 

Section 17.    COMPLETE AGREEMENT. This
Agreement is the “Backstop and Direct Investment Agreement” referred to in the RSA and this Agreement (including the exhibits, the schedules, and the other documents and instruments referred to herein and in the RSA) constitutes the entire
agreement of the parties hereto and supersedes all prior agreements, arrangements or understandings, whether written or oral, among the parties hereto with respect to the subject matter of this Agreement, except that the parties hereto acknowledge

  
 49 

 
that any confidentiality agreements heretofore executed among the parties hereto and the RSA will continue in full force and effect. 

Section 18.    GOVERNING LAW;
SUBMISSION TO JURISDICTION; SELECTION OF FORUM; WAIVER OF TRIAL BY JURY. This
Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement (including the exhibits and schedules hereto), or the negotiation, execution, termination, performance or
nonperformance of this Agreement (including the exhibits and schedules hereto), shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and performed in such State, without regard to any
conflict of laws principles thereof, and, to the extent applicable, the Bankruptcy Code. Each party hereto agrees that it shall bring any action or proceeding in respect of any claim based upon, arising out of, or related to this Agreement, any
provision hereof or any of the transactions contemplated hereby, in the United States District Court for the Southern District of New York or any New York State court sitting in the Borough of Manhattan of New York City (the “Chosen
Courts”), and solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement (a) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (b) waives any
objection to laying venue in any such action or proceeding in the Chosen Courts and (c) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party hereto; provided that upon the
commencement of the Chapter 11 Cases, the Bankruptcy Court shall be the sole Chosen Court. Each party hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, MATTER OR PROCEEDING BASED UPON, ARISING OUT OF, OR RELATED TO THIS AGREEMENT, ANY PROVISION HEREOF OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 19.    COUNTERPARTS. This Agreement may be executed in
any number of counterparts, all of which will be considered one and the same agreement and will become effective when counterparts have been signed by each of the parties hereto and delivered to the other parties hereto (including via electronic
mail or other electronic transmission), it being understood that each party need not sign the same counterpart. 
 
Section 20.    CONSENT OR APPROVAL OF THE COMMITMENT PARTIES. Whenever this Agreement refers to any consent or
approval to be given by, or determination to be made by, the Commitment Parties, unless otherwise expressly provided in any particular instance, such reference shall be deemed to require the consent, approval or determination of the Required
Commitment Parties only (and not any other Commitment Parties). 

Section 21.    AMENDMENTS AND
WAIVERS. 
 (a)    This Agreement may be amended, modified or supplemented and the terms and
conditions of this Agreement may be waived, only by a written instrument (with email being sufficient) signed by the Company and the Required Commitment Parties and subject, to the extent required after the Petition Date, to the approval of the
Bankruptcy 

  
 50 

 
Court; provided that any modification of, or amendment or supplement to, this Agreement that would have the effect of (i) materially and adversely affecting any Commitment Party in a
manner that is disproportionate to any other Commitment Party, (ii) increasing the aggregate purchase price to be paid by any of the Commitment Parties in respect of the Commitment Party Shares, (iii) increasing or decreasing any
Commitment Party’s Backstop Commitment Percentage (as set forth on Schedule 1) (other than as a result of a permitted transfer to which such Commitment Party is a party or pursuant to Section 4 hereof),
(iv) changing the terms of or the conditions to payment of the Backstop Commitment Premium, (v) amending, modifying or supplementing the terms of Section 13 (or any other amendment, modification or supplement in
respect of the matters governed by Section 13) or (vi) modifying this Section 21, shall require the prior written consent of each Commitment Party. 

(b)    No delay on the part of any party hereto in exercising any right, power or privilege pursuant to this
Agreement will operate as a waiver thereof, nor will any waiver on the part of any party hereto of any right, power or privilege pursuant to this Agreement, nor will any single or partial exercise of any right, power or privilege pursuant to this
Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. The rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any
rights or remedies which any party hereto otherwise may have at law or in equity. 

Section 22.    SPECIFIC PERFORMANCE;
DAMAGES. The parties hereto acknowledge and agree that any breach of the terms of this Agreement would give rise to irreparable harm for which money damages would not be an adequate remedy and, accordingly, the parties hereto agree
that in addition to any other remedies to which they are entitled at law or in equity, each party hereto will be entitled to enforce the terms of this Agreement by a decree of specific performance without the necessity of proving the inadequacy of
money damages as a remedy and without the necessity of posting bond. Unless otherwise expressly stated in this Agreement, no right or remedy in this Section 22 is intended to be exclusive or to preclude a party hereto from
pursuing other rights and remedies to the extent available under this Agreement, at law or in equity. 

Section 23.    OTHER INTERPRETIVE
MATTERS. 
 (a)    Unless otherwise expressly provided, for purposes of this Agreement, the
following rules of interpretation shall apply: (i) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in
calculating such period shall be excluded and, if the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day; (ii) any reference in this
Agreement to “$” shall mean U.S. dollars; (iii) all exhibits and schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein and any capitalized terms used
in any exhibit or schedule but not otherwise defined therein shall be defined as set forth in this Agreement; (iv) words imparting the singular number only shall include the plural and vice versa; (v) the words such as “herein,”
“hereinafter,” “hereof,” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in 

  
 51 

 
which such words appear unless the context otherwise requires; (vi) the word “including” or any variation thereof means “including, without limitation” and shall not be
construed to limit any general statement that it follows to the specific or similar items or matters immediately following it; (vii) the division of this Agreement into Sections and other subdivisions and the insertion of headings are for
convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement; and (viii) all references in this Agreement to any “Section” are to the corresponding Section of this Agreement unless
otherwise specified. Unless the context otherwise requires, references herein to the “Company” after the Plan Effective Date shall be deemed to be references to the Reorganized Company and references to the “Reorganized Company”
prior to the Plan Effective Date shall be deemed to be references to the Company, in each case for all purposes of this Agreement. For purposes of this Agreement, (A) “Reorganized Company” means Reorganized Hornbeck and (B)
“subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership or other legal entity as to which such Person (either alone or through or together with any other subsidiary), (x) owns,
directly or indirectly, more than fifty percent (50%) of the capital stock or equity interests, (y) has the power to elect a majority of the board of directors or similar governing body or (z) has the power to direct the business and
policies. 
 (b)    The parties hereto have participated jointly in the negotiation and drafting of this Agreement
and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by
virtue of the authorship of any provision of this Agreement. 

Section 24.    JONES ACT
COMPLIANCE. 
 (a)    Notwithstanding anything to the contrary set forth herein, if and to the
extent required to satisfy the Jones Act Restriction and in order to maintain Jones Act Compliance, and solely to such extent, the Company, in consultation with the Required Commitment Parties, and without the consent of the transferee, shall have
the authority to reallocate any New Equity as Jones Act Warrants in order to maintain Jones Act Compliance such that holders of Allowed Claims exercising Subscription Rights or Backstop Commitments pursuant to this Agreement and the Rights Offering
Procedures that are Non-U.S. Citizens shall receive, on a proportionate basis with each other Non-U.S. Citizen (i.e., each
Non-U.S. Citizen shall receive the same proportion of New Equity and Jones Act Warrants as each other Non-U.S. Citizen) otherwise entitled to receive New Equity pursuant
to this Agreement, the Rights Offering Procedures and the transactions contemplated by the Plan, Jones Act Warrants in lieu of all or a portion of such shares of New Equity in an amount such that, in the aggregate with all other Non-U.S. Citizens affected by this Section 24 and all Non-U.S. Citizens entitled to receive New Equity under the Plan, the Jones Act Restriction is
satisfied, as further described in the Plan; provided that, any Commitment Party may, in its sole discretion, receive Jones Act Warrants in lieu of any portion of New Equity that such Commitment Party is entitled to receive under the Plan,
the Rights Offering Procedures and this Agreement. For the avoidance of doubt, any holder of Allowed Claims to which Jones Act Warrants are issued shall remain obligated to pay the same purchase price therefor and to make such payment at the same
time and otherwise on the same terms 

  
 52 

 
and conditions as if such holder were purchasing shares of New Equity pursuant hereto. Such Jones Act Warrants shall have the terms and be subject to the restrictions as are set forth in the
Plan. The consultation rights of the Required Commitment Parties under this Section 24 shall include the right to receive periodically during the Debtors’ process of reviewing U.S. Citizenship Affidavits reports
reflecting the Debtors’ preliminary and final determinations as to whether individual holders of Allowed Claims are U.S. Citizens or Non-U.S. Citizens, but it shall not afford the Required Commitment
Parties any consent or approval rights with respect to the Debtors’ final determination regarding the status of any individual holder of an Allowed Claim as a U.S. Citizen or a Non-U.S. Citizen. 

(b)    For purposes of this Agreement, the following terms have the following meanings: 

(i)    “Jones Act” means, collectively, the U.S. citizenship and cabotage laws
principally contained in 46 U.S.C. § 50501(a), (b) and (d) and 46 U.S.C. Chapters 121 and 551 and any successor statutes thereto, together with the rules and regulations promulgated thereunder by the U.S. Coast Guard and the U.S. Maritime
Administration and their practices enforcing, administering, and interpreting such laws, statutes, rules, and regulations, in each case as amended or supplemented from time to time, relating to the ownership and operation of U.S.-flag vessels in the
U.S. Coastwise Trade. 
 (ii)    “Jones Act Compliance” means compliance by the
Company with the U.S. citizenship requirements of the Jones Act to be eligible to own and operate U.S. Vessels in the U.S. Coastwise Trade and the requirements for documenting U.S. Vessels with coastwise endorsements. 

(iii)    “Jones Act Restriction” means in no event shall Non-U.S. Citizens own, in the aggregate, more than 24% of the total number of issued and outstanding shares in any class or series of the capital stock of the Reorganized Company. 

(iv)    “Non-U.S. Citizen” means, any
Person which is not eligible and qualified to own and operate U.S. Vessels in U.S. Coastwise Trade; provided that for purposes of the definition of “Jones Act Restriction”, if (i) a Person does not furnish the Requisite
Documentation on or before the Distribution Record Date or (ii) such Requisite Documentation has been rejected by the Debtors in consultation with the Required Commitment Parties, then such Person shall be considered a Non-U.S. Citizen for purposes of the Jones Act Restriction. 

Section 25.    SEVERAL OBLIGATIONS;
NO LIABILITY. Notwithstanding anything to the contrary in this Agreement, the parties hereto agree that (1) the representations and warranties of each Commitment Party made in this Agreement are being made on a
several, and not joint, basis, (2) the obligations of each Commitment Party under this Agreement are several, and not joint, obligations of each of them and (3) no Commitment Party shall have any liability for the breach of any
representation, warranty, covenant, commitment, or obligation by any other Commitment Party. Nothing in this Agreement requires any 

  
 53 

 
Commitment Party to advance capital to any Company Party (as defined in the RSA) or incur any material liability. 

Section 26.    FURTHER ASSURANCES. Without in
any way limiting any other obligation of the Company or any Commitment Party in this Agreement, each Party shall use commercially reasonable efforts to take or cause to be taken all actions, and do or cause to be done all things, reasonably
necessary, and as the Company or the Required Commitment Parties, as applicable, may reasonably request, in order to consummate and make effective the transactions contemplated by this Agreement. 

Section 27.    HIGHBRIDGE FUNDS. The parties
hereto acknowledge and agree that (i) Highbridge Capital Management, LLC (“Highbridge”) is executing this Agreement as of the date hereof not in an individual capacity, but solely on behalf of its managed funds that are
Consenting First Lien Lenders (each a “Highbridge Fund”), and (ii) no later than four (4) Business Days after the date hereof, Highbridge shall (A) cause each Highbridge Fund to execute and deliver to the other
parties hereto a counterpart to this Agreement and (B) deliver an updated Schedule 1 setting forth the information contemplated thereby with respect to each Highbridge Fund. 

[Signature Pages Follow] 

  
 54 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

					
	 Hornbeck Offshore Services, Inc.

		
	 By:
	 	   /s/ James O. Harp, Jr.

		 	Name:	 	James O. Harp, Jr.
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature Page to Backstop
Commitment Agreement 

 [Backstop Commitment Party Signature Pages are on file with the Company] 

  
 Signature Page to Backstop
Commitment Agreement 

 Schedule 1 

Backstop Commitment Percentages 
 [Schedule 1
is on file with the Company] 

 Schedule 2 

Debtor Entities 
 Hornbeck Offshore Services,
Inc. 
 Energy Services Puerto Rico, LLC 
 HOI Holding, LLC 

Hornbeck Offshore International, LLC 
 Hornbeck Offshore Navegacao,
LTDA. 
 Hornbeck Offshore Operators, LLC 
 Hornbeck Offshore Services, LLC 

Hornbeck Offshore Transportation, LLC 
 Hornbeck Offshore Trinidad & Tobago,
LLC 
 HOS Holding, LLC 
 HOS Port, LLC 

HOS-IV, LLC 
 HOS de Mexico, S
de R.L. de C.V. 
 HOS de Mexico II, S de R.L. de C.V. 

 Exhibit A-1 

4(a)(2) Second Lien Rights Offering Procedures 

[excluded] 

 Exhibit A-2 

4(a)(2) 2020 Notes Rights Offering Procedures 

[excluded] 

 Exhibit A-3 

4(a)(2) 2021 Notes Rights Offering Procedures 

[excluded] 

 Exhibit A-4 

1145 Rights Offering Procedures 

[excluded]

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