Document:

EX-10.38

 Exhibit 10.38 
 FIRST AMENDMENT 
 TO 

THIRD AMENDED AND RESTATED 
 CREDIT AGREEMENT 
 Dated as of November 20, 2013 

Among 

SUPERIOR ENERGY SERVICES, INC., 
 as Parent, 
 SESI, L.L.C., 

as the Borrower, 
 JPMORGAN CHASE BANK, N.A. 
 as Administrative Agent 

and 

the Lenders Party Hereto 

 FIRST AMENDMENT TO THIRD AMENDED AND RESTATED 

CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”) dated as of November 20, 2013 is among Superior Energy Services, Inc., a corporation
duly formed and existing under the laws of the State of Delaware (the “Parent”), SESI, L.L.C., a limited liability company duly formed and existing under the laws of the State of Delaware (the “Borrower”), each of
the undersigned guarantors (the “Guarantors”, and together with the Parent and the Borrower, the “Obligors”), each of the Lenders, the Issuing Lenders and the Swingline Lender (collectively, the
“Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 

R E C I T A L S 
 A. The Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Third Amended and Restated Credit Agreement dated as of February 7, 2012 (the “Credit
Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 
 B.
The Borrower has requested and the Administrative Agent and the Lenders have agreed to make certain changes to the Credit Agreement. 
 C. NOW, THEREFORE, to induce the Administrative Agent and the Lenders party hereto to enter into this First Amendment and in consideration of the premises and the mutual covenants herein contained, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit
Agreement, as amended by this First Amendment. Unless otherwise indicated, all section references in this First Amendment refer to sections of the Credit Agreement. 
 Section 2. Amendments to Credit Agreement. 
 2.1 Amendments to
Section 1.1. 
 (a) The following definitions are hereby added where alphabetically appropriate: 

“Amendment Effective Date” has the meaning assigned to such term in the First Amendment. 

“Corporate Rating” means the long-term senior unsecured publicly held debt rating of the Parent or the
Borrower (as is the applicable Person then receiving the primary rating) from each of S&P and Moody’s. 

“Investment Grade Rating” means a Corporate Rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P. 

 “First Amendment” means that certain First Amendment to
Third Amended and Restated Credit Agreement, dated as of November 20, 2013, among the Loan Parties, the Administrative Agent and the Lenders. 
 “Moody’s” means Moody’s Investors Service, Inc. or its successor. 
 “Rating Upgrade Date” is defined in Section 2.18(d). 
 “S&P” means Standard & Poor’s Ratings Group, Inc. or its successor. 
 (b) The following defined terms are hereby amended to read: 

“Agreement” means this Third Amended and Restated Credit Agreement, as amended by the First Amendment and
as the same may be further amended or supplemented from time to time. 
 “Rate Management
Obligations” means any and all obligations of the Borrower or any Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications
thereof and substitutions therefor), under (a) any and all Rate Management Transactions with any Lender or affiliate thereof, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management
Transactions with any Lender or affiliate thereof. 
 “Rate Management Transaction” means any
transaction (including an agreement with respect thereto) now existing or hereafter entered into by the Borrower or any Subsidiaries which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index
swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other
financial measures. 
 2.2 Amendment to Section 2.18. Section 2.18 is hereby amended to insert the following
Section 2.18(d) which reads as follows: 
 (d) On the first day (such day being the “Rating Upgrade
Date”) on which (i) the Corporate Rating shall be an Investment Grade Rating, (ii) each Rate Management Transaction other than those listed on Schedule 1 attached hereto is unsecured or secured by a Lien permitted by
Section 6.14(a)(x) and (iii) no Default or Event of Default has occurred and is continuing under this Agreement: 
 (A) the Parent and the Borrower shall not be subject to the terms, agreements and covenants contained in Section 2.18(a), Section 2.18(b), Section 6.21 or Section 7.11; 

  
 2 

 (B) the Liens created under all Collateral Documents shall be released and
discharged and the obligations of the Parent, the Borrower or any other Loan Party thereunder terminated; and 

(C) upon its receipt of written notice from the Borrower of the occurrence of the Rating Upgrade Date, the Administrative
Agent will promptly return all Collateral in its possession to the Borrower. The Lenders, the Issuing Lenders and the Swingline Lender hereby authorize and direct the Administrative Agent to return any such Collateral and to execute and deliver any
releases, terminations or other instruments reasonably requested by the Borrower to effect or evidence the foregoing releases on or after the Rating Upgrade Date. For the avoidance of doubt, such terms, agreements, covenants and Liens shall not be
reinstated if the Corporate Rating is no longer an Investment Grade Rating at any time after the Rating Upgrade Date. 
 2.3
Amendment to Section 6.1. Section 6.1 is hereby amended to insert the following Section 6.1(c) which reads as follows: 
 (c) The Parent will give the Administrative Agent and the Lenders prompt written notice of any change in the Corporate Rating from either S&P or Moody’s. 

2.4 Amendment to Section 6.11(a). Sections 6.11(a) is hereby amended by deleting the phrase “Rate Management
Obligations” in the second line thereof and replacing it with the phrase “Rate Management Transactions”. 
 2.5
Amendment to Section 6.11(a)(vi). Sections 6.11(a)(vi) is hereby amended by deleting the phrase “Rate Management Obligations” starting in the first line thereof and replacing it with the phrase “Rate Management
Transactions”. 
 2.6 Amendment to Section 6.11(a)(vii). Sections 6.11(a)(vii) is hereby amended by deleting the
phrase “Rate Management Obligations” starting in the first line thereof and replacing it with the phrase “Rate Management Transactions”. 
 2.7 Amendment to Section 6.14(a)(x). Sections 6.14(a)(x) is hereby amended by deleting the phrase “Rate Management Obligations” starting in the first line thereof and replacing it
with the phrase “Rate Management Transactions”. 
 2.8 Amendment to SCHEDULE 2 (PRICING
SCHEDULE). Effective as of the Rating Upgrade Date, Schedule 2 (Pricing Schedule) to the Credit Agreement shall be deemed amended by deleting such schedule in its entirety and replacing it with Schedule 2 to this First Amendment.

  
 3 

 Section 3. Conditions Precedent. This First Amendment shall not become effective until the date
on which each of the following conditions is satisfied (or waived in accordance with Section 9.12 of the Credit Agreement) (such date, the “Amendment Effective Date”): 

3.1 The Administrative Agent shall have received from the Obligors and the Lenders, counterparts (in such number as may be requested by
the Administrative Agent) of this First Amendment signed on behalf of such Person. 
 3.2 The Administrative Agent and the
Lenders shall have received all fees and amounts due and payable on or prior to the Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all documented out-of-pocket expenses required to be reimbursed or paid by
the Borrower under the Credit Agreement. 
 3.3 No Default or Event of Default shall have occurred and be continuing as of the
date hereof, after giving effect to the terms of this First Amendment. 
 The Administrative Agent is hereby authorized and
directed to declare this First Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such
conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. If the Rating Upgrade Date does not occur by October 31, 2014, the Loan Documents shall be
modified in a customary manner so that no Guarantor is guaranteeing any obligations in respect of any Rate Management Transaction in a manner that does not comply with applicable law. 
 Section 4. Miscellaneous. 
 4.1 Confirmation. The provisions of
the Credit Agreement, as amended by this First Amendment, shall remain in full force and effect following the effectiveness of this First Amendment. 
 4.2 Ratification and Affirmation; Representations and Warranties. Each Obligor hereby i) acknowledges the terms of this First Amendment; ii) ratifies and affirms its obligations under, and
acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding
the amendments contained herein; and iii) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this First Amendment: (i) all of the representations and warranties contained in each Loan Document
to which it is a party are true and correct in all material respects, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true
and correct as of such specified earlier date and (ii) no Default or Event of Default has occurred and is continuing. 
 4.3
No Waiver; Loan Document. The execution, delivery and effectiveness of this First Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any
of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the Amendment Effective Date, this First Amendment shall for all purposes constitute a Loan Document. 

  
 4 

 4.4 Counterparts. This First Amendment may be executed by one or more of the parties
hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this First Amendment by facsimile or electronic transmission in portable document
format (.pdf) shall be effective as delivery of a manually executed counterpart hereof. 
 4.5 NO ORAL AGREEMENT. THIS
FIRST AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL
AGREEMENTS OF THE PARTIES. AS OF THE DATE OF THIS FIRST AMENDMENT, THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 
 4.6
GOVERNING LAW. THIS FIRST AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

[SIGNATURES BEGIN NEXT PAGE] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed
as of the date first written above. 
  

									
	BORROWER:	 		 	SESI, L.L.C.
				
		 		 	By:	 	/s/ Robert S. Taylor
		 		 		 	Name:	 	Robert S. Taylor
		 		 		 	Title:	 	Executive Vice President, Chief
		 		 		 		 	Financial Officer and Treasurer
			
	PARENT:	 		 	SUPERIOR ENERGY SERVICES, INC.
				
		 		 	By:	 	/s/ Robert S. Taylor
		 		 		 	Name:	 	Robert S. Taylor
		 		 		 	Title:	 	Executive Vice President and Chief
		 		 		 		 	Financial Officer

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-1 

							
	GUARANTORS:	 		 		 	ADVANCED OIL WELL SERVICES, INC.
		 		 		 	BLOWOUT TOOLS, INC.
		 		 		 	CONCENTRIC PIPE AND TOOL RENTALS, L.L.C.
		 		 		 	CONNECTION TECHNOLOGY, L.L.C.
		 		 		 	CSI TECHNOLOGIES, LLC
		 		 		 	DRILLING LOGISTICS, L.L.C.
		 		 		 	FASTORQ, L.L.C.
		 		 		 	INTERNATIONAL SNUBBING SERVICES, L.L.C.
		 		 		 	NON-MAGNETIC RENTAL TOOLS, L.L.C.
		 		 		 	PRODUCTION MANAGEMENT
		 		 		 	 INDUSTRIES, L.L.C.

		 		 		 	SEMO, L.L.C.
		 		 		 	SEMSE, L.L.C.
		 		 		 	STABIL DRILL SPECIALTIES, L.L.C.
		 		 		 	SUB-SURFACE TOOLS, L.L.C.
		 		 		 	SUPERIOR HOLDING, INC.
		 		 		 	SUPERIOR ENERGY SERVICES COLOMBIA, LLC
		 		 		 	SUPERIOR INSPECTION SERVICES, L.L.C.
		 		 		 	WARRIOR ENERGY SERVICES CORPORATION
		 		 		 	WILD WELL CONTROL, INC.
		 		 		 	WORKSTRINGS INTERNATIONAL, L.L.C.
		 		 		 	1105 PETERS ROAD, L.L.C.
				
		 		 		 	By: /s/ Robert S. Taylor
		 		 		 	        Name: Robert S. Taylor
		 		 		 	        Title: Vice President
				
		 		 		 	A&W WATER SERVICE, INC.
		 		 		 	AWS, INC.
		 		 		 	HAMM & PHILLIPS SERVICE COMPANY, INC.
		 		 		 	INTEGRATED PRODUCTION SERVICES, INC.
		 		 		 	LEED TOOL CORPORATION
		 		 		 	MONUMENT WELL SERVICE CO.
		 		 		 	PUMPCO ENERGY SERVICES, INC.
		 		 		 	RISING STAR SERVICES, L.P.
		 		 		 	SUPERIOR ENERGY SERVICES-NORTH AMERICA
		 		 		 	SERVICES, INC. (F/K/A SPN FAIRWAY ACQUISITION, INC.)
		 		 		 	TEXAS CES, INC.
				
		 		 		 	By: /s/ Robert S. Taylor
		 		 		 	        Name: Robert S. Taylor
		 		 		 	        Title: Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-2 

							
	GUARANTORS (CONT’D):	 		 		 	H. B. RENTALS, L.C.
				
		 		 		 	By: /s/ Robert S. Taylor
		 		 		 	        Name: Robert S. Taylor
		 		 		 	        Title: Director and Treasurer
				
		 		 		 	SUPERIOR ENERGY SERVICES, INC.
				
		 		 		 	By: /s/ Robert S. Taylor
		 		 		 	        Name: Robert S. Taylor
		 		 		 	        Title: Executive Vice President, Chief Financial Officer, Treasurer
				
		 		 		 	SUPERIOR ENERGY SERVICES, L.L.C.
				
		 		 		 	By: /s/ Robert S. Taylor
		 		 		 	        Name: Robert S. Taylor
		 		 		 	        Title: Executive Vice President, Chief Financial Officer, Treasurer

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-3 

							
	ADMINISTRATIVE AGENT, ISSUING LENDER AND LENDER:	 		 	JPMORGAN CHASE BANK, N.A.
				
		 		 	By:	 	/s/ Thomas Okamoto
		 		 		 	Name: Thomas Okamoto
		 		 		 	Title: Authorized Officer

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-4 

							
	LENDER:	 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	/s/ Gary L. Mingle
		 		 		 	Name: Gary L. Mingle
		 		 		 	Title: Senior Vice-President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-5 

							
	ISSUING LENDER, SWING LINE LENDER AND LENDER:	 		 	WELLS FARGO BANK, N.A.
				
		 		 	By:	 	/s/ Philip C. Lauinger III
		 		 		 	Name: Philip C. Lauinger III
		 		 		 	Title: Managing Director

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-6 

							
	LENDER:	 		 	CAPITAL ONE, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Mark Preston
		 		 		 	Name: Mark Preston
		 		 		 	Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-7 

							
	LENDER:	 		 	ROYAL BANK OF CANADA
				
		 		 	By:	 	/s/ Jay T. Sartain
		 		 		 	Name: Jay T. Sartain
		 		 		 	Title: Authorized Signatory

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-8 

							
	LENDER:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	/s/ J. Frazell
		 		 		 	Name: J. Frazell
		 		 		 	Title: Director

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-9 

							
	LENDER:	 		 	CITIBANK, N.A.
				
		 		 	By:	 	/s/ John F. Miller
		 		 		 	Name: John F. Miller
		 		 		 	Title: Attorney-in-fact

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-10 

							
	LENDER:	 		 	COMERICA BANK, NA
				
		 		 	By:	 	/s/ Gary Culbertson
		 		 		 	Name: Gary Culbertson
		 		 		 	Title: Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-11 

							
	LENDER:	 		 	HSBC BANK USA, N.A.
				
		 		 	By:	 	/s/ Ryan Smith
		 		 		 	Name: Ryan Smith
		 		 		 	Title: Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-12 

							
	LENDER:	 		 	CANADIAN IMPERIAL BANK OF COMMERCE
				
		 		 	By:	 	/s/ Trudy Nelson
		 		 		 	Name: Trudy Nelson
		 		 		 	Title: Authorized Signatory
				
		 		 	By:	 	/s/ Richard Antl
		 		 		 	Name: Richard Antl
		 		 		 	Title: Authorized Signatory

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-13 

							
	LENDER:	 		 	REGIONS BANK
				
		 		 	By:	 	/s/ Scott Sarrat
		 		 		 	Name: Scott Sarrat
		 		 		 	Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-14 

							
	LENDER:	 		 	WHITNEY NATIONAL BANK
				
		 		 	By:	 	/s/ Hollie L. Ericksen
		 		 		 	Name: Hollie L. Ericksen
		 		 		 	Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-15 

							
	LENDER:	 		 	PNC BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ John Berry
		 		 		 	Name: John Berry
		 		 		 	Title: Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-16 

							
	LENDER:	 		 	COMPASS BANK
				
		 		 	By:	 	/s/ Eric Appel
		 		 		 	Name: Eric Appel
		 		 		 	Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-17 

							
	LENDER:	 		 	STANDARD CHARTER BANK
				
		 		 	By:	 	/s/ James P. Hughes
		 		 		 	Name: James P. Hughes A2386
		 		 		 	Title: Director
				
		 		 	By:	 	/s/ Andrew Y. NG
		 		 		 	Name: Andrew Y. NG
		 		 		 	Title: Director
		 		 		 	          Standard Chartered Bank NY

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-18 

 SCHEDULE 1 
 HEDGE SCHEDULE 
  

	1.	Interest Rate Swap Transaction 

Counterparty: The Bank of Nova Scotia 
 Notional Amount: USD 100,000,000.00 
 Fixed Rate: 7.125% 

Floating Rate: 3-month LIBOR Plus 4.8600% 
 Effective Date: April 4, 2012 
 Termination Date: December 15, 2021

  

	2.	Interest Rate Swap Transaction 

Counterparty: Wells Fargo Bank, N.A. 
 Notional Amount: USD 100,000,000.00 
 Fixed Rate: 7.125% 

Floating Rate: 3-month LIBOR Plus 4.8225% 
 Effective Date: June 11, 2013 
 Termination Date: December 15, 2021

  

	3.	Interest Rate Swap Transaction 

Counterparty: Wells Fargo Bank, N.A. 
 Notional Amount: USD 100,000,000.00 
 Fixed Rate: 7.125% 

Floating Rate: 3-month LIBOR Plus 4.4000% 
 Effective Date: July 15, 2013 
 Termination Date: December 15, 2021

  
 SCHEDULE 1

 PAGE-1 

 SCHEDULE 2 
 PRICING SCHEDULE 
 The following is the Pricing Schedule: 

 

																	
	 Corporate Rating
 (S&P/Moody’s)
	  	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for
Floating Rate
Loans	 	 	Commitment
Fee Rate	 	 	Letter of
Credit Fee
Rate	 
	 Category 1 > BBB+/Baa1
	  	 	1.25	% 	 	 	0.25	% 	 	 	0.20	% 	 	 	1.25	% 
	 Category 2 BBB/Baa2
	  	 	1.50	% 	 	 	0.50	% 	 	 	0.25	% 	 	 	1.50	% 
	 Category 3 BBB-/Baa3
	  	 	1.75	% 	 	 	0.75	% 	 	 	0.30	% 	 	 	1.75	% 
	 Category 4 BB+/Ba1
	  	 	2.00	% 	 	 	1.00	% 	 	 	0.375	% 	 	 	2.00	% 
	 Category 5 > BB/Ba2
	  	 	2.25	% 	 	 	1.25	% 	 	 	0.375	% 	 	 	2.25	% 

 The Pricing Schedule on any day will be based on the highest Corporate Rating. If S&P or Moody’s does not have a
Corporate Rating in effect, then such rating agency not having a Corporate Rating in effect shall be deemed to have established a Corporate Rating in Category 5. If the Corporate Ratings established or deemed to have been established fall within
different Categories, the Pricing Schedule shall be based on the higher of the Corporate Ratings, unless one of the Corporate Ratings is two or more Categories lower than the other, in which case the Pricing Schedule shall be determined by reference
to the Category next below that of the higher of the Corporate Ratings. Each change in the Pricing Schedule (other than as a result of a change in the rating system of such rating agency) shall be effective as of the date on which a Corporate Rating
change is first publically announced by the applicable rating agency, and such change shall apply during the period commencing on the effective date of such change and end on the date immediately preceding the effective date of the next such change.

  
 SCHEDULE 2

 PAGE-1EX-10.10

 Exhibit 10.10 
 First Amendment to the 
 FOSTER WHEELER ANNUAL EXECUTIVE SHORT-TERM
INCENTIVE PLAN 
 (As Amended and Restated Effective February 28, 2013) 

The Foster Wheeler Annual Executive Short-Term Incentive Plan (the “Plan”) is hereby amended as follows, pursuant to a resolution adopted by
the Committee at its meeting held on February 26, 2014. 
 Capitalized terms used but not specifically defined herein shall have the
definition provided in the Plan. 
 1. The last sentence of Section 4.02 is hereby revised to read in its entirety as
follows: 
 “To the extent that an award is not paid within the Applicable Period but is paid by December 31 of the
calendar year which includes the last day of the Applicable Period, then it is intended that such payment shall be treated as made at a “specified time” for purposes of complying with Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”).” 
 2. The following shall be inserted as a new Section 4.03: 

“4.03 Payment Following a Change in Control. 

Notwithstanding the foregoing, in the event of a Change in Control (as defined in the Foster Wheeler AG Omnibus Incentive Plan (as such
may be amended or restated from time to time)), the Committee may provide for the payment of short-term incentive awards to any or all Participants whose employment is terminated in connection with or following such Change in Control, which
short-term incentive awards may be based on performance through the date of the Change in Control or such other criteria as the Committee may approve, and in such event the “Applicable Period” shall begin on the date of the
Participant’s termination of employment and end on March 15 of the year following the year in which the Change in Control occurs.”
 3. This First Amendment shall be effective as of the date it is approved by the Committee. 
 IN WITNESS WHEREOF, the Company has caused this First Amendment to the Plan to be executed. 
  

			
	FOSTER WHEELER AG
		
	By:	 	_/s/ J. Kent Masters
	Name:	 	J. Kent Masters
	Title:	 	President and Chief Executive Officer

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