Document:

mdr-ex41_11.htm

 

Exhibit 4.1

 

Execution Version

THIRD SUPPLEMENTAL INDENTURE AND GUARANTEE

This Third Supplemental Indenture and Guarantee, dated as of July 8, 2019 (this “Supplemental Indenture” or “Guarantee”), among CB&I Storage Tank Solutions LLC, a Delaware limited liability company (the “New Guarantor”), McDermott Technology (Americas), Inc., a Delaware corporation, and McDermott Technology (US), Inc., a Delaware corporation, as the Issuers, and Wells Fargo Bank, National Association, as Trustee, paying agent and registrar under the Indenture referred to below.

W I T N E S S E T H:

WHEREAS, the Issuers, the Guarantors and the Trustee are parties to an Indenture, dated as of April 18, 2018 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 10.625% Senior Notes due 2024 of the Issuers (the “Notes”);

WHEREAS, Section 4.17 and Article X of the Indenture provide that the Issuers will cause any Restricted Subsidiary that guarantees any Indebtedness of an Issuer or any Guarantor under a Credit Facility consisting of debt for borrowed money (including for the avoidance of doubt, the Credit Agreement) to execute and deliver a Guarantee pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest on the Notes and all other obligations of the Issuers under the Indenture on the same terms and conditions as those set forth in the Indenture;

WHEREAS, pursuant to Section 9.1(4) of the Indenture, the Trustee and the Issuers are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder, to add an additional Guarantor.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuers and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

ARTICLE I 
Definitions

SECTION 1.1 Defined Terms. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or recitals thereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

 

ARTICLE II
Agreement to be Bound; Guarantee

SECTION 2.1 Agreement to be Bound. The New Guarantor hereby becomes a party to the Indenture as a Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. The New Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a Guarantor and to perform all of the obligations and agreements of a Guarantor under the Indenture.

SECTION 2.2 Guarantee. The New Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as a surety, jointly and severally with each other Guarantor, to each Holder and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations of the Issuers pursuant to the Notes and the Indenture in accordance with Section 10.1(a) of the Indenture.

ARTICLE III 
Miscellaneous 

SECTION 3.1 Notices. All notices and other communications to the New Guarantor shall be given as provided in the Indenture to the New Guarantor, at its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuers.

 

	
CB&I Storage Tank Solutions LLC
757 North Eldridge Parkway
Houston, Texas 77079
Attention: Treasurer

 

SECTION 3.2 Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained.

SECTION 3.3 Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

SECTION 3.4 Service of Process. Each of the Issuers and each non-U.S. Guarantor (including, if applicable, the New Guarantor) hereby appoints McDermott Technology (Americas), Inc. as its agent for service of process in any suit, action or proceeding with respect to this Supplemental Indenture, the Indenture, the Notes or the Guarantees and for actions brought under federal or state securities laws brought in any federal or state court located in The City of New York.

SECTION 3.5 Severability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 

 

SECTION 3.6 Ratification of Indenture; Supplemental Indentures Part of Indenture; No  Liability of Trustee. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or the New Guarantor’s Guarantee. Additionally, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Issuers, the New Guarantor and the Guarantors, and the Trustee makes no representation with respect to any such matters.

SECTION 3.7 Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts, which, when taken together, shall constitute one instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

SECTION 3.8 Headings. The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

[Signatures on following page]

 

 

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

 

	
MCDERMOTT TECHNOLOGIES (AMERICAS), INC.

	
 
	
 
	
 

	
By:
	
 
	
/s/ Kevin Hargrove

	
Name: 
	
 
	
Kevin Hargrove

	
Title: 
	
 
	
Treasurer

 

	
MCDERMOTT TECHNOLOGIES (US), INC.

	
 
	
 
	
 

	
By:
	
 
	
/s/ Kevin Hargrove

	
Name: 
	
 
	
Kevin Hargrove

	
Title: 
	
 
	
Treasurer

 

	
CB&I STORAGE TANK SOLUTIONS LLC, as a Guarantor

	
 
	
 
	
 

	
By:
	
 
	
/s/ Shane P. Willoughby

	
Name: 
	
 
	
Shane P. Willoughby

	
Title:
	
 
	
Secretary

 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	
 
	
 
	
 

	
By:
	
 
	
/s/ Michael Tu

	
Name: 
	
 
	
Michael Tu

	
Title: 
	
 
	
Vice President

 

 

[Signature Page – Supplemental Indenture]mdr-ex101_10.htm

	

	
Exhibit 10.1

 

 

McDERMOTT INTERNATIONAL, INC.

 

Director Restricted Stock Unit Grant Agreement

(May 2, 2019) 

 

The Compensation Committee of the Board of Directors (the “Committee”) of McDermott International, Inc. (“McDermott” or the “Company”) has approved a grant to you of 18,541 Restricted Stock Units (“RSUs”) under the 2019 McDermott International, Inc. Long-Term Incentive Plan (the “Plan”), to be made on May 2, 2019 (the “Date of Grant”).  The provisions of the Plan are incorporated herein by reference. A copy of the Prospectus relating to the Plan, which includes a copy of the Plan, has previously been made available to you.   

 

Any reference or definition contained in this RSU Grant Agreement (this “Agreement”) shall, except as otherwise specified, be construed in accordance with the terms and conditions of the Plan and all determinations and interpretations made by the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive on you and your beneficiaries, successors, assigns, estate or personal representatives.  Whenever the words “you” or “your” are used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to any beneficiary, successors, assigns, estate or personal representative to whom any rights under this Agreement may be transferred by will or by the laws of descent and distribution, they shall be deemed to include any such person or estate.  This Agreement shall be subject to the Plan, as such may be amended from time to time.  Capitalized terms not defined in this Agreement but that are defined in the Plan shall have the respective meanings ascribed to such terms in the Plan.  

 

Restricted Stock Units

RSU Award.  Each RSU represents a right to receive one Share on the Vesting Date (as set forth in the “Vesting Requirements” paragraph below), provided the vesting requirements set forth in this Agreement shall have been satisfied.  No Shares are awarded or issued to you hereunder on the Date of Grant.

Vesting Requirements.  Subject to the “Forfeiture of RSUs” paragraph below, the RSUs do not provide you with any rights or interest therein until they become vested under one or more of the following circumstances (each such date a “Vesting Date”)

	
 
	
•
	
100% of the RSUs will vest upon the first to occur of: (i) the first anniversary of the Date of Grant or (ii) the date of the Company’s 2020 Annual Meeting of Stockholders, subject to your continued service as a Director through the first of such dates to occur;

 

	
 
	
•
	
100% of the RSUs will vest upon (1) the date of your termination of service as a Director due to death or (2) your Disability; and

 

	
 
	
•
	
If a Change in Control of the Company occurs, Section 14 of the Plan will control (provided that any reference therein to termination of employment shall be deemed to refer to termination of service as a Director, and, for the avoidance of doubt, your resignation at the request of the Company in connection with a Change in Control will result in vesting of 100% of the RSUs).   

Forfeiture of RSUs.  RSUs which are not and do not become vested upon the termination of your service as a Director pursuant to any of the foregoing provisions shall, coincident therewith, terminate and be of no further force or effect.

 

Additionally, in the event that, while you are performing services as a Director for or on behalf of the Company, (a) you are convicted of (i) a felony or (ii) a misdemeanor involving fraud, dishonesty or moral turpitude, or (b) you engage in conduct that adversely affects or may reasonably be expected to adversely affect the business reputation or economic interests of the Company, as determined in the sole judgment of the Committee, then all RSUs and all rights or benefits awarded to you under this Agreement shall be forfeited, terminated and withdrawn immediately upon (1) notice to the Committee of such conviction pursuant to (a) above or (2) final determination pursuant to (b) above by the Committee.  The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to any such matters.

 

 

 

Payment of RSUs.  RSUs shall be paid in Shares, which shall be distributed as soon as administratively practicable, but in any event no later than 30 days, after the applicable Vesting Date. Such Shares will be issued to you in book-entry form in an account in your name with our transfer agent, Computershare, absent other instructions from you, subject to the terms and conditions of the Plan.

Tax Consequences; Withholding.  You are solely responsible for the taxes associated with the Award, and you should consult with and rely on your own tax advisor, accountant or legal advisor as to the tax consequences to you of the Award.  A general description of the tax consequences relating to the type of award provided through the Award is included in the Prospectus referred to above.  Notwithstanding the foregoing, as provided by the Plan, the Company shall have the right to deduct applicable taxes from the Shares otherwise deliverable pursuant to this Award to the extent required by applicable law.  If Shares are used to satisfy tax withholding, such Shares shall be valued at their Fair Market Value on the date when the tax withholding is required to be made.

Securities and Exchange Commission Requirements.  Because you are a Section 16 insider, this type of transaction must be reported on a Form 4 before the end of the second (2nd) business day following the Date of Grant.  Please be aware that if you are going to reject the Award, you should do so as soon as possible to avoid potential Section 16 liability.  Please advise Kim Wolford and Dennis Edge immediately by e-mail or telephone call if you intend to reject this grant.  Absent such notice of rejection, we will prepare and file the required Form 4 on your behalf (pursuant to your standing authorization for us to do so) within the required two business day deadline. 

Transferability.  RSUs granted hereunder are non-transferable other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order.

Other Information

Nothing in this Agreement shall be interpreted as creating an employer/employee relationship between you and the Company. Additionally, neither the action of the Company in establishing the Plan, nor any provision of the Plan, nor any action taken by the Company, the Committee or the Board of Directors under the Plan, nor any provision of this Agreement shall be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that you will continue to be elected as a Director.

This Award is intended to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and in its implementing regulations (“Section 409A”), and ambiguous provisions, if any, shall be construed in a manner that is compliant with or exempt from the application of Section 409A, as appropriate. 

By signing below or electronically accepting this Award, you (1) agree to the terms and conditions of this Agreement, (2) confirm receipt of a copy of the Plan, the Prospectus and all amendments and supplements thereto, and (3) appoints the Secretary of the Company and each Assistant Secretary of the Company as your true and lawful attorney-in-fact, with full power of substitution in the premises, granting to each full power and authority to do and perform any and every act whatsoever requisite, necessary, or proper to be done, on your behalf which, in the opinion of such attorney-in-fact, is necessary to effect the forfeiture of the Restricted Stock Units to the Company, or the delivery of the Shares to you, in accordance with the terms and conditions of this Agreement.                

 

Accepted by:

 

	
 
	
Date:
	
 

	
Signature

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