Document:

rig_EX4_6

		

			Exhibit 4.6

		

		

			 

		

		

			Execution Version

		

		

			 

		

		
			INCREASE OF COMMITMENTS AND THIRD AMENDMENT TO CREDIT AGREEMENT
		

		
			 
		

		
			This INCREASE OF COMMITMENTS AND THIRD AMENDMENT TO CREDIT AGREEMENT (this “Increase and Amendment Agreement”) dated as of December 23,  2019, is among TRANSOCEAN INC., a Cayman Islands exempted company (the “Borrower”), CITIBANK, N.A., as administrative agent for the Lenders (as defined below) under the Credit Agreement (the “Administrative Agent”), each Increasing Lender (as defined below), the other Lenders party hereto,  each Issuing Bank (as defined in the Credit Agreement) and, solely for purposes of Sections 4 through 13 hereof, Transocean Ltd., a Swiss corporation (“Holdings”), each other Guarantor (as defined in the Credit Agreement described below) party hereto and each other Transaction Party (as defined in the Credit Agreement) party hereto.
		

		
			INTRODUCTION
		

		
			 
		

		
			A.The Borrower, the Administrative Agent, Citibank, N.A., in its capacity as collateral agent, and the lenders  party thereto from time to time (the “Lenders”) are parties to that certain Credit Agreement dated as of June 22, 2018 (as amended or otherwise modified prior to the date hereof, the “Credit Agreement”;  capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement as amended hereby).
		

		
			B.Pursuant to Section 2.17 of the Credit Agreement, the Borrower has requested that the Lenders increase their Commitments and certain Lenders (such Lenders, the “Increasing Lenders”) have agreed to such increase (the “Commitment Increase”) on, and subject to the occurrence of, the Third Amendment Effective Date (as defined below) and have executed and delivered this Increase and Amendment Agreement as Increasing Lenders.
		

		
			C.The parties hereto desire to amend the Credit Agreement on the terms as set forth herein,  such amendments to become effective on the Third Amendment Effective Date.
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations, and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
		

			
	
			
				 Section 1.
			Defined Terms; Other Definitional Provisions.    The definitions of terms herein shall apply equally to the singular and plural forms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or in the Credit Documents), (b) any reference herein to any Person 

		 

		

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	shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Increase and Amendment Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Annexes shall be construed to refer to Sections of, and Annexes to, this Increase and Amendment Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including intellectual property, cash, securities, accounts and contract rights, (f) with respect to the determination of any period of time, the word “from” means “from and including” and the word “to” means “to but excluding” and (g) reference to any law, rule or regulation means such as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time.

			
	
			
				 Section 2.
			Increase of Commitments.    

			
	
			
				 (a)
			Subject to the occurrence of the Third Amendment Effective Date, (i) each of the Increasing Lenders hereby severally and not jointly agrees to a Commitment Increase such that, after giving effect to such Commitment Increase, such Increasing Lender has a Commitment in the amount set forth on Annex A attached hereto and (ii) each of the Increasing Lenders agrees to make one or more Revolving Loans and purchase participations in L/C Obligations in an aggregate amount not to exceed its Commitment, after giving effect to its Commitment Increase.

			
	
			
				 (b)
			The Commitment Increase provided pursuant to this Increase and Amendment Agreement will constitute Commitments under, and as defined in, the Credit Agreement and are in addition to the Commitments under the Credit Agreement in effect immediately prior to the effectiveness of this Increase and Amendment Agreement. Each Increasing Lender, the Borrower,  the Administrative Agent and each Issuing Bank each acknowledge and agree that, upon the incurrence of Loans pursuant to the Commitment Increase provided under this Increase and Amendment Agreement and Section 2.17 of the Credit Agreement, such Loans will constitute Revolving Loans for all purposes of the Credit Agreement and the other Credit Documents.

			
	
			
				 (c)
			Each Increasing Lender (a) confirms to the Administrative Agent, the Issuing Banks and each other Lender that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Increase and Amendment Agreement and to consummate the transactions contemplated hereby, (ii) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Increase and Amendment Agreement, (iii) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Increase and Amendment Agreement, (iv) it is not a Defaulting Lender, and (v) if it is organized under the laws of a jurisdiction outside the United States, it has attached to this Increase and Amendment Agreement any documentation required to be delivered by it pursuant to the terms of the Credit Agreement to the extent not previously delivered, duly completed and executed by such Increasing Lender.

		
			

		 

		

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				 (d)
			On and after the Third Amendment Effective Date, each Increasing Lender (x) will be obligated to make Revolving Loans and purchase participations in L/C Obligations in such amounts as will not cause its Revolving Credit Exposure at any time to exceed its aggregate Commitment (after giving effect to its Commitment Increase)  on the terms, and subject to the conditions, set forth in the Credit Agreement, (y) will be obligated to make Revolving Loans on the terms, and subject to the conditions, set forth in the Credit Agreement, and (z) has the rights and obligations of a Lender under the Credit Agreement and the other Credit Documents. Nothing contained in this Increase and Amendment Agreement will, or will be interpreted to, limit any rights or obligations of any Increasing Lender under the Credit Agreement with respect to any already existing Commitments. On the Third Amendment Effective Date, the outstanding amount of all Revolving Loans, and the participations of the Lenders in all outstanding L/C Obligations shall be reallocated among the Lenders in accordance with their respective Commitments (increased as set forth herein) and Applicable Percentages as provided in Section 2.17 of the Credit Agreement.

			
	
			
				 (e)
			The Borrower acknowledges and agrees that it will be liable, to the extent of its applicable Borrowings, for all Obligations with respect to each Commitment Increase including, without limitation, any Loans made pursuant thereto.  Each Transaction Party acknowledges and agrees that all Obligations with respect to the Commitment Increase including, without limitation, any Loans made pursuant thereto, will be secured as set forth in the Collateral Documents and guaranteed as set forth in the Guaranty Agreements and Guaranty Supplements.

			
	
			
				 (f)
			The Required Lenders and the Issuing Banks acknowledge and agree that the procedural requirements set forth in Section 2.17 of the Credit Agreement have been met in connection with this Increase and Amendment Agreement and to the extent such procedures have not been followed, waive such requirements and consent to and ratify the Administrative Agent’s  actions in connection with this Increase and Amendment Agreement.

			
	
			
				 (g)
			The Required Lenders, the Issuing Banks and the Administrative Agent acknowledge and agree that, immediately upon the satisfaction or waiver of the conditions set forth in Section 5(d) hereof, the vessel Deepwater Orion (the “Subject Vessel”) will be an Additional Rig and a Collateral Rig.

			
	
			
				 Section 3.
			Amendments to Credit Agreement.    Effective on and as of the Third Amendment Effective Date, the Credit Agreement is, subject to the satisfaction or waiver of the conditions precedent set forth in Section 5 hereof, hereby amended as follows: 

			
	
			
				 (a)
			Section 6.23 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

		
			“Section 6.23Collateral Coverage Ratio.  As of the end of each fiscal quarter of Holdings, the Borrower shall not permit the ratio of (a) Collateral Rig Value as of such date to (b) the Revolving Credit Commitments Amount as of such date, to be less than (i) 1.75 to 1.00 with respect to each fiscal quarter ended on or prior to March 31, 2019, (ii) 2.00 to 1.00 with respect to each fiscal quarter ended on or prior to September 30, 2019 and (iii) 2.10 to 1.00 with respect to each fiscal quarter ending on or after December 31, 2019 (the “Collateral Coverage Ratio”).”
		

		
			

		 

		

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				 (b)
			Schedule 1.1-C to the Credit Agreement is hereby amended and restated in its entirety in the form set out on Annex B hereto.

			
	
			
				 Section 4.
			Representations and Warranties.    Each Transaction Party hereby represents and warrants that,  immediately before and immediately after giving effect to this Increase and Amendment Agreement: (a) the representations and warranties made by such Transaction Party set forth in the Credit Agreement (other than with respect to the representations and warranties set forth in Sections 5.15 and 5.16 of the Credit Agreement) and in the other Credit Documents (other than those that relate to the representations and warranties set forth in Sections 5.15 and 5.16 in the Credit Agreement) are true and correct in all material respects (or, as to any representations and warranties that are otherwise qualified as to materiality or Material Adverse Effect, in all respects) on the Third Amendment Effective Date, except to the extent any such representation or warranty is stated to relate to an earlier date in which case such representation and warranty shall be true and correct in all material respects (or, as to any representations and warranties that are otherwise qualified as to materiality or Material Adverse Effect, in all respects) on and as of such earlier date; (b) no Default or Event of Default has occurred and is continuing or would occur as a result of the Commitment Increase immediately after giving effect to this Increase and Amendment Agreement; (c) it has the organizational power, capacity, and authority to execute, deliver and carry out the terms and provisions of this Increase and Amendment Agreement and has taken all necessary company action to authorize the execution, delivery, and performance of this Increase and Amendment Agreement; (d) this Increase and Amendment Agreement constitutes the legal, valid, and binding obligation of such Transaction Party enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity (regardless of whether considered in a proceeding in equity or at law); and (e) all material consents and approvals of, and filings and registrations with, all government agencies, authorities or instrumentalities required to have been obtained by such Transaction Party in connection with the execution, delivery and performance of this Increase and Amendment Agreement have been obtained and are in full force and effect.

			
	
			
				 Section 5.
			Conditions to Effectiveness.    The Commitment Increase and amendments to the Credit Agreement set forth in this Increase and Amendment Agreement shall become effective on the date first set forth above (the “Third Amendment Effective Date”) when each of the conditions set forth in this Section 5 shall have been satisfied:

			
	
			
				 (a)
			the Administrative Agent shall have received counterparts of this Increase and Amendment Agreement, duly executed and delivered on behalf of (i) Borrower, (ii) Lenders constituting at least the Required Lenders, (iii) each Issuing Bank, (iv)  each Increasing Lender, (v) Holdings, (vi) each other Guarantor and (vii) each other Transaction Party;

			
	
			
				 (b)
			as of the Third Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing, or would occur immediately after giving effect to the transactions contemplated by this Increase and Amendment Agreement;

			
	
			
				 (c)
			each of the representations and warranties of the Transaction Parties set forth in Section 4 shall be true and correct in all material respects (or, as to any representations and warranties that are otherwise qualified as to materiality or Material Adverse Effect, in all respects) 

		 

		

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	on the Third Amendment Effective Date, except to the extent any such representation or warranty is stated to relate to an earlier date in which case such representation and warranty shall be true and correct in all material respects (or, as to any representations and warranties that are otherwise qualified as to materiality or Material Adverse Effect, in all respects) on and as of such earlier date;

			
	
			
				 (d)
			the Collateral Rig Requirements (including, in respect of the addition of the Subject Vessel as an Additional Rig,  the requirements of clause (xii) of the definition of “Collateral Rig Requirements” with respect to delivery of legal opinions as set forth therein) shall have been satisfied on and as of the Third Amendment Effective Date, immediately after giving effect to this Increase and Amendment Agreement;

			
	
			
				 (e)
			the Administrative Agent shall have received a certificate of the President, a Vice-President or the Chief Executive Officer of the Borrower dated the Third Amendment Effective Date and certifying as to the satisfaction of the conditions set forth in Section 5(b) and (c) of this Increase and Amendment Agreement;

			
	
			
				 (f)
			the Administrative Agent shall have received certificates of the secretary or an assistant secretary (or an officer or director with similar authority) of each Transaction Party,  containing specimen signatures (or certifying as to specimen signatures previously provided to the Administrative Agent) of the persons authorized to execute Credit Documents on such Transaction Party’s behalf or any other documents provided for herein or therein, together with (x) copies of resolutions of the board of directors or other appropriate governing body of such Transaction Party authorizing the execution and delivery of this Increase and Amendment Agreement and the other Credit Documents to which such Transaction Party is a party (or certifying as to resolutions of such governing body previously provided to the Administrative Agent), (y) copies of such Transaction Party’s memorandum of association and articles of association or other organizational documents filed in its jurisdiction of incorporation, and bylaws and other governing documents, if any, of such Transaction Party (or certifying as to such documents previously provided to the Administrative Agent), and (z) a certificate of incorporation or organization and a certificate of good standing (or their equivalents), to the extent applicable in the relevant jurisdiction, from the appropriate Governmental Authority of such Transaction Party’s jurisdiction of incorporation or organization;

			
	
			
				 (g)
			the Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent, the Collateral Agent, the Lenders and the Issuing Banks and dated as of the Third Amendment Effective Date) of (A) Baker Botts LLP, New York counsel for the Transaction Parties, (B) Carey Olsen, Cayman Islands counsel for the Borrower and the other Transaction Parties organized under the laws of the Cayman Islands on the Third Amendment Effective Date, (C) Homburger AG, Swiss legal counsel for Holdings and the other Transaction Parties organized under the laws of Switzerland on the Third Amendment Effective Date, and (D) Watson, Farley & Williams LLP with respect to the Transaction Parties organized under the laws of the Marshall Islands,  in each case covering such matters with respect to the Transaction Parties, this Increase and Amendment Agreement and the other Credit Documents coming into effect on the Third Amendment Effective Date, and the transactions contemplated by such Credit Documents, as the Administrative Agent shall reasonably request;

		
			

		 

		

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				 (h)
			the Administrative Agent shall have received all fees payable to the Administrative Agent and each Increasing Lender that the Borrower has agreed to pay in connection with this Increase and Amendment Agreement; 

			
	
			
				 (i)
			to the extent required to be paid by the Borrower pursuant to Section 10.13 of the Credit Agreement (and not otherwise waived by the Administrative Agent), the Administrative Agent (or its counsel) shall have received, to the extent invoiced no later than two Business Days prior to the Third Amendment Effective Date, payment of all out-of-pocket expenses incurred in connection with the preparation, negotiation and execution of this Increase and Amendment Agreement; and

			
	
			
				 (j)
			such other documents, filings, recordings and other information as the Administrative Agent may request, in form, scope and substance acceptable to the Administrative Agent.

		
			For purposes of determining compliance with the conditions specified in this Section 5, the Administrative Agent and each Lender and Issuing Bank party hereto, as applicable, that has signed this Increase and Amendment Agreement shall be deemed to have consented to, approved or accepted or be satisfied with, each document or other matter required under this Section 5, in each case to be consented to or approved by or to be acceptable or satisfactory to the Administrative Agent, each Lender party hereto or each Issuing Bank party hereto, as applicable.  Upon the satisfaction of the conditions set forth in this Section 5, the Administrative Agent shall promptly provide written notice to the Borrower of the effectiveness of this Increase and Amendment Agreement, and such notice shall be conclusive and binding. 
		

			
	
			
				 Section 6.
			Acknowledgments and Agreements.    

			
	
			
				 (a)
			Each Transaction Party acknowledges that on the date hereof all outstanding Secured Obligations are payable in accordance with their terms (except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity, regardless of whether considered in a proceeding in equity or at law).  Each Transaction Party, the Administrative Agent, and each other party hereto does hereby adopt, ratify, and confirm the Credit Agreement, and acknowledges and agrees that the Credit Agreement, is and remains in full force and effect, and each Transaction Party acknowledges and agrees that its respective liabilities and obligations under the Credit Agreement and the other Credit Documents it is a party to are not impaired in any respect by this Increase and Amendment Agreement.

			
	
			
				 (b)
			This Increase and Amendment Agreement is a Credit Document for the purposes of the provisions of the other Credit Documents.

			
	
			
				 (c)
			The Administrative Agent, the Issuing Bank, and the Lenders hereby expressly reserve all of their rights, remedies, and claims under the Credit Documents.  Other than as expressly set forth herein, nothing herein shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Credit Documents, (ii) any of the agreements, terms, or conditions contained in any of the Credit Documents, (iii) any rights or remedies of the Administrative Agent, the Issuing Bank, or any Lender with respect to the Credit Documents, or 

		 

		

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	(iv) the rights of the Administrative Agent, the Collateral Agent, the Issuing Bank, or any Lender to collect the full amounts owing to them under the Credit Documents.

			
	
			
				 Section 7.
			Reaffirmation of Guaranty.    Each Guarantor hereby ratifies, confirms, acknowledges, and agrees that its obligations under the Guaranty and the Guaranty Agreement, as applicable, are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Guaranteed Obligations, as such Guaranteed Obligations may have been amended, extended, and increased by this Increase and Amendment Agreement, and its execution and delivery of this Increase and Amendment Agreement does not indicate or establish an approval or consent requirement by such Guarantor under the Guaranty or the Guaranty Agreement, as applicable, in connection with the execution and delivery of amendments, consents, or waivers to the Credit Agreement, the Notes, or any of the other Credit Documents.

			
	
			
				 Section 8.
			Reaffirmation of Collateral Documents.  Each Transaction Party (a) is party to certain Collateral Documents securing the Secured Obligations, (b) reaffirms the terms of and its obligations (and the security interests granted by it) under each Collateral Document to which it is a party, and agrees that each such Collateral Document will continue in full force and effect to secure the Secured Obligations, as amended hereby, and (c) acknowledges, represents, warrants, and agrees that the Liens and security interests granted by it pursuant to the Collateral Documents  to which it is a party are valid, enforceable, and subsisting, and the Collateral Documents create a Lien on and security interest in the Collateral (subject to the Permitted Liens) to secure the Secured Obligations as amended hereby, and such Liens and security interests are perfected in accordance with the Credit Documents.

			
	
			
				 Section 9.
			Counterparts.    This Increase and Amendment Agreement may be signed in any number of counterparts, each of which shall be an original and all of which, taken together, constitute a single instrument.  This Increase and Amendment Agreement may be executed by facsimile or other electronic signature acceptable to the Administrative Agent (it being agreed signatures delivered via .pdf copies pursuant to electronic mail are acceptable) and all such signatures shall be effective as originals.

			
	
			
				 Section 10.
			Successors and Assigns.    This Increase and Amendment Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement.

			
	
			
				 Section 11.
			Invalidity.    In the event that any one or more of the provisions contained in this Increase and Amendment Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Increase and Amendment Agreement.

			
	
			
				 Section 12.
			Governing Law.    THIS INCREASE AND AMENDMENT AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE, OR CAUSE OF ACTION (WHETHER IN CONTRACT, TORT, OR OTHERWISE) BASED UPON, ARISING OUT OF, OR RELATING TO THIS INCREASE AND AMENDMENT AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN 

		 

		

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	ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. SECTION 10.14 OF THE CREDIT AGREEMENT IS INCORPORATED HEREIN BY REFERENCE AS IF SET FORTH HEREIN IN ITS ENTIRETY AND SHALL APPLY MUTATIS MUTANDIS TO THIS INCREASE AND AMENDMENT AGREEMENT.

			
	
			
				 Section 13.
			Entire Agreement.  THIS INCREASE AND AMENDMENT AGREEMENT AND THE OTHER CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO.  THERE ARE NO UNWRITTEN AGREEMENTS AMONG THE PARTIES HERETO.

		
			[Signature pages follow.]
		

		
			 
		

		
			

		 

		

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			EXECUTED to be effective as of the date first above written.
		

		
			BORROWER:
		

		
			 
		

		
			TRANSOCEAN INC.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

			 

		

Solely for purposes of Sections 4 through 13:
		

		
			 
		

		
			GUARANTORS:
		

		
			 
		

		
			 
		

		
			TRANSOCEAN LTD.
		

		
			 
		

		
			By: /s/ Stephen L. Hayes 
		

		
			Name: Stephen L. Hayes
		

		
			Title:   Senior Vice President 
		

		
			 
		

		
			TRANSOCEAN ASSET HOLDINGS 1 LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			 
		

		
			TRANSOCEAN ASSET HOLDINGS 2  LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			 
		

		
			TRANSOCEAN ASSET HOLDINGS 3  LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			 
		

		
			TRITON VOYAGER ASSET LEASING GMBH
		

		
			 
		

		
			By: /s/ Stephen L. Hayes 
		

		
			Name: Stephen L. Hayes
		

		
			Title:   Managing Director
		

		
			 
		

		
			 
		

		
			TRANSOCEAN BARENTS ASA
		

		
			 
		

		
			By: /s/ Iain Inglis
		

		
			Name: Iain Inglis 
		

		
			Title:   Authorized Signatory
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

			 

		

		

		
			 
		

		
			TRANSOCEAN SPITSBERGEN ASA
		

		
			 
		

		
			By: /s/ Iain Inglis
		

		
			Name: Iain Inglis
		

		
			Title:   Authorized Signatory 
		

		
			 
		

		
			TRANSOCEAN SKYROS LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President 
		

		
			 
		

		
			TRITON KG2 GMBH
		

		
			 
		

		
			By: /s/ Stephen L. Hayes 
		

		
			Name: Stephen L. Hayes
		

		
			Title:   Managing Director 
		

		
			 
		

		
			DRILLSHIP KITHIRA OWNERS INC.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			 
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

			 

		

		

		
			Solely for purposes of Sections 4 through 13:
		

		
			 
		

		
			OTHER TRANSACTION PARTIES:
		

		
			 
		

		
			TRANSOCEAN OFFSHORE DEEPWATER DRILLING INC.
		

		
			 
		

		
			By: /s/ R. Thaddeus Vayda
		

		
			Name: R. Thaddeus Vayda
		

		
			Title:   Vice President, Corporate Finance and Treasurer
		

		
			 
		

		
			TRANSOCEAN CANADA DRILLING SERVICES LTD.
		

		
			 
		

		
			By: /s/ Daniel Haslam
		

		
			Name: Daniel Haslam
		

		
			Title:   President
		

		
			 
		

		
			GLOBALSANTAFE INTERNATIONAL DRILLING CORPORATION
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President 
		

		
			 
		

		
			TRANSOCEAN NORWAY OPERATIONS AS
		

		
			 
		

		
			By: /s/ Iain Inglis
		

		
			Name: Iain Inglis
		

		
			Title:   Authorized Signatory
		

		
			 
		

		
			TRANSOCEAN SERVICES AS
		

		
			 
		

		
			By: /s/ Iain Inglis
		

		
			Name: Iain Inglis
		

		
			Title:   Authorized Signatory
		

		
			 
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

			 

		

TRANSOCEAN HOLDINGS 1 LIMITED
		

		
			 
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			 
		

		
			 
		

		
			TRANSOCEAN HOLDINGS 2 LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			 
		

		
			 
		

		
			TRANSOCEAN HOLDINGS 3 LIMITED
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President 
		

		
			 
		

		
			 
		

		
			TRITON NAUTILUS VAGYONKEZELO KFT
		

		
			 
		

		
			By: /s/ Stephen L. Hayes 
		

		
			Name: Stephen L. Hayes
		

		
			Title:   Managing Director
		

		
			 
		

		
			 
		

		
			OCEAN RIG CUBANGO OPERATIONS INC.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President 
		

		
			 
		

		
			DRILLSHIP SKYROS OWNERS INC.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

			 

		

		

		
			TRANSOCEAN VOYAGER 2 LIMITED 
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President 
		

		
			 
		

		
			Sedco Forex International, Inc.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President 
		

		
			 
		

		
			Ocean Rig Operations Inc.
		

		
			 
		

		
			By: /s/ C. Stephen McFadin_
		

		
			Name: C. Stephen McFadin
		

		
			Title:   President
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

			 

		

		

		
			ADMINISTRATIVE AGENT/ISSUING BANKS/LENDERS:
		

		
			 
		

		
			CITIBANK, N.A., as Administrative Agent, an Issuing Bank and a Lender
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Todd Mogil
		

		
			Name: Todd Mogil
		

		
			Title:   Vice President

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

Wells Fargo Bank, National Association,  as an Issuing Bank and a Lender
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Bret C. West
		

		
			Name: Bret C. West
		

		
			Title: EVP
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			DNB Bank asa, new york branch, as an Issuing Bank
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Samantha Stone
		

		
			Name: Samantha Stone
		

		
			Title: Assistant Vice President
		

		
			 
		

		
			 
		

		
			By: /s/ Vadim Shutov
		

		
			Name: Vadim Shutov
		

		
			Title: Assistant Treasurer
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			Crédit Agricole Corporate and Investment Bank,  as an Issuing Bank and a Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Michael D. Willis
		

		
			Name: Michael D. Willis
		

		
			Title: Managing Director
		

		
			 
		

		
			 
		

		
			By: /s/ Louis P. Laville, III
		

		
			Name: Louis P. Laville, III
		

		
			Title: Managing Director 
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			CITICORP NORTH AMERICA, INC.,  as an Increasing Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Todd Mogil
		

		
			Name: Todd Mogil
		

		
			Title: Vice President
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			GOLDMAN SACHS BANK USA,  as a Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Jamie Minieri
		

		
			Name: Jamie Minieri
		

		
			Title: Authorized Signatory 
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			MORGAN STANLEY SENIOR FUNDING, INC.,  as a Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Kevin Newman
		

		
			Name: Kevin Newman
		

		
			Title: Vice President
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			NORDEA BANK ABP NEW YORK BRANCH,  as a Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Kren Holm-Jorgensen
		

		
			Name: Kren Holm-Jorgensen
		

		
			Title: Senior Vice President
		

		
			By: /s/ Henning Lyche Christiansen
		

		
			Name: Henning Lyche Christiansen
		

		
			Title: Senior Vice President
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),  as an Increasing Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Hans Christian Kjelsrud   
		

		
			Name: Hans Christian Kjelsrud 
		

		
			Title:
		

		
			By: /s/ Per Olav Bucher-Johannessen
		

		
			Name: Per Olav Bucher-Johannessen
		

		
			Title:
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			BARCLAYS BANK PLC,  as an Increasing Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Sydney G. Dennis
		

		
			Name: Sydney G. Dennis
		

		
			Title: Director 
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			SPAREBANK 1 SR-BANK ASA,  as a Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Stig Horsberg Eriksen
		

		
			Name: Stig Horsberg Eriksen
		

		
			Title: Director
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			NIBC BANK N.V.,  as a Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ P. Hop
		

		
			Name: P Hop
		

		
			Title: Executive Director
		

		
			By: /s/ Hans A. Nagtegaal 
		

		
			Name: Hans A. Nagtegaal
		

		
			Title: Managing Director
		

		
			 
		

		
			
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

		
			THE STANDARD BANK OF SOUTH AFRICA LIMITED,  as an Increasing Lender 
		

		
			 
		

		
			 
		

		
			 
		

		
			By: /s/ Pablo Gonzalez-Spahr
		

		
			Name: Pablo Gonzalez-Spahr
		

		
			Title: Executive
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Increase and Amendment Agreement

		

		

			(Transocean Inc.)

		

		

			 

		

		

			
	
			
				
			ANNEX A. 

			
	
			
				
			COMMITMENT INCREASES

			
					
						Lender

					
					
						Commitment Increase

				
	
					
						 

					
					
						 

				
	
					
						Citicorp North America, Inc.

					$
25,000,000.00
				
	
					
						Barclays Bank PLC

					$
5,000,000.00
				
	
					
						Skandinaviska Enskilda Banken AB (publ)

					$
5,000,000.00
				
	
					
						The Standard Bank of South Africa Limited

					$
2,500,000.00
				
	
					
						 

					
					
						 

				
	
					
						TOTAL COMMITMENT INCREASE

					$
37,500,000.00
				

			
	
			
			 	
			

		
			

		 

		

			 

		

		

			 

		

		

			
	
			
				
			ANNEX B.  

		
			 
		

		
			Schedule 1.1-C
		

		
			 
		

		
			COMMITMENT AMOUNTS AS OF DECEMBER [_], 2019
		

		
			 
		

			
					
						PART I.  Lender

					
					
						Commitment

					
					
						Percentage

					
						 

				
	
					
						Citibank, N.A.

					
					
						$175,000,000

					
					
						13.133208%

				
	
					
						Citicorp North America, Inc.

					
					
						$50,000,000

					
					
						3.752345%

				
	
					
						Wells Fargo Bank, National Association

					
					
						$182,500,000

					
					
						13.696060%

				
	
					
						Goldman Sachs Bank USA

					
					
						$182,500,000

					
					
						13.696060%

				
	
					
						DNB Capital LLC

					
					
						$125,000,000

					
					
						9.380863%

				
	
					
						Morgan Stanley Senior Funding, Inc.

					
					
						$125,000,000

					
					
						9.380863%

				
	
					
						Nordea Bank ABP New York Branch

					
					
						$100,000,000

					
					
						7.504690%

				
	
					
						Crédit Agricole Corporate and Investment Bank

					
					
						$100,000,000

					
					
						7.504690%

				
	
					
						Skandinaviska Enskilda Banken AB (publ)

					
					
						$100,000,000

					
					
						7.504690%

				
	
					
						Barclays Bank PLC

					
					
						$80,000,000

					
					
						6.003752%

				
	
					
						SpareBank 1 SR-Bank ASA

					
					
						$65,000,000

					
					
						4.878049%

				
	
					
						NIBC Bank N.V.

					
					
						$35,000,000

					
					
						2.626642%

				
	
					
						The Standard Bank of South Africa Limited

					
					
						$12,500,000

					
					
						0.938086%

				
	
					
						TOTAL COMMITMENTS

					
					
						        $1,332,500,000

					
					
						100.00000%

				

		
			 
		

			
					
						PART II.  Initial Issuing Bank

					
					
						L/C Subcommitment Amount

				
	
					
						Citibank, N.A.

					$
150,000,000
				
	
					
						Wells Fargo Bank, National Association

					$
125,000,000
				
	
					
						Crédit Agricole Corporate and Investment Bank

					$
50,000,000
				
	
					
						DNB Bank ASA, New York Branch

					$
100,000,000rig_EX10_50

		

			Exhibit 10.50

		

		
			PERFORMANCE AWARD AND CASH BONUS PLAN OF
		

		
			TRANSOCEAN LTD.
		

		
			(As Amended and Restated Effective August 1,  2018)
		

			
	
			
				I.
			

GENERAL

			
	
			
				 1.1
			PURPOSE OF THE PLAN

		
			The Performance Award and Cash Bonus Plan (the “Plan”) of Transocean Ltd., a Swiss corporation (the “Company”), is intended to advance the best interests of the Company and its subsidiaries by providing employees with additional incentives through the grant of cash awards based on the performance of the employee or the Company, thereby increasing the personal stake of such employees in the continued success and growth of the Company and encouraging them to remain in the employ of the Company.
		

			
	
			
				 1.2
			ADMINISTRATION OF THE PLAN

			
	
			
				 (a)
			The Plan shall be administered by the Compensation Committee or other designated committee (the “Committee”) of the Board of Directors of the Company (the “Board of Directors”) which shall consist of at least three Directors who are not eligible to participate in the Plan. The Committee shall have authority to interpret conclusively the provisions of the Plan, to adopt such rules and regulations for carrying out the Plan as it may deem advisable, to decide conclusively all questions of fact arising in the application of the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. All decisions and acts of the Committee shall be final and binding upon all affected Plan participants.

			
	
			
				 (b)
			The Committee shall designate the eligible employees, if any, to be granted awards under the Plan and the type and amount of such awards and the time when awards will be granted. All awards granted under the Plan shall be on the terms and subject to the conditions hereinafter provided.

			
	
			
				 (c)
			The Committee retains all of its power and authority hereunder with regard to (i) the selection for participation in this Plan of any person subject to Section 16 of the Securities Exchange Act of 1934, as amended (an “Executive Officer”) or (ii) decisions concerning the timing or amount of an award to an Executive Officer.  Unless the Committee decides otherwise, all other actions with respect to the designation of participation and determination of awards, with the exception of specifying Performance Objectives, can be taken by the Chief Executive Officer, or by any other executive officer as the Committee may deem appropriate, and references to the “Committee” in this Plan shall be deemed to refer to such person for this purpose.

			
	
			
				 (d)
			No member of the Board of Directors, Committee, Chief Executive Officer nor any other executive officer the Committee may deem appropriate to take actions hereunder, shall be liable for any act, omission, interpretation, construction or determination made in connection with this Plan in good faith.

		
			

		 

		

			1

		

		

			
	
			
				 1.3
			ELIGIBLE PARTICIPANTS

		
			Employees, including officers of the Company and its subsidiaries, and of partnerships or joint ventures in which the Company and its subsidiaries have a significant interest as determined by the Committee (all of such subsidiaries, partnerships and joint ventures being referred to as “Subsidiaries”) shall be eligible to participate in the Plan. Directors who are not employees of the Company or its Subsidiaries shall not be eligible to participate in the Plan.
		

			
	
			
				 1.4
			AWARDS UNDER THE PLAN

		
			Awards under the Plan may be in the form of (i) performance awards pursuant to Article II (“Performance Awards”), (ii) cash bonuses and awards pursuant to Article III or (iii) any combination of the foregoing.
		

			
	
			
				 1.5
			OTHER COMPENSATION PROGRAMS

		
			The existence and terms of the Plan shall not limit the authority of the Board of Directors or the Committee in compensating employees of the Company and its Subsidiaries in such other forms and amounts, including compensation pursuant to any other plans as may be currently in effect or adopted in the future, as it may determine from time to time.
		

			
	
			
				II.
			

PERFORMANCE AWARDS

			
	
			
				 2.1
			TERMS AND CONDITIONS OF AWARDS

		
			Subject to the following provisions, Performance Awards expressed as an amount of cash may be granted by the Committee in such form and upon such terms and conditions as the Committee, in its discretion, may from time to time determine. Each grant of a Performance Award shall specify the amount and nature of the Performance Award to be received by the employee subject to satisfaction of specified “Performance Objectives” within a specified “Performance Period.”
		

			
	
			
				 (a)
			Performance Period. The Performance Period with respect to each Performance Award shall be the period of time within which the Performance Objectives relating to that award are to be achieved. The Committee shall determine the length of the Performance Period.

			
	
			
				 (b)
			Performance Objectives.  Performance Awards shall be deemed to have been earned by an employee based upon achievement of Performance Objectives specified by the Committee at the time of grant. Such Performance Objectives shall be one or more of the Performance Objectives specified in the Company’s 2015 Long-Term Incentive Plan (such plan or a successor plan, the “LTIP”), under which the Plan is established, and may be described in terms of Company-wide objectives or of objectives which are related to performance of the employee or of the Subsidiary, division, department or function within the Company in which the employee is employed. Performance Objectives relating to any particular grant of a Performance Award need not be the same as those relating to any other grant, whether made at the same or a different 

		 

		

			2

		

	time. The Committee may specify in connection with each grant of a Performance Award a minimum acceptable level of achievement of the relevant Performance Objectives (the “Minimum”). If events,  transactions or conditions occur or exist which, in the sole judgment of the Committee, cause the Performance Objectives or Minimum relating to such Performance Award to be an inappropriate measure of the achievement of the employee, the Committee may adjust such Performance Objectives or Minimum.

			
	
			
				 (c)
			Earning of Award. The Committee shall, promptly after the date on which the necessary financial or other information for a particular Performance Period becomes available, determine the extent to which the Performance Award to which such Performance Period relates has been earned by the employee through achievement of the relevant Performance Objectives. If the Performance Objectives have been attained or exceeded, the employee shall be deemed to have earned such Performance Award to the extent specified under the terms and conditions established by the Committee. If the Performance Objectives have not been attained but the relevant Minimum, if any, has been attained or exceeded, the percentage of the Performance Award deemed to have been earned by the employee shall be determined in accordance with a formula prescribed by the Committee at the time such Performance Award was granted. If the Minimum has not been attained, the employee shall be deemed not to have earned the Performance Award. If a Performance Award is granted at any time after the first day of a Performance Period, the amount of such Award shall be the amount determined pursuant to this paragraph multiplied by a fraction, the numerator of which is the number of months during the Performance Period during which such grant was in effect, and the denominator of which is the total number of months in the Performance Period. No Performance Award shall become payable to an Executive Officer unless and until the Committee has certified the results of the Performance Objectives.

			
	
			
				 (d)
			Termination of Employment.  If an employee’s employment has terminated because of death or disability (as determined by the Committee) prior to the end of the Performance Period, the extent to which a Performance Award shall be deemed to have been earned shall be determined based on the target level of the Performance Objectives, multiplied by a fraction, the numerator of which is the number of full calendar months such employee was employed during the Performance Period and the denominator of which is the total number of full calendar months in the Performance Period, and the Performance Award shall be distributed as soon as practicable following such termination of employment. If an employee’s employment has terminated because of retirement (under a retirement program of the Company or one of its Subsidiaries or otherwise as determined by the Committee) prior to the end of the Performance Period, the extent to which a Performance Award shall be deemed to have been earned shall be determined by multiplying the amount of the Performance Award which would have been earned had the employee’s employment not been terminated by a fraction, the numerator of which is the number of full calendar months such employee was employed during the Performance Period and the denominator of which is the total number of full calendar months in the Performance Period. Except as provided in the Company’s Executive Severance Benefit Policy (as modified by this Section 2(d)), if the employee’s employment terminates for any reason other than as described in the preceding sentences, the employee shall be deemed not to have earned the Performance Award or any part 

		 

		

			3

		

	thereof unless the Committee determines otherwise in its sole discretion (in which event the extent to which the Performance Award shall be deemed to have been earned shall not exceed the amount determined pursuant to this Section 2.1(d)).  Notwithstanding any terms of the Company’s Executive Severance Benefit Policy to the contrary, if an Executive Officer is entitled to any payment pursuant to Section 6.2 of the Company’s Executive Severance Benefit Policy, the amount of such payment shall be determined under this Section 2.1(d) as if such employee’s employment terminated due to retirement.

			
	
			
				 (e)
			Distributions.  A Performance Award, to the extent that it has been earned, shall be distributed in a cash lump-sum no later than the March 15th of the calendar year following the calendar year in which the Performance Period is completed.  Except as provided in Section 2.1(d), an employee’s Performance Award shall be forfeited if the employee is not actively employed by the Company or one of its Subsidiaries on the date a Performance Award is distributed.

			
	
			
				 (f)
			Change of Control. Notwithstanding any other provision of this Section 2.1 or contained in any Performance Award granted hereunder, upon the occurrence of a Change of Control (as defined in Section 4.7), the Performance Awards for the Performance Period during which the Change of Control occurs will be based on the sum of (i) the greater of (a) presumed achievement at the target level or (b) actual achievement of applicable Performance Objectives through the date of the Change of Control, plus (ii) presumed achievement at the target level for the remainder of the Performance Period beginning on the date following the Change of Control and ending on the last day of the Performance Period. In the event an employee’s employment terminates after the Change of Control and prior to the end of the Performance Period in which the Change of Control occurs, the employee shall be entitled to receive a Performance Award based on the sum of the full amount in (i) above through the date of the Change of Control, and a pro-rata portion of the amount in (ii) above, determined by multiplying such amount by a fraction, the numerator of which is the number of days of the employee’s employment in the Performance Period after the Change of Control and the denominator of which is the number of days in the Performance Period after the Change of Control.  Notwithstanding the provision of Section 2.1(b), following a Change of Control the Committee shall not adjust the Performance Objectives or Minimum or other terms specified in a Performance Award in effect immediately prior to the Change of Control in a manner adverse to the Participant.

			
	
			
				III.
			

CASH BONUSES AND AWARDS

			
	
			
				 3.1
			CASH BONUSES AND AWARDS

		
			The Committee, from time to time, may grant cash bonuses and other cash awards. The Committee may also delegate the authority to grant cash bonuses and awards in accordance with Section 1.2(c) and the policies adopted by the Committee. All bonuses and awards granted under this Section 3.1 shall be subject to such terms and conditions as the Committee, in its discretion, may determine from time to time; any such bonuses or awards 

		 

		

			4

		

granted under this Section 3.1 shall be paid no later than the March 15th of the calendar year immediately following the calendar year in which such bonus or award was granted.
		

			
	
			
				IV.
			

ADDITIONAL PROVISIONS

			
	
			
				 4.1
			AMENDMENTS

			
	
			
				 (a)
			The Board of Directors may,  in its sole discretion, discontinue the Plan at any time, or amend it from time to time.

			
	
			
				 (b)
			The Committee shall have the authority to amend any grant to include any provision which, at the time of such amendment, is authorized under the terms of the Plan; however, no outstanding award may be revoked or altered in a manner unfavorable to the holder without the written consent of the holder.

			
	
			
				 4.2
			CANCELLATION OF AWARDS

		
			Any award granted under the Plan may be canceled at any time with the consent of the holder and a new award may be granted to such holder in lieu thereof, which award may, in the discretion of the Committee, be on more favorable terms and conditions than the canceled award.
		

			
	
			
				 4.3
			WITHHOLDING

		
			Payments under the Plan shall be net of an amount sufficient to satisfy any federal, state or local withholding tax liability.
		

			
	
			
				 4.4
			NON-ASSIGNABILITY

		
			No award under the Plan shall be assignable or transferable by the holder thereof except by will or by the laws of descent and distribution.
		

			
	
			
				 4.5
			NON-UNIFORM DETERMINATIONS

		
			Determinations by the Committee (or its delegate) under the Plan (including, without limitation, determinations of the persons to receive awards; the form, amount and timing of such awards; the terms and provisions of such awards and the agreements evidencing same; and determinations with respect to terminations of employment) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, awards under the Plan, whether or not such persons are similarly situated.
		

			
	
			
				 4.6
			NO GUARANTEE OF EMPLOYMENT

		
			The grant of an award under the Plan shall not constitute an assurance of continued employment for any period.
		

		
			

		 

		

			5

		

		

			
	
			
				 4.7
			CHANGE OF CONTROL 

		
			A “Change of Control” shall have the meaning ascribed to such term in the most recent LTIP as in effect on the date an award under the Plan is granted.
		

			
	
			
				 4.8
			CLAWBACK POLICY

		
			Notwithstanding any other provisions in this Plan, any award under this Plan which is subject to recovery under any law, governmental regulation, stock exchange listing requirement or any policy adopted by the Company will be subject to forfeiture and/or recoupment as may be required thereunder.
		

			
	
			
				 4.9
			EFFECTIVE DATE

		
			The Plan was established effective January 1, 2009 and subsequently amended and restated January 1, 2017.  As hereby amended and restated, the Plan is effective August 1, 2018.
		

		
			

		 

		

			6

		

7
		

		 

		

			7

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