Document:

Registration Rights Agreement

 Exhibit 10.3 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is made and
entered into as of August 31, 2009, by and between TRANSCEND SERVICES, INC., a Delaware corporation (hereinafter called the “Company”), and Dorothy K. Fitzgerald, an individual resident of the State of Maryland (hereinafter called
“Initial Holder”). 
 WHEREAS, pursuant to that certain Stock Purchase Agreement of even date herewith, by and between the Company
and the Initial Holder (the “Purchase Agreement”) the Company has issued to the Initial Holder certain shares of the Common Stock of the Company, $.05 par value per share (“Common Stock”) and may in the future issue additional
shares pursuant thereto (all such shares issued pursuant to the Purchase Agreement, the “Shares”); and 
 WHEREAS, said Shares have
been, or will be, issued to the Initial Holder without registration under the Securities Act of 1933, as amended (the “Securities Act”), and the Company and the Initial Holder desire to provide hereunder for compliance therewith and for
the registration of the Shares, all upon the terms and conditions set forth herein. 
 NOW, THEREFORE, the parties hereto agree as follows:

 1. Certain Other Definitions. As used in this Agreement, the following terms shall have the following respective meanings:

 “Registrable Securities” shall mean, to the extent not sold to the public: (i) the Shares, and (ii) stock issued
in respect of the stock referred to in (i) as a result of a stock split, stock dividend, recapitalization or combination. 
 “Commission” shall mean the United States Securities and Exchange Commission and any successor federal agency having similar powers. 
 “Holders” shall mean any holder or holders of Registrable Securities, or anyone who holds outstanding Registrable Securities to whom the registration rights conferred by this Agreement have been
transferred in compliance with this Agreement. 
 The terms “register,” “registered” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement, and
compliance with applicable state securities laws of such states in which Holders notify the Company of their intention to offer Registrable Securities. 
 “Registration Expenses” shall mean all expenses incurred by the Company in complying with Section 3 hereof, including all registration and filing fees, printing expenses, fees and disbursements
of counsel for the Company, blue sky fees and expenses, fees of the National Association of Securities Dealers, Inc. and accountants’ expenses, including without limitation, any special audits required by any such registration, but excluding
any underwriting discounts and/or sales commissions. 
 “Securities Act” shall mean the Securities Act of 1933, as amended.

 2. Restrictions on Transfer. Initial Holder represents to the Company that she is acquiring the Shares for her own investment
account and without a view to the subsequent public distribution of the Shares otherwise than pursuant to an effective registration statement under the Securities Act or an exemption therefrom. Each certificate for Shares issued to the Initial
Holder and any subsequent Holder which have not been sold to the public pursuant to an effective registration statement under the Securities 

  

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Act or as to which the restrictions on transfer have not been removed as hereinafter provided, shall bear a restrictive legend reciting that the same have
not been registered pursuant to the Securities Act and may not be transferred in the absence of an effective registration statement as to such Shares or an exemption in fact from the registration requirements thereof. Prior to any proposed transfer
of any Registrable Securities, except pursuant to an effective registration statement under the Securities Act and applicable state securities laws, the Holder thereof shall give written notice to the Company of its intention to effect such
transfer. Each such notice shall describe the manner of the proposed transfer and shall be accompanied by an opinion of counsel experienced in federal and state securities laws matters and reasonably acceptable to the Company and its counsel to the
effect that the proposed transfer may be effected without registration under the Securities Act and applicable state securities laws, whereupon the Holder of such Registrable Securities shall be entitled to transfer such securities in accordance
with the terms of its notice and such opinion. Restrictions imposed under this Section 2 upon the transferability of the Shares shall cease when 
 (a) a registration statement covering such Shares becomes effective under the Securities Act and such Shares have been sold pursuant to that registration statement, or 
 (b) the Company receives from the Holder thereof an opinion of counsel experienced in federal securities laws matters, which counsel and
opinion shall be reasonably acceptable to the Company, that such restrictions are no longer required in order to insure compliance with the Securities Act. 
 When such restrictions terminate, the Company shall issue new certificates in the name of the Holder not bearing the legends required by this Section 2. 
 3. Registration under Securities Act 
 3.1 Incidental Registration 
 (a) Right to Include Registrable Securities. If, prior to the time that the Holder is able to dispose of all of her Registrable
Securities in one three-month period pursuant to the provisions of Rule 144, the Company proposes to register any of its equity securities under the Securities Act, whether for sale for its own account or for the account of any other person, on a
form and in a manner which would permit registration of Registrable Securities for sale to the public under the Securities Act, it will each such time give prompt written notice (and in all events prior to filing the registration statement) to all
such Holders of Registrable Securities of its intention to do so, describing such securities and specifying the form and manner and the other relevant facts involved in such proposed registration. Upon the written request of any such Holder (each a
“Requesting Holder”) delivered to the Company within ten (10) business days after the giving of any such notice (which request shall specify the Registrable Securities intended to be disposed of by such Requesting Holder and the
intended method or methods of disposition thereof), the Company will use its best efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by Requesting Holders, to
the extent requisite to permit the disposition of the Registrable Securities in accordance with the intended methods thereof as specified by the holders of a majority of the Registrable Securities so to be registered, provided that:

 (i) if, at any time after giving such written notice of its intention to register any of its securities and prior to the
effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such securities (or in the case of the abandonment or discontinuation of
“Shelf-Registration” as defined below), the Company may, at its election, give written notice of such determination to each Requesting Holder and thereupon shall be relieved of its 

  

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obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration Expenses in
connection therewith as provided in subdivision (b) of this Section 3.1); 
 (ii) if the Company proposes to
register its Common Stock on Form S-1 or Form S-3 for future sale pursuant to Rule 415, then each Holder shall be permitted to include Registrable Securities in such filing (“Shelf Registration”), but may only “take down” and
sell such Registrable Securities in a transaction involving the sale by the Company of its Common Stock (a “Shelf Take-Down”); 
 (iii) if (A) the registration (or Shelf Take-Down) so proposed by the Company involves an underwritten offering of the securities so being registered, whether or not for sale for the account of the Company, to be
distributed by or through one (1) or more underwriters of recognized standing under underwriting terms appropriate for such a transaction, and (B) the managing underwriter of such underwritten offering shall advise the Company and the
Requesting Holders in writing that, in its judgment, the distribution of all or a specified portion of such Registrable Securities concurrently with the securities being distributed by such underwriters will adversely affect the distribution of such
securities by such underwriters, then the Company may require, by written notice to each such holder, that the distribution of all or a specified portion of such Registrable Securities be excluded from such distribution (provided that in such case,
no shares held by officers and directors of the Company, other than Registrable Securities that may be owned by officers and directors, are included in the registration and underwriting) (in case of an exclusion of a portion of such Registrable
Securities, such portion to be allocated among such holders in proportion to the respective numbers of shares of Registrable Securities owned by such holders) provided that, the number of shares of Registrable Securities included shall be
reduced pro rata with any securities being offered for the account of any person other than the Company (other than pursuant to the “demand” registration rights of such person); 
 (iv) the Company shall not be obligated to effect any registration (or Shelf Take-Down) of Registrable Securities under this
Section 3.1 incidental to the registration of any of its securities in connection with mergers, acquisitions, exchange offers, dividend reinvestment plans or stock option or other employee benefit plans or incidental to the registration of any
non- equity securities not convertible into equity securities; and 
 (v) the Company shall not be obligated to maintain the
effectiveness of any registration statement for any time longer than the first to occur of the sale by the Company of all of the Shares it is offering or 180 days from the later of the date of effectiveness of the registration statement, or in the
case of a Shelf Take-Down the date of the take down of such shares for offer and sale. 
 (b) Expenses. Except as
otherwise prohibited by applicable law, the Company will pay all Registration Expenses in connection with the registration of Registrable Securities pursuant to this Section 3.1. 
 (c) Participation in Underwritten Registrations. No Holder of Registrable Securities may participate in any underwritten
registration (or Shelf Take-Down) hereunder unless such Holder (a) agrees to sell such Holder’s securities on the basis provided in any underwriting arrangements approved by the Company and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements, holdback, lock-up or market stand-off agreements and other documents required under the terms of such underwriting arrangements (on terms no less favorable to 

  

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Holders than those available to other selling stockholders). The provisions of any such underwriting agreements shall supersede the similar provisions
relating to the transaction set forth in this Agreement, including the provisions of Section 3.1(a) relating to the intended method of disposition by Holders, Section 3.2 (e) through (j) and Section 3.4. 
 3.2 Registration Procedures. In connection with the registration of any Registrable Securities under the Securities Act as provided in
Section 3.1, the Company will promptly: 
 (a) cooperate with the holders of such Registrable Securities and take all
such other reasonable actions as are necessary or advisable to permit, expedite and facilitate the disposition of such Registrable Securities in the manner contemplated by the related registration statement, and the Company will provide to the
holders of such Registrable Securities, and any attorney, accountant or other agent retained by any holder of Registrable Securities, reasonable access to appropriate Company officers and employees to answer questions and to supply information
reasonably requested by any such holders of Registrable Securities, attorney, accountant or agent in connection with such registration statement; 
 (b) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective
and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities and other securities covered by such registration statement until the earlier of such time as all of such Registrable Securities
and securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement or the date upon which the Registrable Securities may be resold pursuant to the
provisions of Rule 144 under the Securities Act, and will furnish, upon request, to each such seller prior to the filing thereof a copy of any amendment or supplement to such registration statement or prospectus and shall not file any such amendment
or supplement to which any such seller or holder shall have reasonably objected on the grounds that such amendment or supplement does not comply in all material respects with the requirements of the Securities Act or of the rules or regulations
thereunder; 
 (c) furnish to each seller of such Registrable Securities such number of conformed copies of such registration
statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus), in
conformity with the requirements of the Securities Act, such documents, if any, incorporated by reference in such registration statement or prospectus, and such other documents, as such seller may reasonably request; 
 (d) use its best efforts to register or qualify all Registrable Securities and other securities covered by such registration statement
under such other securities or blue sky laws of the states of the United States as each seller shall reasonably request, to keep such registration or qualification in effect for so long as such registration statement remains in effect, and do any
and all other acts and things which may be necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of its Registrable Securities covered by such registration statement, except that the Company shall not for
any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this subdivision be obligated to be so qualified, or to subject itself to taxation in any
such jurisdiction, or to consent to general service of process in any such jurisdiction; 
 (e) immediately notify each seller
of Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the

  

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prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, which untrue statement or omission requires amendment of the registration statement or supplementation of the
prospectus, and at the request of any such seller, prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing; provided, however, that each holder of Registrable Securities registered pursuant to such registration statement agrees that he or it will not sell any Registrable Securities pursuant to such registration statement
during the time that the Company is preparing and filing with the Commission a supplement to or an amendment of such prospectus or registration statement; 
 (f) in the event of the issuance of any stop order suspending the effectiveness of any registration statement or of any order suspending or preventing the use of any prospectus or suspending the qualification of any
Registrable Securities for sale in any jurisdiction, use its best efforts to obtain its withdrawal; 
 (g) otherwise use its
commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its securities holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
months, but not more than eighteen months, beginning with the first month of the first fiscal quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act; 
 (h) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities
covered by such registration statement from and after a date not later than the effective date of such registration statement; 
 (i) use its best efforts to list all Common Stock covered by such registration statement on the Nasdaq Stock Market or any other dealer quotation system or stock exchange; 
 (j) take such other actions as may reasonably be requested by any Holder; 
 each seller of Registrable Securities as to which any registration is being effected shall furnish the Company such information regarding such seller and the distribution of such securities as the Company may from
time to time reasonably request in writing and as shall be required by law or by the Commission in connection therewith. 
 3.3
Preparation; Reasonable Investigation. In connection with the preparation and filing of the registration statement registering Registrable Securities under the Securities Act, the Company will give the holders of Registrable Securities on
whose behalf such Registrable Securities are to be so registered, at their request, the opportunity to review such registration statement and each prospectus included therein or filed with the Commission and each amendment thereof or supplement
thereto. 
 3.4 Indemnification 
 (a) Indemnification by the Company. In the event of any registration of any securities of the Company under the Securities Act, the Company will, and hereby does, indemnify and hold harmless in the case of any
registration statement filed pursuant to Section 3.1, the seller of any Registrable Securities covered by such registration statement, its directors, trustees and officers, 

  

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each other person who participates as an underwriter in the offering or sale of such securities and each other person, if any, who controls such seller or
any such underwriter within the meaning of the Securities Act against any losses, claims, damages, liabilities or expenses, joint or several, to which such seller or any such director or officer or participating or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions or proceedings in respect thereof) arise out of or are based upon (x) any untrue statement or alleged untrue statement
of any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement
thereto, or any document incorporated by reference therein, (y) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (z) any
violation by the Company of any rule or regulation promulgated under the Securities Act or the Securities Exchange Act of 1934, as amended, or other federal or state securities law applicable to the Company and relating to any action or inaction
required of the Company in connection with such registration, and the Company will reimburse such seller and each such director, trustee, officer, participating person and controlling person for any legal or any other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim, liability, action or proceeding, provided that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense (or
action or proceeding in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary
prospectus, amendment or supplement in reliance upon and in conformity with information furnished to the Company by such seller or any such director, trustee, officer, participating person or controlling person specifically for use in the
preparation thereof. 
 (b) Indemnification by the Sellers. As a condition to including any Registrable Securities in
any registration statement filed pursuant to Section 3.1, each holder of Registrable Securities shall, severally and not jointly, indemnify and hold harmless the Company, its directors and officers and each other person, if any, who controls
the Company, against any losses, claims, damages or liabilities, joint or several, to which the Company or any such director or officer or any such person may become subject under the Securities Act or any other statute or at common law, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any alleged untrue statement of any material fact contained, on the effective date thereof, in any registration statement under which
Registrable Securities were registered under the Securities Act, or in any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto, or (ii) any alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent that such alleged untrue statement or alleged omission was contained in information furnished to the Company
by such holder specifically for use therein, and shall reimburse the Company or such director, officer or other person for any legal or any other expenses reasonably incurred in connection with investigating or defending any such loss, claim,
damage, liability or action. 
 (c) Notice of Claims, etc. Promptly after receipt by an indemnified party of notice of
the commencement of any action or proceeding involving a claim referred to in the preceding subdivisions of this Section 3.4, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, give written
notice to the latter of the commencement of such action, provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under the preceding subdivisions of this
Section 3.4. In case any such action is brought against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying party may exist in respect of such claim,
the indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly 

  

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notified, to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof
other than reasonable costs of investigation. No indemnifying party shall, without the consent of the indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
 (d) Other Indemnification. Indemnification similar to that specified in the preceding subdivisions of this Section 3.4 (with appropriate modifications) shall be given by the Company and each seller of Registrable Securities with
respect to any required registration or other qualification of such Registrable Securities under any federal or state law or regulation of governmental authority other than the Securities Act. 
 (e) Indemnification Payments. The indemnification required by this Section 3.4 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 
 4. Rule 144 and 144A Reporting. With a view to making available to Holders of Registrable Securities the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public
without registration, the Company agrees at all times to use its best efforts: 
 (a) Make and keep public information
available, as those terms are understood and defined in Rule 144 and Rule 144A. 
 (b) Use its best efforts to file with the
Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act. 
 For
purposes of facilitating sales pursuant to Rule 144A, so long as the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, each Holder and any prospective purchaser of such Holder’s securities
shall have the right to obtain from the Company, upon request of the Holder prior to the time of sale, a brief statement of the nature of the business of the Company and the products and services it offers; and the Company’s most recent balance
sheet and profit and loss and retained earnings statements, and similar financial statements for the two preceding fiscal years (the financial statements should be audited to the extent reasonably available). 
 5. Transfer of Registration Rights. The rights to cause the Company to register Registrable Securities of a Holder and keep information
available granted to a Holder by the Company under Section 3 may be assigned by a Holder to any partner or shareholder of such Holder, to any other Holder, or to a transferee or assignee; provided, that the Company is given written notice by
the Holder at the time of or within a reasonable time after said transfer, stating the name and address of said transferee or assignee and identifying the securities with respect to which such registration rights are being assigned. 
 6. Representations and Warranties of the Company. The Company represents and warrants to the Holders as follows: 
 (a) The execution, delivery and performance of this Agreement by the Company have been duly authorized by all requisite corporate action
and will not violate any provision of law, any order of any court or other agency of government, the Articles of Organization or Bylaws of the Company or any provision of any indenture, agreement or other instrument to which it or any of its
properties or assets is bound, conflict with, result in a breach of or constitute (with due notice or lapse of time or 

  

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both) a default under any such indenture, agreement or other instrument or result in the creation or imposition of any lien, charge or encumbrance of any
nature whatsoever upon any of the properties or assets of the Company. 
 (b) This Agreement has been duly executed and
delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, reorganization, fraudulent conveyance and moratorium
laws and other laws of general application affecting enforcement of creditors’ rights generally and (ii) the availability of equitable remedies as such remedies may be limited by equitable principles of general applicability (regardless of
whether enforcement is sought in a proceeding in equity or at law). 
 7. Amendments and Waivers. This Agreement may be amended and
the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission to act, of the holder or holders
of a majority of the Shares. Each holder of any Registrable Securities at the time shall be bound by any consent authorized by this Section 4, whether or not such Registrable Securities shall have been marked to indicate such consent.

 8. Notices. Notices and other communications under this Agreement shall be in writing and shall be deemed given when delivered, or,
if by U.S. mail, when deposited in a regularly maintained receptacle, by Certified First Class Mail, postage prepaid, addressed: 
 (a) to any holder of Registrable Securities at the address shown on the stock transfer books of the Company unless such holder has advised the Company in writing of a different address as to which notices shall be sent under this Agreement,
and 
 (b) if to the Company at One Glenlake Parkway, Atlanta, Georgia 30328, to the attention of the President, or to such
other address or to the attention of such other officer, as the Company shall have furnished to each holder of Registrable Securities at the time outstanding. 
 9. Miscellaneous. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto, whether so expressed or not, and, in
particular, shall inure to the benefit of and be enforceable by any holder or holders of Registrable Securities. This Agreement embodies the entire agreement and understanding between the Company and the other parties hereto and supersedes all prior
agreements and understandings relating to the subject matter hereof. This Agreement shall be construed and enforced in accordance with and governed by the law of the State of Georgia. The headings in this Agreement are for purposes of reference only
and shall not limit or otherwise affect the meaning hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused this
Agreement to be executed by its duly authorized officer, as of the date first above written. 
  

			
	TRANSCEND SERVICES, INC.
	
	 /s/ Lance Cornell

	By: Name: Lance Cornell
	Title: Chief Financial Officer
	
	DOROTHY K. FITZGERALD
		
	By:	 	 /s/ Dorothy K. Fitzgerald

	Name:	 	Dorothy K. Fitzgerald
	Title:	 	  

 [Signature page to Registration Rights Agreement]Employment Agreement - William C. Hoffman

 Exhibit 10.1 
 SEAHAWK DRILLING, INC. 
 EMPLOYMENT/NON-COMPETITION/ 
 CONFIDENTIALITY AGREEMENT 
 WILLIAM
C. HOFFMAN 

 EMPLOYMENT/NON-COMPETITION/CONFIDENTIALITY AGREEMENT 
  

			
	 DATE:
	  	The date of execution set forth below.
		
	 COMPANY/EMPLOYER:
	  	Seahawk Drilling, Inc.,
		  	a Delaware corporation
		  	5847 San Felipe, Floor 16
		  	Houston, Texas 77057
		
	 EMPLOYEE:
	  	William C. Hoffman
		  	2003 Parco Verde Circle
		  	Katy, Texas 77450

 This Employment/Non-Competition/Confidentiality Agreement by and between Seahawk Drilling, Inc.
(the “Company”) and William C. Hoffman (“Employee”) (together the “Parties”), effective as of August 31, 2009 (the “Agreement”), is made on the terms as herein provided. 
 PREAMBLE 
 WHEREAS, the Company
wishes to secure the services of Employee subject to the contractual terms and conditions set forth herein; and 
 WHEREAS, Employee is
willing to enter into the Agreement upon the terms and conditions and for the consideration set forth herein. 
 NOW, THEREFORE, for and in
consideration of the mutual promises, covenants, and obligations contained herein, the Parties agree as follows: 
 AGREEMENT 

  

	I.	PRIOR AGREEMENTS/CONTRACTS 

 Employee represents and
warrants to the Company that (i) he has no continuing non-competition, non-solicitation or other similar agreements with any prior employers that have not been disclosed in writing to the Company and (ii) neither the execution of the
Agreement by Employee nor the performance by Employee of his obligations under the Agreement will result in a violation or breach of, or constitute a default under the provisions of any contract, agreement or other instrument to which Employee is or
was a party. 
  

	II.	DEFINITION OF TERMS 

 Words used in the Agreement in the
singular shall include the plural and in the plural the singular, and the gender of words used shall be construed to include whichever may be appropriate under any particular circumstances of the masculine, feminine or neuter genders. 
  

	 	2.01	BOARD. The term “Board” means the Board of Directors of the Company. 

  

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	 	2.02	CAUSE. The term “Cause” means: (i) the willful and continued failure of Employee substantially to perform his duties with the Company (other than any failure due to
physical or mental incapacity) after a written demand for substantial performance is delivered to him by the Board which specifically identifies the manner in which the Board believes he has not substantially performed his duties, (ii) willful
misconduct materially and demonstrably injurious to the Company, (iii) intentional action, materially and demonstrably injurious to Company, which Employee knows would not comply with the laws of the United States or any other jurisdiction
applicable to Employee’s actions on behalf of the Company, and/or any of its subsidiaries or affiliates, including specifically, without limitation, the United States Foreign Corrupt Practices Act, generally codified in 15 USC 78 (the
“FCPA”), as the FCPA may hereafter be amended, and/or its successor statutes, or (iv) material violation of one or more of the covenants in Article V (except violation of the covenant not to compete after termination of
employment after Change in Control as discussed herein). No act or failure to act by Employee shall be considered “willful” unless done or omitted to be done by him not in good faith and without reasonable belief that his action or
omission was in the best interest of the Company. The unwillingness of Employee to accept any or all of a change in the nature or scope of his position, authorities or duties, a reduction in his total compensation or benefits, or other action by or
at request of the Company in respect of his position, authority, or responsibility that is contrary to this Agreement, may not be considered by the Board to be a failure to perform or misconduct by Employee. Notwithstanding the foregoing, Employee
shall not be deemed to have been terminated for Cause for purposes of the Agreement unless and until there shall have been delivered to him a copy of a resolution, duly adopted by a vote of three-fourths of the entire Board at a meeting of the Board
called and held (after a notice to Employee identifying in reasonable detail the manner in which Company believes Cause exists and an opportunity for Employee and his counsel to prepare for and to be heard before the Board) for the purpose of
considering whether Employee has been guilty of such a willful failure to perform or such willful misconduct as justifies termination for Cause hereunder, finding that, in the good faith opinion of the Board, Employee has been guilty thereof, and
specifying the particulars thereof. 

  

	 	2.03	CHANGE IN CONTROL. The term “Change in Control” of the Company shall mean, and shall be deemed to have occurred on the date of the first to occur of any of the following:

  

	 	a.	any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) is or becomes a beneficial owner, directly or indirectly, of
securities of the Company representing thirty percent (30%) or more of the total voting power of the Company’s then outstanding securities; 

  

	 	b.	during any period of 12 consecutive months, individuals who, as of the date hereof, constitute the members of the Board (the “Incumbent Directors”) cease for any reason
other than due to death or disability to constitute at least a majority of the members of the Board, provided that any director who was nominated for election or was elected with the approval of at least a majority of the members of the Board who
are at the time Incumbent Directors shall be considered an Incumbent Director unless such individual’s initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board; 

  

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	 	c.	the consummation of any transaction (including any merger, amalgamation, consolidation or scheme of arrangement), the result of which is that less than fifty percent (50%) of
the total voting power of the surviving corporation is represented by shares held by former shareholders of the Company prior to such transaction; or 

  

	 	d.	the Company shall have sold, transferred or exchanged all, or substantially all, of its assets to another corporation or other entity or person. 

  

	 	2.04	CODE. The term “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  

	 	2.05	COMPANY. The term “Company” means Seahawk Drilling, Inc., a Delaware corporation, as the same presently exists, or any and all successors, regardless of the nature of the
entity or the state or nation of organization, whether by assignment, reorganization, merger, consolidation, absorption or dissolution. For the purpose of Article V the term “Company” includes all subsidiaries of the Company to the
extent such subsidiary is carrying on any portion of the business of the Company or a business similar to that being conducted by the Company. With regard to the determination of the amount or level of the Employee’s compensation and benefits
payable hereunder, including annual bonuses and equity incentives, the term “Company” means the Board and/or the Compensation Committee of the Board. 

  

	 	2.06	CONSTRUCTIVE TERMINATION. The term “Constructive Termination” means a Termination by reason of Employee’s resignation for any one or more of the following events:

  

	 	a.	Employee’s resignation or retirement is requested by the Company other than for Cause; 

  

	 	b.	any material reduction in Employee’s Annual Base Salary, Target Bonus or benefits other than equity or long-term incentive awards or actual bonus award payouts, in all cases as
then in effect immediately prior to such reduction; 

  

	 	c.	any circumstance by which the actions of the Company either reduce or change Employee’s title, position, duties, responsibilities or authority to such an extent or in such a
manner as to relegate Employee to a position not substantially similar to that which he held prior to such reduction or change and which would degrade, embarrass or otherwise make it unreasonable for Employee to remain in the employment of the
Company; 

  

	 	d.	any requirement of the Company that Employee relocate more than 50 miles from downtown Houston, Texas, unless Employee recommended the relocation; or 

  

	 	e.	the material breach by the Company of any provision of the Agreement. 

 Notwithstanding any provision to the contrary, in order for Employee’s resignation to be deemed a Constructive Termination, (A) Employee must provide, within 60 days following the occurrence of the
event that Employee claims constitutes a Constructive Termination, a written notice to the Company that Employee intends to terminate his 

  

 3 

 
employment with the Company; (B) the written notice must describe the event constituting the Constructive Termination in reasonable detail; and
(C) within 30 days after receiving such notice from Employee, the Company must fail to reinstate Employee to the position he was in, or otherwise cure the circumstances giving rise to the Constructive Termination. 
  

	 	2.07	COVERED TERMINATION. The term “Covered Termination” shall mean the Employee’s Termination for any reason other than (i) Cause, (ii) Voluntary Resignation or
(iii) death. Accordingly, a Covered Termination includes the Employee’s Termination by reason of Constructive Termination or Disability or Termination at the end of any “Employment Period” due to non-renewal or failure to extend
this Agreement for any reason. Notwithstanding any provision hereof to the contrary, the Company shall have the right to terminate Employee’s employment at any time during the Employment Period, as defined below (including any extended term),
and the Company has no obligation to deliver advance notice of termination. 

  

	 	2.08	CUSTOMER. The term “Customer” includes all persons, firms or entities that are purchasers or end-users of services or products offered, provided, developed, designed, sold
or leased by the Company during the relevant time periods, and all persons, firms or entities which control, or which are controlled by, the same person, firm or entity which controls such purchase. 

  

	 	2.09	DISABILITY. The term “Disability” means physical or mental incapacity qualifying Employee for a long-term disability under the Company’s long-term disability plan. If
no such plan exists on the date on which a relevant determination is being made, the term “Disability” means physical or mental incapacity as determined by a doctor jointly selected by Employee and the Board qualifying Employee for
long-term disability under reasonable employment standards. 

  

	 	2.10	EFFECTIVE DATE. The term “Effective Date” means the date that the Agreement becomes effective and binding. 

  

	 	2.11	MAXIMUM BONUS. The term “Maximum Bonus” shall mean (i) Employee’s maximum bonus under the Company’s annual bonus incentive plan for the fiscal year in which
a Covered Termination occurs as determined in accordance with Section 3.04b or (ii) if the Company has not specified a maximum bonus for such year, Employee’s maximum bonus under the Company’s annual bonus incentive plan for the
last year in which the Company had specified such a maximum bonus, or (iii) if the Company has not specified a maximum bonus in the year of the Covered Termination or in a previous year, the maximum bonus identified in Section 3.04b.

  

	 	2.12	SECTION 409A. The term “Section 409A” refers to Section 409A of the Code and applicable Treasury authorities promulgated thereunder.

  

	 	2.13	TARGET BONUS. The term “Target Bonus” shall mean (i) Employee’s target bonus under the Company’s annual bonus incentive plan for the fiscal year in which a
Covered Termination occurs as determined in accordance with Section 3.04b or (ii) if the Company has not specified a target bonus for such year, Employee’s target bonus under the Company’s annual bonus incentive plan for the last
year in which the Company had specified such a target bonus, or (iii) if the Company has not specified a target bonus in the year of the Covered Termination or in a previous year, the minimum target bonus identified in Section 3.04b.

  

 4 

	 	2.14	TERMINATION. The term “Termination” means Employee’s “separation from service” with the Company and all of its affiliates as that phrase is defined for
purposes of Section 409A. 

  

	 	2.15	VOLUNTARY RESIGNATION. The term “Voluntary Resignation” means any Termination by Employee for any reason other than a Constructive Termination. 

 

	III.	EMPLOYMENT 

  

	 	3.01	EMPLOYMENT. Except as otherwise provided in the Agreement, the Company hereby agrees to continue to employ Employee, and Employee hereby agrees to remain in the employ of the
Company, for the Employment Period. During the Employment Period, Employee shall exercise such position and authority and perform such responsibilities as are commensurate with the position to which he is assigned and as directed by his supervisor.
The office, position and title for which Employee is initially employed is that of Senior Vice President and Chief Operating Officer. Employee and the Company agree that the Company may re-assign Employee to another office, position and/or title,
subject to Employee’s rights under Section 2.06. 

  

	 	3.02	BEST EFFORTS AND OTHER EMPLOYMENT OBLIGATIONS OF EMPLOYEE; BUSINESS EXPENSES; AND OFFICE AND OTHER SERVICES. 

  

	 	a.	During the Employment Period, Employee agrees that he will at all times faithfully, industriously and to the best of his ability, experience and talents, perform all of the duties
that may be required of and from him pursuant to the express and implicit terms hereof. 

  

	 	b.	During the Employment Period, Employee shall devote his normal and regular business time, attention and skill to the business and interests of the Company, and the Company shall be
entitled to all of the benefits, profits or other issue arising from or incident to all work, services and advice of Employee performed for the Company. Such employment shall be considered “full time” employment. Employee shall also have
the right to devote such incidental and immaterial amounts of his time which are not required for the full and faithful performance of his duties hereunder to any outside activities and businesses which are not being engaged in by the Company and
which shall not otherwise interfere with the performance of his duties hereunder. Notwithstanding the foregoing, it shall not be a violation of the Agreement for Employee to (i) serve on corporate, civic or charitable boards or committees,
(ii) deliver lectures, fulfill speaking engagements or teach at educational institutions and (iii) manage personal investments, so long as such activities do not significantly interfere with the performance of Employee’s
responsibilities hereunder. Employee shall have the right to make investments in any business provided such investment does not result in a violation of Article V of the Agreement or other applicable Company policies. 

 

 5 

	 	c.	Employee acknowledges and agrees that, in connection with his employment relationship with the Company, Employee owes a fiduciary duty to the Company. In keeping with these duties,
Employee shall make full disclosure to the Company of all business opportunities pertaining to the Company’s business and shall not appropriate for Employee’s own benefit business opportunities concerning the subject matter of the
fiduciary relationship. 

  

	 	d.	Employee shall not intentionally take any action which he knows would not comply with the laws of the United States or any other jurisdiction applicable to Employee’s actions
on behalf of the Company, and/or any of its subsidiaries or affiliates, including specifically, without limitation, the FCPA, as the FCPA may hereafter be amended, and/or its successor statutes. 

  

	 	e.	During and after the Employment Period, Employee agrees to refrain from any disparaging comments about the Company, any affiliates, or any current or former officer, director or
employee of the Company or any affiliate, and Employee agrees not to take any action, or assist any person in taking any other action, in each case, that is materially adverse to the interests of the Company or any affiliate or inconsistent with
fostering the goodwill of the Company and its affiliates; provided, however , that nothing in the Agreement shall apply to or restrict in any way the communication of information by Employee to any state or federal law enforcement agency or
require notice to the Company thereof, and Employee will not be in breach of the covenant contained above solely by reason of his testimony which is compelled by process of law. During and after the Employment Period, the Company and its affiliates,
officers, directors, and authorized representatives and agents agree to refrain from any disparaging comments about Employee; provided, however , that nothing in the Agreement shall apply to or restrict in any way the communication of
information by the Company and its affiliates, officers, directors, and authorized representatives and agents to any state or federal law enforcement agency or require notice to Employee thereof, and the Company and its affiliates, officers,
directors, and authorized representatives and agents will not be in breach of the covenant contained above solely by reason of testimony which is compelled by process of law. 

  

	 	f.	During the Employment Period, Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by Employee in accordance with the most favorable
policies, practices and procedures of the Company as in effect from time to time. Such reimbursement shall be made subject to the terms and conditions of the Company’s policy on the earlier of (i) the date specified in the Company’s
policy or (ii) to the extent the reimbursement is taxable and subject to Section 409A, no later than December 31 of the calendar year next following the calendar year in which the expense was incurred. 

  

	 	g.	During the Employment Period, the Company shall furnish Employee with office space, secretarial assistance and such other facilities and services as shall be suitable to
Employee’s position and adequate for the performance of Employee’s duties hereunder. 

  

	 	3.03	 TERM AND EMPLOYMENT PERIOD. The period of Employee’s employment with the Company (the “Employment Period”) that commenced on the Effective Date will
end on the date of Employee’s Termination. The term of this Agreement shall commence on the Effective Date and end on the second anniversary of the Effective Date. On the 

  

 6 

 
second anniversary of the Effective Date, and each anniversary thereafter, the Employment Period will be automatically extended for one (1) year such
that the Employment Period on the date of each such extension shall be one (1) year; provided, however , that the Company or Employee may give written notice to the other that the Agreement will not be renewed or continued after the next
scheduled expiration date which is not less than ninety (90) days after the date that the notice of non-renewal was given. Notwithstanding the above, the Employment Period will expire upon Employee’s Termination for any reason including
Covered Termination, Constructive Termination, Disability, death, Cause or Voluntary Resignation. Employee agrees to provide thirty (30) days written notice of any Voluntary Resignation. Immediately upon Termination, Employee agrees to resign
from all officer and director positions held with the Company and its affiliates. 
  

	 	3.04	COMPENSATION AND BENEFITS. During the Employment Period Employee shall receive the following compensation and benefits: 

  

	 	a.	The Company will pay or cause to be paid to Employee an annual base salary of not less than $400,000.00, with the opportunity for increases, from time to time thereafter, which are
in accordance with the Company’s regular executive compensation practices (such salary, as in effect from time to time, the “Annual Base Salary”). The Board will review the Annual Base Salary at least annually.

  

	 	b.	Employee will be eligible to participate in an annual bonus plan at a target bonus award level of no less than 75% of Annual Base Salary and at a maximum bonus award level of 150%
of Annual Base Salary (such annual bonus, as in effect from time to time, the “Annual Bonus”), it being understood that the performance criteria and actual bonus awards are determined by the Company in its discretion and bonus amounts are
not guaranteed. Notwithstanding the foregoing, in lieu of a bonus under the annual bonus plan for 2009, Employee will be entitled to a guaranteed minimum bonus of $200,000, which shall be payable no later than March 15, 2010 subject to
Employee’s continued employment with the Company through December 31, 2009. 

  

	 	c.	Employee will be eligible to participate on a reasonable basis, subject to the Company’s discretion as to the level of actual awards, in stock option, equity and incentive
compensation plans which provide opportunities to receive compensation in addition to Employee’s Annual Base Salary and Annual Bonus. 

  

	 	d.	As a sign-on bonus, subject to the approval of the Compensation Committee of the Company, as soon as practicable on or after the Effective Date, Employee shall be awarded restricted
stock units pursuant to the Company’s 2009 Long-Term Incentive Plan (“LTIP”), the value of which award shall equal $1,700,000. The value of the award shall be based on the closing price of the Company’s common stock on the
trading day immediately preceding the Effective Date or, if the Effective Date occurs prior to the distribution by Pride International, Inc. on a pro rata basis to the holders of outstanding shares of Pride International, Inc. common stock all of
the outstanding shares of common stock of the Company, the volume weighted average price of the Company’s common stock on the closing date of the Distribution. 

  

 7 

	 	e.	Subject to the approval of the Compensation Committee of the Company, as soon as practicable on or after the Effective Date, Employee shall be awarded restricted stock units
pursuant to the LTIP, the value of which award shall equal $300,000. The value of the award shall be based on the closing price of the Company’s common stock on the trading day immediately preceding the Effective Date or, if the Effective Date
occurs prior to the Distribution, the volume weighted average price of the Company’s common stock on the closing date of the Distribution. The award of restricted stock units under this Section 3.04e shall be considered a part of
Employee’s participation in the LTIP for the 2009 calendar year. 

  

	 	f.	Employee will be entitled to participate in employee welfare and qualified plans (including, but not limited to, 401(k), life, health, accident and disability insurance and
disability benefits), and to receive perquisites, to the extent offered by the Company generally to its senior executives. 

  

	 	g.	Employee will receive paid vacation days each year to the same extent as provided to employees with comparable duties, in accordance with Company policy and practices, but in no
event will this vacation benefit be less than four (4) weeks per year. 

  

	 	3.05	TERMINATION PRIOR TO CHANGE IN CONTROL. Notwithstanding anything herein to the contrary, the Company shall have the right to terminate Employee’s employment at any time during
the Employment Period (including any extended term). In the event of any Covered Termination that does not entitle Employee to payments and benefits under Article IV, the Company shall, sixty (60) days following such Covered Termination,
or at such other time(s) specified in this Section 3.05 or Section 6.03, and in exchange for a full and complete release of claims against the Company, its affiliates, officers and directors (“Release”), pay or provide (or cause
to be paid or provided) to Employee (or his designee or estate, as determined under Section 6.10, in the event of death after Covered Termination and prior to satisfaction of the Company’s obligations in this Section 3.05):

  

	 	a.	An amount equal to one (1) full year of his Annual Base Salary in effect on the date of Covered Termination, which Annual Base Salary for these purposes is defined as 12 times
the gross monthly salary in effect for Employee immediately preceding his date of Covered Termination. 

  

	 	b.	The Company shall provide to Employee, Employee’s spouse and Employee’s eligible dependents who were covered under the Company’s welfare plans immediately prior to
the date of Employee’s Covered Termination for a period of one (1) full year following the date of Employee’s Covered Termination, health insurance coverage which is comparable to that provided to similarly situated active senior
executives at a cost to Employee as if he had remained a full time employee. If Employee dies during such term, health insurance coverage being provided under this Section will continue to be provided to Employee’s spouse and eligible
dependents until the date that is one (1) year after the date of Employee’s Covered Termination. 

  

 8 

	 	c.	An amount equal to the sum of (i) one (1) times the Target Bonus, plus (ii) if Employee experiences a Covered Termination on or after January 1st, but before the
date on which awards are paid, if any, pursuant to achievement of performance goals set under the Company’s annual bonus incentive plan for the year immediately preceding the year in which Employee’s Covered Termination occurs, an amount,
subject to the Company’s discretion as set forth under the Company’s annual bonus incentive plan and paid at the same time the Company pays bonuses to similarly situated employees under such plan, equal to the amount Employee would have
earned if Employee had remained employed with the Company until the date such awards would otherwise have been paid, plus (iii) a pro-rata portion of the award for the year in which the Covered Termination occurs, if any, earned by the
achievement of performance goals set under the Company’s annual bonus incentive plan and paid at the same time the Company pays bonuses to similarly situated employees under such plan; provided, however, that if Employee has timely
deferred his applicable award under a Company plan, such payment due Employee under this subparagraph shall be paid in accordance with the terms of the deferral. 

  

	 	d.	 All equity awards that are outstanding as of the date of Covered Termination shall immediately vest in full and any option award that is outstanding as of the date
of Covered Termination shall be amended to the extent necessary to provide that any options outstanding under such option award shall remain exercisable until the earliest of the third anniversary of the date of the Covered Termination, the latest
date upon which the option would have expired under any circumstances under its original terms or the 10th anniversary of the original date of grant of the option. 

  

	 	e.	The “Compensation and Benefits” Section hereof shall be applicable in determining the payments and benefits due Employee under this Section and if Covered Termination
occurs after a reduction in all or part of Employee’s total compensation or benefits, the lump sum severance allowance and other compensation and benefits payable to him pursuant to this Section shall be based upon his compensation and benefits
before the reduction. 

  

	 	f.	If any provision of this Section cannot, in whole or in part, be implemented and carried out under the terms of the applicable compensation, benefit or other plan or arrangement of
the Company because Employee has ceased to be an actual employee of the Company, due to insufficient or reduced credited service based upon his actual employment by the Company or because the plan or arrangement has been terminated or amended after
the Effective Date, or for any other reason, the Company itself shall pay or otherwise provide the equivalent of such rights, benefits and credits for such benefits to Employee, his dependents, beneficiaries and estate as if Employee’s
employment had not been terminated. 

  

	 	g.	The Company’s obligation under this Section to pay or provide health insurance coverage to Employee, Employee’s spouse and Employee’s dependents shall be reduced when
and to the extent any such benefits are paid or provided to Employee by another employer; provided, however, that Employee shall have all rights, if any, afforded to retirees to convert group life insurance coverage to the individual life
insurance coverage as, to the extent of, and whenever his group life insurance coverage under this Section is reduced or expires. Apart from this subparagraph, Employee shall have and be subject to no obligation to mitigate.

  

 9 

 Notwithstanding any provision herein to the contrary, if Employee has not delivered
to the Company an executed Release on or before the fiftieth (50th) day after the date of Covered Termination, Employee shall forfeit all of the payments and benefits described in this Section 3.05; provided however, that Employee
shall not forfeit such amounts if the Company has not delivered to Employee the required form of Release on or before the 25th
 day following the date of Covered Termination. If Employee delivers to the Company an executed and irrevocable Release in a timely manner, subject to Section 6.03, the Company shall pay the Employee
the benefits required hereunder in a timely manner without undue delay. 
 A sample form of Release is attached as Exhibit A.
Employee acknowledges that the Company retains the right to modify the required form of the Release as the Company reasonably deems necessary in order to effectuate a full and complete release of claims related to Employee’s employment against
the Company, its affiliates, officers and directors and to delay payment until timely execution of the Release without revocation. 
 For the
avoidance of doubt and to avoid duplication of benefits, to the extent the Company’s performance under this Section includes the performance of the Company’s obligations to Employee under any other plan or under another agreement between
the Company and Employee, the rights of Employee under such other plan or other agreement, which are discharged under the Agreement, are discharged, surrendered, or released pro tanto. 
  

	 	3.06	PAYMENT OF BENEFITS UPON TERMINATION FOR CAUSE. If the Termination is for Cause, the Company will have the right to withhold all payments other than what is accrued and owing with
respect to base salary, unreimbursed reasonable business expenses and under the terms of any employee benefit plan maintained by the Company. 

  

	IV.	CHANGE IN CONTROL 

  

	 	4.01	EXTENSION OF TERM AND EMPLOYMENT PERIOD. The Employment Period and term of this Agreement shall be immediately and without further action extended for a term of two (2) years
following the effective date of the Change in Control and will expire at 11:59 p.m. on the date immediately preceding the second anniversary of the Change in Control. Thereafter, the Employment Period and term of this Agreement will automatically
extended for successive terms of one (1) year commencing on each such anniversary, unless terminated, all in the manner specified in Section 3.03. 

  

	 	4.02	TERMINATION AFTER A CHANGE IN CONTROL. If Employee has a Covered Termination within two (2) years after the date of a Change in Control, the Company shall pay or provide (or
cause to be paid or provided) to Employee all payments and benefits specified in Section 3.05 hereof at the same time and in the same manner therein specified (including the condition of timely execution of a Release and subject to
Section 6.03) except as amended and modified below: 

  

	 	a.	The salary specified in Section 3.05a will be paid based upon a multiple of two (2) years (instead of one (1) year). 

  

	 	b.	Health insurance specified in Section 3.05b will be provided until (i) Employee becomes reemployed and receives similar benefits from a new employer or (ii) two
(2) years after the date of the Covered Termination, whichever is earlier. 

  

 10 

	 	c.	An amount equal to two (2) times the Maximum Bonus, plus the amounts listed in Sections 3.05c(ii) and (iii); provided, however, that if Employee has timely deferred
his applicable award under a Company plan, such payment due Employee under this subparagraph shall be paid in accordance with the terms of the deferral. 

  

	 	d.	All other rights and benefits specified in Section 3.05, including the vesting and extension of the exercise period of any equity awards as described in Section 3.05d and
payment provisions of Section 3.05f. 

 The Parties agree that in the event of a Change in Control, no later than the date
of, but prior to, the Change in Control, the Company shall deposit the amounts specified in Section 4.02a and Section 4.02c. into an irrevocable grantor trust, established by the Company prior to the Change in Control with a duly
authorized bank or corporation with trust powers (“Rabbi Trust”). The expenses of such Rabbi Trust shall be paid by the Company. Any amounts due to Employee under this Section 4.02 shall first be satisfied by the Rabbi Trust and the
remaining obligations shall be satisfied by the Company at the same time and in the same manner described in Section 3.05. 
  

	V.	NON COMPETITION AND PROTECTION OF CONFIDENTIAL INFORMATION 

  

	 	5.01	CONSIDERATION. The Company has provided and promises to continue to provide Employee with the Company’s trade secrets and other confidential information, along with personal
contacts, that are of critical importance in securing and maintaining business prospects, in retaining the accounts and goodwill of present Customers and protecting the business of the Company. 

  

	 	a.	Employee, therefore, agrees that in exchange for the Company providing and its promise to continue to provide trade secrets and other confidential information, Employee agrees to
the non-competition and confidentiality obligations and covenants outlined in this Article V and that absent his agreement to these obligations and covenants, the Company will not now provide and will not continue to provide him with trade
secrets and other confidential information. 

  

	 	b.	In addition to the consideration described in Section 5.01a, the Parties agree that (i) fifteen percent (15%) of Employee’s Annual Base Salary and Annual Bonus,
if any, paid and to be paid to Employee and (ii) one hundred percent (100%) of the payments and benefits, including Employee’s right to receive the same, under Section 3.05, shall constitute additional consideration for the
non-competition and confidentiality agreements set forth herein. 

  

	 	5.02	NON-COMPETITION. In exchange for the consideration described above in Section 5.01, Employee agrees that during the Employment Period and for a period of six (6) months
after the end of the Employment Period (unless Employee is terminated after a Change in Control with the right to payments and benefits under Article IV, in which event there will be no covenant not to compete and the non-compete covenants and
obligations herein will terminate on the date of Termination), Employee will not, directly or indirectly, either as an individual, proprietor, stockholder (other than as a holder of up to one percent (1%) of the outstanding shares of a
corporation whose shares are listed on a stock exchange or traded in accordance with the automated quotation system of the National Association of Securities Dealers), partner, officer, employee or otherwise: 

  

 11 

	 	a.	work for, become an employee of, invest in, provide consulting services to or in any way engage in any business which (i) is primarily engaged in the drilling and workover of
oil and gas wells within the geographical area described in Section 5.02e and (ii) actually competes with the Company; or 

  

	 	b.	provide, sell, offer to sell, lease, offer to lease, or solicit any orders for any products or services which the Company provided and with regard to which Employee had direct or
indirect supervision or control, within one (1) year preceding Employee’s Termination, to or from any person, firm or entity which was a Customer for such products or services of the Company during the one (1) year preceding such
Termination from whom the Company had solicited business during such one (1) year; or 

  

	 	c.	actively solicit, aid, counsel or encourage any officer, director, employee or other individual to (i) leave his or her employment or position with the Company,
(ii) compete with the business of the Company, or (iii) violate the terms of any employment, non-competition or similar agreement with the Company; or 

  

	 	d.	directly or indirectly (i) influence the employment of, or engagement in any contract for services or work to be performed by, or (ii) otherwise use, utilize or benefit
from the services of any officer, director, employee or any other individual holding a position with the Company within one (1) year after the date of Termination or within one (1) year after such officer, director, employee or individual
terminated employment with the Company, whichever period expires earlier. 

  

	 	e.	The geographical area within which the non-competition obligations and covenants of the Agreement shall apply is that territory within one hundred (100) miles of (i) any
of the Company’s present offices, (ii) any of the Company’s present rig yards or rig operations and (iii) any additional location where the Company, as of the date of any action taken in violation of the non-competition
obligations and covenants of the Agreement, has an office, a rig yard, a rig operation or definitive plans to locate an office, a rig operation or a rig yard or has recently conducted rig operations. Notwithstanding the foregoing, if the one hundred
(100) mile radius extends into another country or its territorial waters and the Company is not then doing business in that other country, there will be no territorial limitations extending into such other country. 

  

	 	5.03	 CONFIDENTIALITY/PROTECTION OF INFORMATION. Employee acknowledges that his employment with the Company has in the past and will, of necessity, continue to provide
him with special knowledge which, if used in competition with the Company, or divulged to others, could cause serious harm to the Company. Accordingly, Employee will not at any time during or after his employment by the Company, directly or
indirectly, divulge, disclose, use or communicate to any person, firm or corporation in any manner whatsoever any information concerning any matter specifically affecting or relating to the Company or the business of the Company. While engaged as an
employee of the Company, Employee may only use information concerning any matters affecting or relating to the Company or the business of the Company for a purpose which is necessary to the carrying out of Employee’s duties as an employee of
the Company, and Employee may not make any use of any information of the Company after he is no longer an employee of the Company. Employee agrees to the foregoing without regard to 

  

 12 

 
whether all of the foregoing matters will be deemed confidential, material or important, it being stipulated by the Parties that all information, whether
written or otherwise, regarding the Company’s business, including, but not limited to, information regarding Customers, Customer lists, costs, prices, earnings, products, services, formulae, compositions, machines, equipment, apparatus,
systems, manufacturing procedures, operations, potential acquisitions, new location plans, prospective and executed contracts and other business plans and arrangements, and sources of supply, is prima facie presumed to be important, material
and confidential information of the Company for the purposes of the Agreement, except to the extent that such information may be otherwise lawfully and readily available to or known by the general public, in any case other than as a result of
Employee’s breach of this covenant. Employee further agrees that he will, upon Termination, return to the Company all books, records, lists and other written, electronic, typed or printed materials, whether furnished by the Company or prepared
by Employee, which contain any information relating to the Company’s business, and Employee agrees that he will neither make nor retain any copies of such materials after Termination. Notwithstanding any of the foregoing, nothing in the
Agreement shall prevent Employee from complying with applicable federal and/or state laws. Notwithstanding any of the foregoing, Employee will not be liable for any breach of these confidentiality provisions if Employee discloses any such
information as required by any subpoena or other legal process or notice or in any disposition, judicial or administrative hearing, or trial or arbitration (though Employee shall, to the extent permitted, give the Company notice of any such
subpoena, process, or notice and will cooperate with all reasonable requests of the Company to obtain a protective order regarding, or to narrow the scope of, the information required to be disclosed). 
  

	 	5.04	COMPANY REMEDIES FOR VIOLATION OF NON-COMPETITION OR CONFIDENTIALITY/PROTECTION OF INFORMATION PROVISIONS. Without limiting the right of the Company to pursue all other legal and
equitable rights available to it for violation of any of the obligations and covenants made by Employee herein, it is expressly agreed that: 

  

	 	a.	the terms and provisions of the Agreement are reasonable and constitute an otherwise enforceable agreement to which the provisions of this Article V are ancillary or a part of
as contemplated by TEX. BUS. & COM. CODE ANN. Sections 15.50-15.52; 

  

	 	b.	the consideration provided by the Company under the Agreement is not illusory; 

  

	 	c.	the consideration given by the Company under the Agreement, including, without limitation, the provision and continued provision by the Company of trade secrets and other
confidential information to Employee, gives rise to the Company’s interest in restraining and prohibiting Employee from engaging in the unfair competition prohibited by Section 5.02 and Employee’s promise not to engage in the unfair
competition prohibited by Section 5.02 is designed to enforce Employee’s consideration (or return promises), including, without limitation, Employee’s promise to not use or disclose confidential information or trade secrets; and

  

 13 

	 	d.	the injury suffered by the Company by a violation of any obligation or covenant in this Article V of the Agreement will be difficult to calculate in damages in an action at law
and cannot fully compensate the Company for any violation of any obligation or covenant in this Article V of the Agreement, accordingly: 

  

	 	(i)	the Company shall be entitled to injunctive relief without the posting of a bond or other security to prevent violations thereof and to prevent Employee from rendering any services
to any person, firm or entity in breach of such obligation or covenant and to prevent Employee from divulging any confidential information; and 

  

	 	(ii)	compliance with this Article V of the Agreement is a condition precedent to the Company’s obligation to make payments of any nature to Employee, subject to the other
provisions hereof. 

  

	 	5.05	TERMINATION OF BENEFITS FOR VIOLATION OF NON-COMPETITION AND CONFIDENTIALITY/PROTECTION OF INFORMATION PROVISIONS. If Employee knowingly violates the confidentiality/protection of
information and/or non-competition obligations and covenants herein or any other related agreement he may have signed as an employee of the Company, Employee agrees there shall be no obligation on the part of the Company to provide any payments or
benefits (other than payments or benefits already earned or accrued) described in Section 3.05 of the Agreement. If Employee is terminated after a Change in Control with the right to payments and benefits under Article IV, there will be no
withholding of benefits or payments due to a violation of the non-competition obligations hereof and Employee will not be bound by the non-competition provisions hereof. 

  

	 	5.06	REFORMATION OF SCOPE. If the provisions of the confidentiality and/or non-competition obligations and covenants should ever be deemed by a court of competent jurisdiction to exceed
the time, geographic or occupational limitations permitted by the applicable law, such court may reform such provisions to the maximum time, geographic or occupational limitations permitted by the applicable law. Employee and the Company agree that
such provisions as reformed shall be and are hereby binding and enforceable, and the determination of whether Employee violated such obligation and covenant will be based solely on the limitation as reformed. 

  

	 	5.07	RETURN OF CONSIDERATION. Employee specifically recognizes and affirms that the non-competition obligations set out in Section 5.02 are material and important terms of the
Agreement, and Employee further agrees that should all or any part of the non-competition obligations described in Section 5.02 be held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction in a legal
proceeding between Employee and the Company, the Company shall be entitled to the immediate return and receipt from Employee of all consideration described in Section 5.01b, including interest on all amounts paid to Employee under
Section 5.01b at the maximum lawful rate. 

  

	 	5.08	ASSISTANCE WITH LEGAL PROCEEDINGS. Employee agrees that during the Employment Period and for two (2) years after the Employment Period, Employee will furnish such information
and proper assistance as may be reasonably necessary in connection with any litigation or other legal proceedings in which the Company or any of its affiliates or subsidiaries is then or may become involved, and shall cooperate in a timely manner,
including but not limited to cooperation with the Board or the Company’s officers, counsel, regulators and auditors, with respect to all internal investigations with respect to which Employee may have relevant information; provided,
however , that no additional compensation shall be paid or payable to Employee for these services. 

  

 14 

	VI.	GENERAL 

  

	 	6.01	ENFORCEMENT COSTS. 

  

	 	a.	If at any time after the Effective Date, (x)(A) it should appear to Employee that (1) the Company is or has acted contrary to or is failing or has failed to comply with
any of its obligations under the Agreement for the reason, (i) the Company regards the Agreement to be void or unenforceable, (ii) that Employee has violated the terms of the Agreement, or (iii) for any other reason, (2) that the
Company (i) has purported to terminate, or is in the course of terminating Employee’s employment for Cause, or (ii) is withholding or is threatening to withhold payments or benefits, contrary to the Agreement, or (B) if the
Company or any other person takes any action to declare the Agreement void or unenforceable, or institutes any litigation or other legal action designed to deny, diminish or to recover from Employee the benefits provided or intended to be provided
to him hereunder, and (y) Employee has acted in good faith to perform his obligations under the Agreement, then the Company irrevocably authorizes Employee from time to time to retain counsel of his choice at the expense of the Company to
represent him in connection with the protection and enforcement of his rights hereunder including, without limitation, representation in connection with termination of his employment or withholding of benefits or payments contrary to the Agreement
or with the initiation or defense of any litigation or any other legal action, whether by or against Employee or the Company or any director, officer, stockholder or other person affiliated with the Company, in any jurisdiction. The Company shall
not withhold the periodic payments of attorney’s fees and expenses hereunder based upon any belief or assertion by the Company that Employee has not acted in good faith or has violated the Agreement. If the Company subsequently establishes to a
court of competent jurisdiction that Employee was not acting in good faith and has violated the Agreement, Employee shall reimburse the Company for any and all amounts paid to Employee due to his actions not based on good faith and in violation of
the Agreement. The reasonable fees and expenses of counsel selected from time to time by Employee hereinabove provided shall be paid or reimbursed to Employee by the Company, on a regular, periodic basis within thirty (30) days after
presentation by Employee of a statement or statements prepared by such counsel in accordance with its customary practices; provided however that any such statement must be presented to the Company no later than six (6) months after the
expense was incurred. Notwithstanding the foregoing, unless a Change in Control has occurred and Employee has experienced a Termination within two (2) years after such Change in Control, Employee shall be entitled to a maximum reimbursement of
$50,000 in the calendar year in which Employee’s Termination occurs and $100,000 in each of the next two succeeding calendar years and any amount not used in one year shall not carry over to the next year. The right to reimbursement pursuant to
this Section 6.01a is not subject to liquidation or exchange for another benefit. Employee shall not be entitled to reimbursement under this Section 6.01a if he has executed a Release and the request for reimbursement relates to claims
waived or released under the Release. 

  

 15 

	 	b.	If a bona fide dispute regarding the right to, or amount of, benefits potentially payable to Employee pursuant to this Agreement, failure to timely execute a Release as described in
Section 3.05 shall not cause the forfeiture of such benefits, pending a full or partial settlement of the matter between the Company and Employee or a final nonappealable judgment thereon. 

  

	 	6.02	INCOME, EXCISE OR OTHER TAX LIABILITY. Employee will be liable for and will pay all income tax liability by virtue of any payments made to Employee under the Agreement, as if the
same were earned and paid in the normal course of business and not the result of a Change in Control and not otherwise triggered by the “golden parachute” or excess payment provisions of the Code as described below, which would cause
additional tax liability to be imposed. 

  

	 	a.	The Company may withhold from any benefits and payments made pursuant to the Agreement all federal, state, city and other taxes as may be required pursuant to any law or
governmental regulation or ruling. 

  

	 	b.	Notwithstanding any contrary provisions in any plan, program or policy of the Company, if all or any portion of the benefits payable under the Agreement, either alone or together
with other payments and benefits which Employee receives or is entitled to receive from the Company, would constitute a “parachute payment” within the meaning of Section 280G of the Code, the Company shall reduce Employee’s
payments and benefits payable under the Agreement to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code, but only if, by reason of such reduction, the net after-tax benefit
shall exceed the net after-tax benefit if such reduction were not made. “Net after-tax benefit” for these purposes shall mean the sum of (i) the total amount payable to Employee under the Agreement, plus (ii) all other payments
and benefits which Employee receives or is then entitled to receive from the Company that, alone or in combination with the payments and benefits payable under the Agreement, would constitute a “parachute payment” within the meaning of
Section 280G of the Code (each such benefit hereinafter referred to as an “Additional Parachute Payment”), less (iii) the amount of federal income taxes payable with respect to the foregoing calculated at the maximum marginal
income tax rate for each year in which the foregoing shall be paid to Employee (based upon the rate in effect for such year as set forth in the Code at the time of the payment under the Agreement), less (iv) the amount of excise taxes imposed
with respect to the payments and benefits described in (i) and (ii) above by Section 4999 of the Code. The parachute payments reduced shall be those that provide Employee the best economic benefit and to the extent any parachute
payments are economically equivalent with each other, each shall be reduced pro rata. 

  

	 	c.	All determinations required to be made under Section 6.02b shall be made by the accounting firm that was the Company’s independent auditor prior to the Change in Control
or any other third party acceptable to Employee and the Company (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and Employee. All fees and expenses of the Accounting Firm
shall be borne solely by the Company. Absent manifest error, any determination by the Accounting Firm shall be binding upon the Company and Employee. 

  

 16 

	 	6.03	SECTION 409A. The Agreement is intended to comply with the provisions of Section 409A and, wherever possible, shall be construed and interpreted to ensure that any
payments that may be paid, distributed, provided, reimbursed, deferred or settled under this Agreement will not be subject to any additional taxation under Section 409A. Notwithstanding any provision of the Agreement to the contrary, the
following provisions shall apply for purposes of complying with Section 409A: 

  

	 	a.	With respect to life insurance coverage, Employee shall pay the full cost of such coverage and the Company shall reimburse to Employee the amount of the cost of the coverage that is
in excess of the then active employee cost for such coverage. With respect to any group health plan, for the period of time during which Employee would be entitled (or would, but for this Agreement, be entitled) to continuation coverage under a
group health plan of the Company under Section 4980B of the Code if Employee elected such coverage and paid the applicable premiums (generally, 18 months), Employee shall pay the amount of the applicable premium as required under
Section 3.05b or 4.02b, as applicable, on a monthly basis, and thereafter, Employee shall pay the full cost of the benefits as determined under the then current practices of the Company on a monthly basis, provided that the Company shall
reimburse Employee the excess of costs, if any, above the amount of the applicable premium as required under Section 3.05b or 4.02b, as applicable. Any reimbursements by the Company to Employee required under this paragraph shall be made on a
regular, periodic basis within thirty (30) days after such reimbursable amounts are incurred by Employee; provided that, before such reimbursement, Employee has submitted or the Company possesses the applicable and appropriate evidence of such
expense(s). Any reimbursements provided during one taxable year of Employee shall not affect the expenses eligible for reimbursement in any other taxable year of Employee (with the exception of applicable lifetime maximums applicable to medical
expenses or medical benefits described in Section 105(b) of the Code) and the right to reimbursement under this Section 6.03a shall not be subject to liquidation or exchange for another benefit or payment. 

  

	 	b.	If Employee is a “specified employee,” as such term is defined in Section 409A, at the time of Employee’s Termination, any payments, reimbursements or benefits
payable as a result of Employee’s Termination shall not be payable before the earlier of (i) the date that is six months after Employee’s Termination, (ii) the date of Employee’s death, or (iii) the date that otherwise
complies with the requirements of Section 409A. Any payments and benefits that otherwise would have been paid or provided following Employee’s Termination and that are subject to this delay of payment under Section 409A shall, during
such delay period, be accumulated and paid in a lump sum at the earliest date which complies with the requirements of Section 409A. In the case of any payments due under Section 4.02 that must be delayed as provided under this Section,
such payments shall be accumulated in the grantor trust as provided in Section 4.02 and paid in a lump sum as provided in Section 4.02, at the earliest date which complies with the requirements of Section 409A.

  

	 	c.	If a payment or provision of any benefit hereunder is subject to additional taxation under Section 409A, the Parties agree to cooperate to the fullest extent in pursuit of any
available corrective relief, as provided under the terms of Internal Revenue Service Notice 2008-113 or any corresponding subsequent guidance, from the Section 409A additional income tax and premium interest tax. 

  

 17 

	 	6.04	NO DUPLICATION OF BENEFITS. Employee shall be entitled to one, and only one, of the payments and benefits described in Section 3.05 or Section 4.02, as applicable to the
circumstances of Employee’s Termination. 

  

	 	6.05	REFORMATION DUE TO LAW DEVELOPMENTS. Employee acknowledges that the Company’s tax consequences as a result of Employee’s compensation under the Agreement are of
significant interest to the Company and that developments involving relevant tax laws, rules and regulations could unfavorably impact the Company’s tax consequences. Employee agrees that he is obligated to consider in good faith any proposal by
the Company to revise or reform his compensation structure hereunder if the Company advises Employee that such compensation structure has or will result in unfavorable tax consequences to the Company. 

  

	 	6.06	NON-EXCLUSIVE AGREEMENT. The specific arrangements referred to herein are not intended to exclude or limit Employee’s participation in other benefits available to Employee or
personnel of the Company generally, or to preclude or limit other compensation or benefits as may be authorized by the Board at any time, or to limit or reduce any compensation or benefits to which Employee would be entitled but for the Agreement.
Except as explicitly provided in this Agreement, it is intended that any compensation or benefits, including equity or incentive compensation, which the Employee may be or is otherwise entitled to receive under any plan, program, policy or practice
of or provided by, or any contract or agreement with, the Company prior to, upon or subsequent to a Change in Control or the date of Termination shall be payable or otherwise provided or governed in accordance with such plan, program, policy or
practice or contract or agreement. 

  

	 	6.07	NOTICES. Notices, requests, demands and other communications provided for by the Agreement shall be in writing and shall either be personally delivered by hand or sent by:
(i) Registered or Certified Mail, Return Receipt Requested, postage prepaid, properly packaged, addressed and deposited in the United States Postal System; (ii) via facsimile transmission or electronic mail if the receiver acknowledges
receipt; or (iii) via Federal Express or other expedited delivery service provided that acknowledgment of receipt is received and retained by the deliverer and furnished to the sender, if to Employee, at the last address he has filed, in
writing, with the Company, or if to the Company, to its Corporate Secretary at its principal executive offices. 

  

	 	6.08	NON-ALIENATION. Employee shall not have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any amounts provided under the Agreement, and no payments or
benefits due hereunder shall be assignable in anticipation of payment either by voluntary or involuntary acts or by operation of law. So long as Employee lives, no person, other than the Parties hereto, shall have any rights under or interest in the
Agreement or the subject matter hereof. Upon the death of Employee, his executors, administrators, devisees and heirs, in that order, shall have the right to enforce the provisions hereof, to the extent applicable. 

  

	 	6.09	ENTIRE AGREEMENT; AMENDMENT. The Agreement constitutes the entire agreement of the Parties with respect of the subject matter hereof. No provision of the Agreement may be amended,
waived, or discharged except by the mutual written agreement of the Parties. The consent of any other person(s) to any such amendment, waiver or discharge shall not be required. 

  

 18 

	 	6.10	SUCCESSORS AND ASSIGNS. The Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, by operation of law or otherwise, including, without
limitation, any corporation or other entity or persons which shall succeed (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, and the Company will
require any successor, by agreement in form and substance satisfactory to Employee, expressly to assume and agree to perform the Agreement. 

  

	 	6.11	GOVERNING LAW. Except to the extent required to be governed by the laws of the State of Delaware because the Company is incorporated under the laws of said State, the validity,
interpretation and enforcement of the Agreement shall be governed by the laws of the State of Texas. 

  

	 	6.12	VENUE. To the extent permitted by applicable state or federal law, venue for all proceedings under this Agreement and any other agreement with the Company with respect to
Employee’s employment, compensation, non-competition, confidentiality, accrual of payments or any form of compensation or benefits from the Company are concerned will be in the U.S. District Court for the Southern District of Texas, Houston
Division. 

  

	 	6.13	HEADINGS. The headings in the Agreement are inserted for convenience of reference only and shall not affect the meaning or interpretation of the Agreement. 

 

	 	6.14	SEVERABILITY; PARTIAL INVALIDITY. In the event that any provision, portion or section of the Agreement is found to be invalid or unenforceable for any reason, the remaining
provisions of the Agreement shall be unaffected thereby, shall remain in full force and effect and shall be binding upon the Parties, and the Agreement will be construed to give meaning to the remaining provisions of the Agreement in accordance with
the intent of the Agreement. 

  

	 	6.15	COUNTERPARTS. The Agreement may be executed in one or more counterparts, each of which shall be deemed to be original, but all of which together constitute one and the same
instrument. 

  

	 	6.16	NO WAIVER. Employee’s or the Company’s failure to insist upon strict compliance with any provision of the Agreement or the failure to assert any right Employee or the
Company may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of the Agreement. 

 [SIGNATURE PAGE TO FOLLOW] 
  

 19 

 IN WITNESS WHEREOF, Employee has hereunto set his hand and, pursuant to the authorization from its Board
of Directors and the Compensation Committee of such Board of Directors, the Company has caused these presents to be executed in its name and on its behalf. 
 EXECUTED in multiple originals and/or counterparts as of the date set forth below. 
  

					
	 Date: August 27, 2009
	 	/s/ William C. Hoffman
		 	 William C. Hoffman, Senior Vice President and
 Chief Operating Officer

		
		 	SEAHAWK DRILLING, INC.
			
		 	 By:
	 	/s/ Randall D. Stilley
		 		 	Randall D. Stilley, President
		 	 Date:
	 	August 31, 2009

  

 20 

 EXHIBIT A 
 WAIVER AND RELEASE 
 Pursuant to the terms of my Employment Agreement with Seahawk Drilling, Inc., and in
exchange for the payment of $     which is the cash amount payable pursuant to [Section     ] of the Agreement and benefits as provided in
[Section     ] of the Agreement, as applicable (the “Separation Benefits”), I hereby waive all claims against and release (i) Seahawk Drilling, Inc. and its directors, officers, employees, agents,
insurers, predecessors, successors and assigns (collectively referred to as the “Company”), (ii) all of the affiliates (including all parent companies and all wholly or partially owned subsidiaries) of the Company and their directors,
officers, employees, agents, insurers, predecessors, successors and assigns (collectively referred to as the “Affiliates”), and (iii) the Company’s and its Affiliates’ employee benefit plans and the fiduciaries and agents of
said plans (collectively referred to as the “Benefit Plans”) from any and all claims, demands, actions, liabilities and damages arising out of or relating in any way to my employment with or separation from employment with the Company and
its Affiliates other than amounts due pursuant to [Section     ] of the Agreement, rights under [Section     ] of the Agreement and the rights and benefits I am entitled to under
the Benefit Plans. (The Company, its Affiliates and the Benefit Plans are sometimes hereinafter collectively referred to as the “Released Parties.”). 
 I understand that signing this Waiver and Release is an important legal act. I acknowledge that I have been advised in writing to consult an attorney before signing this Waiver and Release. I understand that, in
order to be eligible for the Separation Benefits, I must sign (and return to the Company) this Waiver and Release before I will receive the Separation Benefits. I acknowledge that I have been given at least
[            ] days to consider whether to accept the Separation Benefits and whether to execute this Waiver and Release. 
 In exchange for the payment to me of the Separation Benefits, (1) I agree not to sue in any local, state and/or federal court regarding or relating
in any way to my employment with or separation from employment with the Company and its Affiliates, and (2) I knowingly and voluntarily waive all claims and release the Released Parties from any and all claims, demands, actions, liabilities,
and damages, whether known or unknown, arising out of or relating in any way to my employment with or separation from employment with the Company and its Affiliates, except to the extent that my rights are vested under the terms of any employee
benefit plans sponsored by the Company and its Affiliates and except with respect to such rights or claims as may arise after the date this Waiver and Release is executed. This Waiver and Release includes, but is not limited to, claims and causes of
action under: Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990; the Civil Rights Act of 1866, as amended; the Civil Rights
Act of 1991; the Americans with Disabilities Act of 1990; the Workers Adjustment and Retraining Notification Act of 1988; the Pregnancy Discrimination Act of 1978; the Employee Retirement Income Security Act of 1974, as amended; the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and Health Act; the Texas Labor Code §21.001 et. seq.; the Texas Labor Code; claims in
connection with workers’ compensation, retaliation or “whistle blower” statutes; and/or contract, tort, defamation, slander, wrongful termination or any other state or federal regulatory, statutory or common law. Further, I
expressly represent that no promise or agreement which is not expressed in this Waiver and Release has been made to me in executing this Waiver and Release, and that I am relying on my own judgment in executing this Waiver and Release, and
that I am not relying on any statement or representation of the Company or its Affiliates or any of their agents. I agree that this Waiver and Release is valid, fair, adequate and reasonable, is with my full knowledge and consent, was not procured
through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing to inform me. I acknowledge and agree that the Company will withhold any taxes required by federal or state law from the Separation Benefits otherwise
payable to me. 
  

 A-1 

 Notwithstanding the foregoing, I do not release and expressly retain (a) all rights to indemnity,
contribution, and a defense, and directors and officers and other liability coverage that I may have under any statute, the bylaws of the Company or by other agreement; and (b) the right to any, unpaid reasonable business expenses and any
accrued benefits payable under any Company welfare plan or tax-qualified plan. 
 I acknowledge that payment of the Separation Benefits is
not an admission by any one or more of the Released Parties that they engaged in any wrongful or unlawful act or that they violated any federal or state law or regulation. I acknowledge that neither the Company nor its Affiliates have promised me
continued employment or represented to me that I will be rehired in the future. I acknowledge that my employer and I contemplate an unequivocal, complete and final dissolution of my employment relationship. I acknowledge that this Waiver and Release
does not create any right on my part to be rehired by the Company or its Affiliates, and I hereby waive any right to future employment by the Company or its Affiliates. 
 I understand that for a period of 7 calendar days following the date that I sign this Waiver and Release, I may revoke my acceptance of this Waiver and Release, provided that my written statement of revocation is
received on or before that seventh day by [Name and/or Title], [address], facsimile number:         , in which case the Waiver and Release will not become effective. If I timely revoke my
acceptance of this Waiver and Release, the Company shall have no obligation to provide the Separation Benefits to me. I understand that failure to revoke my acceptance of the offer within 7 calendar days from the date I sign this Waiver and Release
will result in this Waiver and Release being permanent and irrevocable. 
 Should any of the provisions set forth in this Waiver and Release
be determined to be invalid by a court, agency or other tribunal of competent jurisdiction, it is agreed that such determination shall not affect the enforceability of other provisions of this Waiver and Release. I acknowledge that this Waiver and
Release sets forth the entire understanding and agreement between me and the Company and its Affiliates concerning the subject matter of this Waiver and Release and supersede any prior or contemporaneous oral and/or written agreements or
representations, if any, between me and the Company or its Affiliates. 
 I acknowledge that I have read this Waiver and Release, have had an
opportunity to ask questions and have it explained to me and that I understand that this Waiver and Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including breach of contract, personal injury,
retaliation, discrimination on the basis of race, age, sex, national origin, or disability and any other claims arising prior to the date of this Waiver and Release. By execution of this document, I do not waive or release or otherwise relinquish
any legal rights I may have which are attributable to or arise out of acts, omissions, or events of the Company or its Affiliates which occur after the date of the execution of this Waiver and Release. 
  

					
			
	 	 		 	 
	 Employee’s Printed Name
	 		 	Company’s Representative
			
	 	 		 	 
	 Employee’s Signature
	 		 	Company’s Execution Date
			
	 	 		 	
	 Employee’s Signature Date
	 		 	
			
	 	 		 	
	 Employee’s Social Security Number
	 		 	

  

 A-2

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