Document:

Amended Non-Employee Director Compensation Plan

 EXHIBIT 10.4 

RR DONNELLEY 

NON-EMPLOYEE DIRECTOR COMPENSATION PLAN 

Each director shall receive (A) an annual retainer fee (a “Retainer”) to be paid in the form of a grant of Restricted Stock Units
(“RSUs”) pursuant to the Company’s 2004 Performance Incentive Plan (the “Plan”) on the date of the Company’s Annual Meeting of Stockholders, and (B) a per board meeting fee (“Meeting Fee’), each as
described further below. 
 Meeting Fee: 
  

	1.	Each director shall be paid $5,000 in cash for each meeting of the Board attended in person or telephonically. 

 

	2.	Meeting Fees shall be paid semi-annually following the Board’s October and April meetings of each year. 

Retainer: 
  

	1.	Each director shall be entitled to a Retainer amount equal to the amounts described in the table below. If any director joins the Board on a date other than the date of
the Company’s Annual Meeting, then a pro-rata portion of the applicable Retainer from the date joined to the next Annual Meeting date shall be granted. 

 

	2.	RSUs will be payable in three equal annual installments beginning on the first anniversary of the grant date but will be payable in full on the earlier of (i) the
date the applicable Director ceases to be a Director of the Company and (ii) a Change in Control (as defined in the Plan). 

  

	3.	Directors have the option to defer payment of any installment to the later of (i) the date the applicable Director ceases to be a Director of the Company and
(ii) such other deferral period as may be required by Internal Revenue Code Section 409A. 

  

	4.	Dividend equivalents on the awards are deferred (credited with interest quarterly at the same rate as five-year U.S. government bonds) and paid out at the same time the
corresponding portion of the award becomes payable. 

  

	5.	The Company shall make payment of the RSUs in Company common stock. 

  

	6.	The schedule of Retainer amounts are as follows: 

  

				
	 Base Retainer:
	  		
	 Director
	  	$	220,000
	 Additional Retainer:
	  		
	 Chairman of the Board
	  	$	150,000
	 Chairman of Audit Committee
	  	$	35,000
	 Chairs of other Committees
	  	$	20,000
	 Audit Committee member other than Chairman
	  	$	20,000

  

 
 Approved by the Board of Directors on May 20, 2010Fourth Amendment

 Exhibit 4.1 

FOURTH AMENDMENT 

This FOURTH AMENDMENT (this “Amendment”) dated as of August 2, 2010, is among SEAHAWK DRILLING,
INC., a Delaware corporation (the “Borrower”), certain Subsidiaries of the Borrower party hereto (the “Guarantors”), the Lenders party hereto, and NATIXIS, NEW YORK BRANCH, in its capacity as administrative agent
for the Lenders (in such capacity, the “Administrative Agent”). 
 WHEREAS, the Borrower, the
Guarantors, the Lenders and the Administrative Agent are parties to the Credit Agreement dated as of August 4, 2009, as amended by the First Amendment dated as of September 30, 2009 and effective as of August 4, 2009, the Second
Amendment dated as of December 28, 2009 and the Third Amendment dated as of March 19, 2010 (as amended, the “Credit Agreement”); 

WHEREAS, the parties hereto have agreed to make certain amendments to the Credit Agreement as provided for herein,
subject to the conditions herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements,
representations and warranties set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

AGREEMENT 

Section 1.      Defined Terms.    Unless otherwise
defined in this Amendment, each capitalized term used in this Amendment has the meaning given such term in the Credit Agreement. Sections 1.02, 1.03 and 1.05 of the Credit Agreement shall apply to this Amendment. 

Section 2.      Amendments to the Credit Agreement. 

(a)      Section 5.06(h)(i) is hereby amended and restated in its entirety as follows:

 By February 14, 2011 and within every six months thereafter, an appraisal report prepared by an Approved
Rig Appraiser with respect to each of the Rigs, in form, scope and methodology reasonably acceptable to Administrative Agent, setting forth the Orderly Liquidation Value of each of the Rigs as of the date appraised (each an “Appraisal
Report”). The cost of each such Appraisal Report shall be paid by the Borrower; 

(b)      Section 6.02(k) is hereby amended by replacing the text
“$10,000,000” therein with the text “$23,000,000.” 
 Section
3.      Conditions Precedent.    Section 2(a) of this Amendment shall be effective as of May 12, 2010 when the Administrative Agent has received, on behalf of itself and the
Lenders, counterparts to this Amendment duly executed by the Borrower and the Lenders. Section 2(b) of this Amendment shall be effective as of the date first set forth above when the 

 
Administrative Agent has received, on behalf of itself and the Lenders, counterparts to this Amendment duly executed by the Borrower and the Required Lenders. 

Section 4.      Representations and Warranties.    The
Borrower represents and warrants that, as of the date of this Amendment: 

(a)      The execution, delivery and performance by each Loan Party of the Credit
Agreement, as amended by this Amendment, are within the requisite corporate or equivalent power and authority of such Loan Party. 

(b)      The execution, delivery, and performance by each Loan Party of this Amendment and
the consummation of the transactions contemplated hereby (i) have been duly authorized by all necessary corporate or equivalent action, (ii) do not and will not (A) violate the terms of such Loan Party’s certificate of
incorporation, bylaws or other applicable organizational documents, (B) violate in any material respect any Legal Requirement applicable to such Loan Party, (C) constitute a default under, or result in any breach of, or creation of, any
Lien under (other than the Loan Documents) the provisions of any indenture, loan agreement or other material agreement to which such Loan Party is a party or is subject, or by which it, or its Property, is bound or (D) violate any order,
injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject. 

(c)      This Amendment constitutes the legal, valid and binding obligation of each of the
Loan Parties, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium, or similar law affecting
creditors’ rights generally or general principles of equity. 

(d)      After giving effect to this Amendment, the representations and warranties
contained in Article IV of the Credit Agreement and in each other Loan Document are true and correct in all material respects (other than those representations and warranties that are subject to a materiality qualifier, in which case such
representations and warranties shall be true and correct in all respects), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of
such earlier date (other than those representations and warranties that are subject to a materiality qualifier, in which case such representations and warranties are true and correct in all respects as of such earlier date), on and as of the date
first written above. 
 (e)      Immediately after giving effect to this
Amendment, no Default or Event of Default exists. 
  

 2 

 Section 5.      Reaffirmation of
Guaranty and Liens. 
 (a)      Each Guarantor (i) has consented and
agreed to the Credit Agreement, as amended hereby, (ii) has reviewed the Amendment, (iii) waives any defense arising by reason of any disability, lack of organizational authority or power, or other defense of the Borrower or any other
guarantor of the Obligations, and (iv) agrees that according to and subject to its terms the Guaranty by such Guarantors, as amended hereby, will continue in full force and effect to guaranty the Obligations under the Loan Documents, as the
same may be amended, supplemented, or otherwise modified, and such other amounts in accordance with the terms of the Guaranty. 

(b)      The Loan Parties (i) are party to certain Security Documents securing and
supporting the Obligations, (ii) have reviewed the Amendment, (iii) waive any defense arising by reason of any disability, lack of organizational authority or power, or other defense of such Loan Party, and agrees that according to their
terms the Security Documents to which the applicable Loan Party is a party will continue in full force and effect to secure the Obligations under the Loan Documents, as the same may be amended, supplemented, or otherwise modified, and
(iv) acknowledge, represent, and warrant that the liens and security interests created by the Security Documents are valid and subsisting and create a first priority perfected security interest subject to Permitted Liens. 

Section 6.      Effect on Credit Documents. 

(a)      Except as amended herein, the Credit Agreement, the Guaranties and the other Loan
Documents remain in full force and effect as originally executed, and nothing herein shall act as a waiver of any of the Administrative Agent’s or Lenders’ rights under the Loan Documents, as amended; provided, however, that for the
avoidance of doubt, the Administrative Agent and each Lender waive the Borrower’s failure to deliver, on or before May 13, 2010, an Appraisal Report in accordance with Section 5.06(h)(i) of the Credit Agreement, as in effect
immediately prior to this Amendment. 
 (b)      This Amendment is a Loan Document
for the purposes of the provisions of the other Loan Documents. Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment may be a Default or Event of Default under other Loan Documents.

 (c)      Upon and after the execution of this Amendment by each of the parties
hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby. 

Section 7.      Governing Law.    This Amendment shall be
governed by and construed in accordance with the laws of the State of New York and the applicable laws of the United States of America. 
  

 3 

 Section
8.      Counterparts.    This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same agreement. Transmission by facsimile or other electronic transmission of an executed counterpart of this Amendment shall be deemed to constitute due and
sufficient delivery of such counterpart. 
 [Signature pages follow] 

 

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their duly authorized officers as of the first day and year written above. 
  

			
	 BORROWER:

	
	 SEAHAWK DRILLING,
INC.

			
		
	 By:
	 	 /s/ James R. Easter

			
	 Name:
	 	James R. Easter
	Title: Senior Vice President and Chief Financial Officer
	
	 GUARANTORS:

	
	 PENINSULA DRILLING LLC

	SEAHAWK DRILLING DE MEXICO LLC
	 SEAHAWK DRILLING LLC

	SEAHAWK GLOBAL HOLDINGS LLC

			
		
	 By:
	 	 /s/ William Evans

			
	 Name:
	 	William Evans
	 Title:
	 	Vice President

  

 Signature Page to Fourth Amendment to Revolving Credit Agreement 

			
	 ADMINISTRATIVE AGENT:

 
 NATIXIS, NEW YORK BRANCH, in its

capacity as Administrative Agent and Issuing

Bank

		
	 By:
	 	 /s/ Louis P. Laville

	 Name:
	 	 Louis P. Laville, III

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Donovan C. Broussard

	 Name:
	 	 Donovan C. Broussard

	 Title:
	 	 Managing Director

 

			
	 LENDERS:

 
 NATIXIS, NEW YORK BRANCH

 

	 By:
	 	 /s/ Louis P. Laville

	 Name:
	 	 Louis P. Laville, III

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Donovan C. Broussard

	 Name:
	 	 Donovan C. Broussard

	 Title:
	 	 Managing Director

 

 Signature Page to Fourth Amendment to Revolving Credit Agreement 

			
	 CITIBANK, N.A.

 

	 By:
	 	 /s/ Robert Malleck

		 	 Robert Malleck

		 	 Director

  

 Signature Page to Fourth Amendment to Revolving Credit Agreement 

			
	UBS LOAN FINANCE LLC
		
	 By:
	 	/s/ Irja R. Otsa
	 Name:
	 	Irja R. Otsa
	 Title:
	 	Associate Director
		
	 By:
	 	/s/ Mary E. Evans
	 Name:
	 	 Mary E. Evans

	 Title:
	 	Associate Director

  

 Signature Page to Fourth Amendment to Revolving Credit Agreement 

			
	ENCORE BANK, N.A.
		
	 By:
	 	/s/ J. David Webster
	 Name:
	 	J. David Webster
	 Title:
	 	Senior Vice President

  

 Signature Page to Fourth Amendment to Revolving Credit Agreement

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