Document:

EX-10.8

 Exhibit 10.8 

EXECUTION VERSION 

Diamond Offshore Drilling, Inc. 

15415 Katy Freeway, Suite 100 

Houston, TX 77094  
 April 22, 2021

 Marc Edwards 
 c/o Diamond Offshore Drilling, Inc. 

15415 Katy Freeway, Suite 100 
 Houston, TX 77094  

Dear Mr. Edwards: 
 As you are aware, Diamond
Offshore Drilling, Inc. (the “Company”) filed a petition proposing a Chapter 11 plan of reorganization to implement a restructuring of its balance sheet (the “Restructuring”). You are currently a party to that
certain employment agreement with the Company dated as of March 20, 2020 (the “Employment Agreement”). You acknowledge and agree that, in connection with the Restructuring, certain provisions of your Employment Agreement are to
be modified or amended. 
 This letter agreement (the “Letter Agreement”) between you and the Company is effective as of
the date of the Company’s emergence from Chapter 11 bankruptcy proceedings (the “Emergence” and such date, the “Effective Date”). This Letter Agreement is intended to modify the Employment Agreement and confirm
the mutual understanding between you and the Company with respect to your rights and obligations in the event of certain terminations of your employment in connection with and following the Restructuring. Capitalized terms used and not otherwise
defined in this Letter Agreement shall have the meanings set forth in the Employment Agreement. 
 Notwithstanding anything to the contrary
in the Employment Agreement, subject to the terms of this Letter Agreement, upon a Qualifying Termination (as defined below), you will be entitled to receive the following severance benefits (collectively, the “Severance Benefits”):

  

	 	(i)	 a lump sum cash severance payment equal to $6,000,000 (the “Cash Severance”); and

  

	 	(ii)	 if you timely and properly elect continuation of health care coverage pursuant to the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”) under the Company’s health care plan, the Company will pay the cost of you and your eligible dependents’ COBRA continuation coverage for the twenty-four (24) month period
following the date of your Qualifying Termination (the “COBRA Benefits”). 

 Except as may otherwise be required by law (including Section 409A (as defined below)),
the Cash Severance payable pursuant to paragraph (i) above will be paid in a single lump sum payment on the 60th day following your Qualifying Termination that also constitutes a “separation from service” within the meaning of
Section 409A; provided, however the Cash Severance shall be paid on the 30th day following your Qualifying Termination if the Release has become effective in accordance with its terms on or prior to such date. The COBRA Benefits payable
pursuant to paragraph (ii) above will be paid directly to you or will be reimbursed to you promptly, but in any event by no later than December 31st of the calendar year following the calendar year in which such expenses were incurred,
will not affect any payments or reimbursements in any other calendar year, and will not be subject to liquidation or exchange for any other benefit. The taxable year in which any Severance Benefits under this Letter Agreement are paid will be
determined in the sole discretion of the Company, and you will not be permitted, directly or indirectly, to designate the taxable year of payment. Notwithstanding the foregoing, if you do not timely return the Release (as defined below), or
subsequently revoke the Release, you will forfeit all Severance Benefits. 
 For purposes of this Letter Agreement, the term
“Qualifying Termination” means either (x) a termination of your employment without Cause or a resignation for Good Reason (as modified by this Letter Agreement) during the period commencing on the Effective Date and ending 120
days thereafter (the “Negotiation Period”) and for the thirty (30) day period following the end of the Negotiation Period or (y) your resignation, upon delivery of 30 days’ notice, for any reason at any time during
the period commencing on the Effective Date and ending on the effective date of a Change in Control and such resignation will be effective upon the earlier of the expiration of the notice period and the effective date of a Change in Control. 

For the avoidance of doubt, you acknowledge that the Severance Benefits will be paid to you in lieu of any severance benefits provided in
Section 6 of the Employment Agreement, and that you have no right to any severance benefits other than those expressly provided herein; provided that you shall be entitled to receive your base salary, accrued vacation (if any) and all
benefits and reimbursements due through your Qualifying Termination date, including, without limitation, any amounts to which you are eligible under the Company’s Supplemental Executive Retirement Plan in accordance with the terms of that plan,
reimbursement for documented business expenses incurred by you through your Qualifying Termination date for which you have not been reimbursed and continuation of insurance coverage pursuant to the terms of Company-provided insurance plans or
applicable law, payable in accordance with the Company’s standard payroll procedures, the terms of the applicable plan or as required by applicable law (the “Accrued Obligations”). You further acknowledge and agree that your
right to receive the Severance Benefits upon a Qualifying Termination is subject to (i) the execution, and non-revocation, of a release of claims, in a form substantially similar to the form attached as
Exhibit A to the Employment Agreement (the “Release”) and (ii) your compliance with the restrictive covenants in Sections 7, 8, 9 and 11 of the Employment Agreement; provided, however, that,
notwithstanding anything to the contrary in the Employment Agreement, the duration of the restricted period for the covenants in Section 8 (Competition) and Section 9 (Solicitation/Hire) shall be the 12-month period immediately following the effective date of a Qualifying Termination and the “Business”, as used in Section 8, shall be the offshore oil and gas drilling contractor business.

 By signing this Letter Agreement, you acknowledge and agree that you are aware of the
general framework and objectives of the Restructuring. You further acknowledge and agree that neither the Company’s Emergence nor any transaction consummated in connection with the Restructuring (excluding any post-Emergence merger, sale or
similar transaction), constitute Good Reason or result in a Change in Control under the Employment Agreement. In addition, you expressly acknowledge and agree that you waive your right to assert that you may resign your employment for Good Reason as
a result of any of the Company’s compensation-related decisions made or implemented during the Negotiation Period, including those related to allocations under the management incentive plan. 

You and the Company agree that this Letter Agreement is intended to be administered in accordance with Section 409A of the Internal
Revenue Code of 1986 (the “Code”) (together with Treasury Regulations and related written guidance from the Internal Revenue Service, “Section 409A”). To the extent that any provision of this Letter Agreement
is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A, and to the extent required, be subject to any applicable six (6) month delay
for “specified employees”. 
 All payments to be made to you hereunder, to the extent they constitute a deferral of compensation
subject to the requirements of Section 409A (after taking into account all exclusions applicable to such payments under Section 409A), shall be made no later, and shall not be made any earlier, than at the time or times specified herein
for such payments to be made, except as otherwise permitted or required under Section 409A. The date of your “separation from service”, as defined in Section 409A (and as determined by applying the default presumptions in Treas.
Reg. §1.409A-1(h) (1) (ii)), shall be treated as the date of your termination of employment for purposes of determining the time of payment of any amount that becomes payable to you hereunder upon your
termination of employment and that is properly treated as a deferral of compensation subject to Section 409A after taking into account all exclusions applicable to such payment under Section 409A. In addition, no such payment or
distribution of deferred compensation shall be made to you prior to the earlier of (a) the expiration of the six (6) month period measured from the date of your “separation from service”, or (b) the date of your death, if
you are deemed at the time of such separation from service to be a “specified employee” within the meaning of Section 409A and if such delayed commencement is otherwise required to avoid additional tax under Section 409A(a)(2) of
the Code. All payments and benefits that are delayed pursuant to the immediately preceding sentence shall be paid to you in a lump sum upon the first business day immediately following the earlier of (x) the expiration of such six
(6) month period or (y) your date of death, without interest. Each individual installment payment that becomes payable under this Letter Agreement shall be treated 

 
as a right to receive a series of “separate payments” for purposes of Section 409A and Treasury Reg. §1.409A-2(b)(2)(iii). To
the extent that the payment or reimbursement of any expense or the provision of any in-kind benefits under this Letter Agreement would be considered deferred compensation under Section 409A (after taking
into account all exclusions applicable to such reimbursements and benefits under Section 409A): (i) the payment or reimbursement of such expenses or the provision of in-kind benefits in one of your
taxable years shall not affect the payment or reimbursement of any expense or payment of in-kind benefits in any other taxable year of yours; (ii) any payment or reimbursement for expenses under this
Letter Agreement shall be made in accordance with the Company’s applicable plans and policies as soon as soon as administratively practicable after such expense has been incurred, but in any event on or before the last day of your taxable year
following the taxable year in which the expense was incurred; and (iii) any such payment or reimbursement or in-kind benefit may not be liquidated or exchanged for any other benefit. 

You and the Company agree that this Letter Agreement may be amended as may be necessary to fully comply with Section 409A in order to
preserve the payments and benefits provided hereunder without additional cost to either you or the Company. Notwithstanding the foregoing, nothing contained herein constitutes tax advice or provides any form of tax indemnity. 

The Company may withhold and deduct from any benefits and payments made or to be made pursuant to this Letter Agreement all federal, state,
local and other taxes as may be required pursuant to any law or governmental regulation or ruling. 
 For the avoidance of doubt, except as
expressly set forth in this Letter Agreement, the provisions of the Employment Agreement are and shall remain in full force and effect. This Letter Agreement shall be deemed to be made in the State of Texas, and the validity, interpretation,
construction and performance of this Letter Agreement in all respects shall be governed by the laws of the State of Texas without regard to its principles of conflicts of law. 

[Signature pages follow] 

 IN WITNESS WHEREOF, the parties hereto, each intending to be legally bound hereby, have
caused this Letter Agreement to be executed as of the date first above written. 
  

			
	 DIAMOND OFFSHORE DRILLING, INC.

		
	By:	 	 
		 	 Name:

		 	 Title:

  

	
	 MARC EDWARDS

	
	   

 [Signature Page to Letter Agreement]EX-10.9

 Exhibit 10.9 

DIAMOND OFFSHORE DRILLING, INC. 

SEVERANCE PLAN 
 ARTICLE
I 
 INTRODUCTION AND ESTABLISHMENT OF PLAN 

The Board hereby adopts, as of the Effective Date, the Diamond Offshore Drilling, Inc. Severance Plan (the “Plan”). The Plan
is intended to offer severance benefits to Participants in the event of certain terminations of employment from the Company. The Plan, as a “severance pay arrangement” within the meaning of Section 3(2)(B)(i) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) is intended to be and will be administered and maintained as an unfunded welfare benefit plan under Section 3(1) of ERISA. 

ARTICLE II 
 DEFINITIONS

 As used herein, the following words and phrases will have the following respective meanings unless the context clearly indicates
otherwise. 
 2.1 Appeals Committee. The term “Appeals Committee” has the meaning set forth in
Section 7.2(d). 
 2.2 Base Salary. The term “Base Salary” means the Participant’s annual rate of
base salary payable by the Company (exclusive, among other things, of bonuses and special allowances) as in effect immediately prior to the Participant’s Qualifying Termination. 

2.3 Board. The term “Board” means the Board of Directors of the Company. 

2.4 Cause. For purposes of the Plan, the term “Cause” means either of the following: 

(a) The Participant is convicted of, or pleads guilty or nolo contendere to, a felony; or 

(b) The Participant engages in conduct that constitutes either (i) a material and willful breach of the Participant’s duties,
(ii) willful, or reckless, material misconduct in the performance of the Participant’s duties, or (iii) willful, habitual neglect of the Participant’s material duties; provided, however, that for purposes of clauses
(ii) and (iii), Cause shall not include any act or omission believed by the Participant in good faith to have been in or not opposed to the interest of the Company or the Reorganized Debtor (without any intent by the Participant to gain,
directly or indirectly, a profit to which the Participant is not legally entitled). 

 2.5 COBRA. The term “COBRA” has the meaning set forth in
Section 4.2(b). 
 2.6 Code. The term “Code” means the Internal Revenue Code of 1986, as amended from time to
time. 
 2.7 Company. The term “Company” means Diamond Offshore Drilling, Inc. 

2.8 Effective Date. The term “Effective Date” means the effective date of the Company’s Plan of Reorganization under
Chapter 11 of the U.S. Bankruptcy Code. 
 2.9 Emergence Grant. The term “Emergence Grant” means each equity incentive
award made or offered by the Company to a Participant after the Effective Date, but prior to the expiration of the Negotiation Period. 

2.10 ERISA. The term “ERISA” has the meaning set forth in the Introduction. 

2.13 Negotiation Period. The term “Negotiation Period” means the period commencing on the Effective Date and ending on the
120th day following the Effective Date. 
 2.11 Participant. The term
“Participant” means each person listed in Exhibit A. 
 2.12 Plan. The term “Plan” has the
meaning set forth in the Introduction. 
 2.13 Plan Administrator. The term “Plan Administrator” shall mean the
named fiduciaries of the Plan as described in Section 7.1. 
 2.14 Qualifying Resignation. The term
“Qualifying Resignation” means the Participant’s resignation from employment with the Company due to the Participant not reaching an agreement with the Company regarding the Participant’s role or compensation arrangements,
including the Emergence Grant. A Participant must actually resign from employment within thirty (30) days following the expiration of the Negotiation Period in order for such resignation to be treated as a Qualifying Resignation under
the Plan. 
 2.15 Qualifying Termination. The term “Qualifying Termination” means (a) the Company’s
termination of the Participant’s employment during the Negotiation Period for a reason other than for Cause, or (b) the Participant’s Qualifying Resignation.  

2.16 Release. The term “Release” has the meaning set forth in Section 4.1. 

  
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 2.17 Severance Benefits. The term “Severance Benefits” means the benefits
described in Article IV that are provided to Participants under the Plan. 
 2.18 Target Bonus. The term
“Target Bonus” shall mean the Participant’s annual target bonus opportunity as provided in Exhibit A. 

ARTICLE III 

ELIGIBILITY 
 3.1
Participants. Each Participant will be a Participant in the Plan as of the Effective Date. 
 ARTICLE IV 

SEVERANCE BENEFITS 
 4.1
Eligibility for Severance Pay. A Participant will be eligible to receive Severance Benefits under the Plan only upon a Qualifying Termination and provided the Participant returns (and does not thereafter revoke) within sixty
(60) days after the date of the Participant’s Qualifying Termination an executed general release of claims substantially in the form attached as Exhibit B and in a form acceptable to the Company, in its sole and absolute
discretion (the “Release”). If a Participant receives any Severance Benefits under the Plan as a result of a Qualifying Termination, the Participant shall forfeit any Emergence Grant and shall have no further rights with respect
thereto. 
 4.2 Amount of Severance Benefits. A Participant entitled to Severance Benefits under Section 4.1 will
be entitled to the Severance Benefits as set forth in this Section 4.2. 
 (a) Cash Severance. Each eligible Participant
will be paid a cash lump sum in an amount equal to the sum of the Participant’s Base Salary and Target Bonus. 
 (b) COBRA
Coverage. If the Participant timely and properly elects continuation of health care coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) under the Company’s health care plan, the Company
will pay the cost of the Participant’s COBRA continuation coverage (the “COBRA Coverage”) for the twelve (12) month period following the date of the Participants Qualifying Termination. 

(c) Time and Form of Payment. The Severance Benefits payable pursuant to Section 4.2(a) will be paid in a
single lump sum payment promptly after the date the Release becomes irrevocable; provided that any portion of the Severance Benefits payable pursuant to Section 4.2(a) constitute “deferred compensation”
within the meaning of Section 409A of the Code such payments will be paid in a single lump sum payment on the date that is sixty days after the date of the Participant’s Qualifying Termination, but no later than two and one half months

  
 3 

 
following the last day of the calendar year that includes the date of the Participant’s Qualifying Termination. The Severance Benefits payable pursuant to
Section 4.2(b) will be paid directly to the Participant or will be reimbursed to the Participant promptly, but in any event by no later than December 31st of the calendar year following the calendar year in which such
expenses were incurred, will not affect any payments or reimbursements in any other calendar year, and will not be subject to liquidation or exchange for any other benefit. The taxable year in which any Severance Benefit under
Section 4.2(c) is paid will be determined in the sole discretion of the Company, and the Participant will not be permitted, directly or indirectly, to designate the taxable year of payment. Notwithstanding the foregoing, if
the Participant has not timely returned the Release, or subsequently revokes the Release, the Participant will forfeit all Severance Benefits. 

(d) Withholding. The Company may withhold and deduct from any benefits and payments made or to be made pursuant to the Plan all
federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling. 
 ARTICLE V 

SUCCESSOR TO COMPANY 
 The
Plan will bind any successor of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same manner and to the same extent that the Company would be obligated under the Plan if
no succession had taken place. 
 In the case of any transaction in which a successor would not by the foregoing provision or by operation
of law be bound by the Plan, the Company will require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under the Plan, in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. The term “Company,” as used in the Plan, will mean the Company as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound
by the Plan. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 

The Board may amend, modify or terminate, in whole or in part, any or all of the provisions of the Plan (including any appendices or exhibits
thereto) at any time; provided, however, that in no event shall any amendment, modification or termination to the Plan (or any appendix or exhibit thereto) adversely affect the rights of a Participant hereunder, including, without
limitation, any such amendment that would (x) cause an individual to cease to be a Participant, or (y) adversely affect the Severance Benefits potentially payable to a Participant (including, without limitation, imposing additional
conditions or modifying the amount or timing of payment) without the prior written consent of the affected Participant, unless such amendment is required by applicable law. 

  
 4 

 ARTICLE VII 

PLAN ADMINISTRATION 
 7.1
Named Fiduciary; Administration. A committee composed of the Company’s General Counsel; Chief Financial Officer and Vice President of Human Resources is the named fiduciary of the Plan and will be the Plan Administrator, unless otherwise
determined from time to time by the Board. The Plan Administrator will review and determine all claims for benefits under the Plan. 

7.2 Claim Procedure. 

(a) If a Participant or his or her authorized representative (referred to in this Article VII as a “claimant”) makes a
written request alleging a right to receive benefits under the Plan or alleging a right to receive an adjustment in benefits being paid under the Plan, the Company will treat it as a claim for benefits. 

(b) All claims and inquiries concerning benefits under the Plan must be submitted to the Plan Administrator in writing and be addressed as
follows: 
 Plan Administrator 

Diamond Offshore Drilling, Inc. Severance Plan 

Attention: Plan Administrator 

c/o General Counsel 
 15415 Katy
Freeway, Suite 100 
 Houston, Texas 77094 

The Plan Administrator will have full and complete discretionary authority to administer, to construe, and to interpret the Plan, to decide all questions of
eligibility, to determine the amount, manner and time of payment, and to make all other determinations deemed necessary or advisable for the Plan. The Plan Administrator will initially deny or approve all claims for benefits under the Plan. The
claimant may submit written comments, documents, records or any other information relating to the claim. Furthermore, the claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and
other information relevant to the claim for benefits. 
 (c) Claims Denial. If any claim for benefits is denied in whole or in part,
the Plan Administrator will notify the claimant in writing of such denial and will advise the claimant of his or her right to a review thereof. Such written notice will set forth, in a manner calculated to be understood by the claimant, specific
reasons for such denial, specific references to the Plan provisions on which such denial is based, a description of any information or material necessary for the claimant to perfect his or her claim, an explanation of why such material is necessary
and an explanation of the Plan’s review procedure, and the time limits applicable to such procedures. Furthermore, the 

  
 5 

 
notification will include a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review. Such written
notice will be given to the claimant within a reasonable period of time, but not to exceed thirty (30) days, after the claim is received by the Plan Administrator. 

(d) Appeals. Any claimant whose claim for benefits is denied in whole or in part may appeal, or his or her duly authorized
representative may appeal on the claimant’s behalf, such denial by submitting to the Appeals Committee a request for a review of the claim within 60 days after receiving written notice of such denial from the Plan Administrator. The Appeals
Committee will be composed of the Company’s General Counsel; Chief Financial Officer and Vice President of Human Resources, unless otherwise determined from time to time by the Board. The Appeals Committee will give the claimant upon request,
and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim of the claimant, in preparing his or her request for review. The request for review must be in writing and be addressed as
follows: 
 Appeals Committee 

Diamond Offshore Drilling, Inc. Severance Plan 

Attention: Appeals Committee 
 c/o
General Counsel 
 15415 Katy Freeway, Suite 100 

Houston, Texas 77094 
 The request for review
will set forth all of the grounds upon which it is based, all facts in support thereof, and any other matters which the claimant deems pertinent. The Appeals Committee may require the claimant to submit such additional facts, documents, or other
materials as the Appeals Committee may deem necessary or appropriate in making its review. 
 (e) Review of Appeals. The Appeals
Committee will act upon each request for review within thirty (30) days after receipt thereof. The review on appeal will consider all comments, documents, records and other information submitted by the claimant relating to the claim without
regard to whether this information was submitted or considered in the initial benefit determination. The Appeals Committee will have full and complete discretionary authority, in its review of any claims denied by the Plan Administrator, to
administer, to construe, and to interpret the Plan, to decide all questions of eligibility, to determine the amount, manner and time of payment, and to make all other determinations deemed necessary or advisable for the Plan. 

(f) Decision on Appeals. The Appeals Committee will give written notice of its decision to the claimant. If the Appeals Committee
confirms the denial of the application for benefits in whole or in part, such notice will set forth, in a manner calculated to be understood by the claimant, the specific reasons for such denial, and specific references to the Plan provisions on
which the decision is based. The notice will also contain a statement that the claimant is entitled to receive upon request, and free 

  
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of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits. Information is relevant to a claim if it was
relied upon in making the benefit determination or was submitted, considered or generated in the course of making the benefit determination, whether it was relied upon or not. The notice will also contain a statement of the claimant’s right to
bring an action under ERISA Section 502(a). If the Appeals Committee has not rendered a decision on a request for review within thirty (30) days after receipt of the request for review, the claimant’s claim will be deemed to have been
approved. The Appeals Committee’s decision will be final and not subject to further review within the Company. There are no voluntary appeals procedures after review by the Appeals Committee. 

(g) Time of Approved Payment. In the event that either the Plan Administrator or the Appeals Committee determines that the claimant is
entitled to the payment of all or any portion of the benefits claimed, such payment will be made to the claimant within thirty (30) days of the date of such determination or such later time as may be required to comply with Section 409A of
the Code. 
 (h) Determination of Time Periods. If the day on which any of the foregoing time periods is to end is a Saturday, Sunday
or holiday recognized by the Company, the period will extend until the next following business day. 
 7.3 Exhaustion of Administrative
Remedies. Completion of the claims and appeals procedures described in Sections 7.2 of the Plan will be a condition precedent to the commencement of any legal or equitable action in connection with a claim for benefits under the Plan by a
claimant; provided, however, that the Appeals Committee may, in its sole discretion, waive compliance with such claims procedures as a condition precedent to any such action. 

ARTICLE VIII 

MISCELLANEOUS 
 8.1
Employment Status. The Plan does not constitute a contract of employment or impose on the Participant or the Company any obligation for the Participant to remain an Employee or change the status of the Company or the policies of the Company
regarding termination of employment. 
 8.2 Unfunded Plan Status. All payments pursuant to the Plan will be made from
the general funds of the Company and no special or separate fund will be established or other segregation of assets made to assure payment. No Participant or other person will have under any circumstances any interest in any particular property or
assets of the Company as a result of participating in the Plan. Notwithstanding the foregoing, the Company may (but will not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s
creditors, to assist it in accumulating funds to pay its obligations under the Plan. 

  
 7 

 8.3 Validity and Severability. The invalidity or unenforceability of any provision of
the Plan will not affect the validity or enforceability of any other provision of the Plan, which will remain in full force and effect, and any prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such
provision in any other jurisdiction. 
 8.4 Anti-Alienation of Benefits. No amount to be paid hereunder will be subject to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant’s beneficiary. 

8.5 Governing Law. The validity, interpretation, construction and performance of the Plan will in all respects be governed by the laws
of Delaware, without reference to principles of conflicts of law, except to the extent pre-empted by Federal law. 

  
 8 

 IN WITNESS WHEREOF, this Diamond Offshore Drilling, Inc. Severance Plan has been adopted by
the Board to be effective as of the Effective Date. 
  

			
	 DIAMOND OFFSHORE DRILLING,
INC.

 
			
		
	By:	 	 

 Exhibit A 

List of Participants and Target Bonus Opportunity 
  

			
	 Name
	  	Target Bonus (% of Base Salary)
	 Ron Woll
	  	70%
	 Scott Kornblau
	  	50%
	 David Roland
	  	50%
	 Dominic Savarino
	  	50%
	 Jon Richards
	  	50%
	 Neil Hall
	  	50%
	 Samir Ali
	  	50%
	 Aaron Sobel
	  	50%

  
 A-1 

 Exhibit B 

Separation Agreement and Release of Claims 

[See Attached] 

  
 B-1

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