SEC Contract Filing

Filing Date: 2017-01-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d326790dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DIAMOND OFFSHORE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTIVE RETENTION PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.</B> <U>Purpose.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The purpose of this Plan is to motivate and reward certain executives of the Company, identified herein as the Participants, to continue in the
service of the Company by providing each Participant who remains actively employed by the Company in Good Standing until the time of payment with a Payment, thereby advancing the interests of the Company and its stockholders. The Compensation
Committee, in consultation with the Board of Directors of the Company, has determined that an eligible Participant shall be entitled to receive the Retention Payments, as described further below, in the event the Participant remains an active
employee of the Company in Good Standing at all times through the respective payment dates, subject to the terms and conditions of this Plan and the respective Retention Agreement. The payment of any Payment under this Plan shall be subject to the
satisfaction in full of all of the terms and conditions stated in this Plan and the Retention Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2</B><B>.</B>
<U>Definitions.</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Plan, the following terms shall have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.1 &#147;<U>2018 Retention Payment</U>&#148; shall mean, with respect to any Participant, the 2018 retention payment as reflected in such
Participant&#146;s Retention Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.2 &#147;<U>2019 Retention Payment</U>&#148; shall mean, with respect to any Participant, the
2019 retention payment as reflected in such Participant&#146;s Retention Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.3 &#147;<U>Company</U>&#148; shall mean Diamond
Offshore Drilling, Inc. and/or its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.4 &#147;<U>Compensation Committee</U>&#148; shall mean the Compensation Committee of
the Board of Directors of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.5 &#147;<U>Good Standing</U>&#148; shall mean the Participant: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) has remained actively employed by the Company from the date of the applicable Retention Agreement through the payment date, not on a
leave of any kind (other than a legally protected leave) and not subject to any performance improvement plan; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) has remained at
all times in full compliance with all agreements between the Participant and the Company and all policies of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.6
&#147;<U>Participant</U>&#148; shall mean an employee of the Company who has been designated to participate in the Plan by the Compensation Committee and has received and executed a Retention Agreement. </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.7 &#147;<U>Payment</U>&#148; shall mean the 2018 Retention Payment and/or the 2019 Retention
Payment, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.8 &#147;<U>Person</U>&#148; shall mean any individual, corporation, partnership, limited liability company,
association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.9 &#147;<U>Plan</U>&#148; shall mean this Diamond Offshore Executive Retention Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.10 &#147;<U>Retention Agreement</U>&#148; shall mean an agreement between the Company and a Participant setting forth terms and conditions
with respect to such Participant&#146;s Retention Payments. Such agreement shall be in such form or forms as the Compensation Committee shall determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2.11 &#147;<U>Retention Payments</U>&#148; shall mean, with respect to any Participant, the 2018 Retention Payment, if any, and/or the 2019
Retention Payment, if any, as applicable, with respect to such Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-inden