SEC Contract Filing

Filing Date: 2016-05-02

Document Content:
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<TYPE>EX-10.1
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SEPARATION AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Separation Agreement (this
&#147;Agreement&#148;) is entered into by Gary T. Krenek (&#147;Employee&#148;) and Diamond Offshore Management Company (the &#147;Company&#148;). Employee and the Company are referred to individually herein as a &#147;Party&#148; and collectively
as the &#147;Parties.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, Employee and the Company entered into that certain Employment Agreement dated
December&nbsp;15, 2006 (&#147;Employment Agreement&#148;); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Parties have agreed that Employee&#146;s
employment with the Company shall terminate effective on May&nbsp;3, 2016; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, for and in consideration of the
mutual promises, covenants and obligations contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and the Company agree as follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <U>Separation of Employment</U>. Employee&#146;s employment with the Company shall end at the close of business on May&nbsp;3, 2016
(the &#147;Separation Date&#148;). Employee shall resign all officer positions with the Company effective on the Separation Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2. <U>Benefits</U>. Subject to any applicable requirements of Sections 3 and 16 below, the Company shall pay or provide Employee the following: </FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commencing on the Company&#146;s first payroll period following the later of the Separation Date or effective date of the release described in Section&nbsp;3 below (the
&#147;Effective Date&#148;), and continuing on subsequent regularly-scheduled payroll periods, but no less frequently than on a monthly basis, the Company will pay Employee 12 months of his current base salary (for a total of $458,609.00), less
withholdings and deductions in accordance with applicable law. In the event of Employee&#146;s death prior to the full payment of such amount, the remaining unpaid amount shall be paid to Employee&#146;s estate in a lump sum.
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">After the Separation Date, Employee&#146;s eligibility for continuation of coverage under the Company&#146;s group medical, dental and vision insurance
plans normally would be governed exclusively by the continuation coverage provisions of such plans and the Consolidated Omnibus Budget Reconciliation Act of 1985 (&#147;COBRA&#148;). Pursuant to this Agreement, however, during any portion of the
period, beginning on the first day of the month immediately following the Separation Date and ending two years later, that Employee and his spouse/family participate in a Company group medical, dental or vision insurance plan through COBRA, the full
COBRA premium for such medical, dental and vision insurance coverage for Employee and his spouse/family dependents will be paid by the Company promptly to insure that such insurance coverage continues without interruption or lapse of coverage;
provided, however, that if the continued medical, dental and vision benefits are discriminatory so that such benefit would be taxable to Employee, then the premium will be paid by Employee on an after-tax basis and the Company shall reimburse
Employee for such payments in each following month so that such benefits will not be taxable to the Employee under Section&nbsp;105(h) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;). The Company&#146;s obligation to make
COBRA payments shall be discontinued to the extent Employee is eligible to receive comparable coverage from a subsequent employer and/or except to the extent the </FONT></P></TD></TR></TABLE>

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subsequent employer&#146;s plan does not cover the pre-existing conditions of the Employee or a previously covered member of the Employee&#