SEC Contract Filing

Filing Date: 2015-02-09

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a14-18358_13ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDMENT NO. 1</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SEPARATION AGREEMENT</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This AMENDMENT NO. 1 (this &#147;<i>Amendment</i>&#148;), dated as of February&nbsp;6, 2015, to the Separation Agreement (the &#147;<i>Separation Agreement</i>&#148;), dated as of June&nbsp;25, 2014, is by and between Nabors Industries Ltd., a Bermuda exempted company (&#147;<i>Navy</i>&#148;) and Nabors Red Lion Limited, a Bermuda exempted company and currently a wholly owned Subsidiary of Navy (&#147;<i>Red Lion</i>&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the parties have heretofore entered into the Separation Agreement, which provides for, among other things, the separation of the Red Lion Business from the other businesses of Navy, upon the terms and conditions set forth therein;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Separation Agreement contemplates the issuance of certain intercompany notes in connection with the separation of the Red Lion Business from the other businesses of Navy, to be repaid at Closing, which notes have been issued prior to the date hereof; and</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the parties desire to amend certain provisions of the Separation Agreement and Section&nbsp;5.6 of the Separation Agreement provides for the amendment of the Separation Agreement from time to time.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the mutual agreements set forth in the Separation Agreement and this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Navy and Red Lion hereby agree as follows:</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Definitions. </font></i><font size="2" style="font-size:10.0pt;">Terms used herein and not defined shall have the meanings ascribed thereto in the Separation Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Note Amounts. </font></i><font size="2" style="font-size:10.0pt;">Clause six in the recitals to the Separation Agreement is hereby amended and restated as follows:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">6. &#160;&#160;&#160;Navy and Red Lion contemplate that, concurrently with or immediately following the Red Lion Restructuring as further described herein, USHC will incur indebtedness (as defined in the Merger Agreement, the &#147;<u>Red Lion Financing</u>&#148;), and will enter into definitive agreements with respect thereto (the &#147;<u>Debt Financing Agreements</u>&#148;), to be used to fund the repayment of the portion of certain intercompany notes (collectively, the &#147;<u>Notes</u>&#