EXHIBIT 10.51
FORM OF
INDEMNITY AGREEMENT
This Indemnity Agreement (this "Agreement"), dated as of
________________, is made by and between GlobalSantaFe Corporation, a Cayman
Islands company (the "Company"), and _________________ (the "Indemnitee"), an
"Agent" (as hereinafter defined) of the Company.
R E C I T A L S
A. The Company recognizes that competent and experienced
persons are increasingly reluctant to serve as Directors, officers or employees
of companies unless they are protected by comprehensive liability insurance or
indemnification, or both, due to increased exposure to litigation costs and
risks resulting from their service to such companies, and due to the fact that
the exposure frequently bears no reasonable relationship to their compensation;
B. The statutes and judicial decisions regarding the duties of
Directors and officers are often difficult to apply, ambiguous, or conflicting,
and therefore fail to provide such Directors and officers with adequate,
reliable knowledge of legal risks to which they are exposed or information
regarding the proper course of action to take;
C. The Company and the Indemnitee recognize that plaintiffs
often seek damages in such large amounts and the costs of litigation may be so
expensive (whether or not the case is meritorious), that the defense and/or
settlement of such litigation is often beyond the personal resources of
Directors, officers and employees;
D. The Company believes that it is often unfair for its
Directors, officers and employees to assume the risk of judgments and other
expenses which may occur in cases in which the Director, officer or employee has
acted in good faith and in a manner the Director, officer or employee reasonably
believes to be in or not opposed to the best interests of the Company;
E. The Company desires the Indemnitee to serve or continue to
serve as an Agent of the Company and recognizes that the Indemnitee may not be
willing to serve or continue to serve the Company without additional
indemnification and insurance to protect against claims for damages arising out
of or related to such services to the Company;
F. The Company believes that the interests of the Company and
its shareholders would best be served by a combination of Directors' and
officers' liability insurance and the indemnification by the Company of the
Directors, officers and employees of the Company; and
G. The Board of Directors has determined that contractual
indemnification as set forth in this Agreement is reasonable and prudent, and is
necessary to promote the best interests of the Company and its shareholders.
A G R E E M E N T
NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth below, the parties to this Agreement, intending to be
legally bound, hereby agree as follows:
1. Definitions.
(a) Agent. For purposes of this Agreement, "Agent"
of the Company means any person who is or was a Director, officer,
employee or other agent of the Company or a Subsidiary of the Company;
or is or was serving at the request of, for the convenience of, or to
represent the interests of the Company or a Subsidiary of the Company
as a Director, officer, employee or agent of another foreign or
domestic corporation, partnership, joint venture, trust or Other
Enterprise.
(b) Expenses. For purposes of this Agreement,
"Expenses" includes all direct and indirect costs of any type or
nature whatsoever (including, without limitation, all attorneys' fees
and related disbursements, other out-of-pocket costs and reasonable
compensation for time spent by the Indemnitee for which he is not
otherwise compensated by the Company or any third party, provided that
the rate of compensation, if any, and estimated time involved is
approved in advance by the Board of Directors), actually and
reasonably incurred by the Indemnitee in connection with either the
investigation, defense or appeal of a Proceeding or establishing or
enforcing a right to indemnification under this Agreement or
otherwise, and amounts paid in settlement (if such settlement is
approved in advance by the Company) by or on behalf of the Indemnitee,
but shall not include any judgments, fines or penalties actually
levied against the Indemnitee.
(c) Proceeding. For the purposes of this Agreement,
"Proceeding" means any threatened, pending or completed action, suit
or other proceeding, whether civil, criminal, administrative,
investigative or any other type whatsoever.
(d) Subsidiary. For purposes of this Agreement,
"Subsidiary" means any corporation of which 50% or more of the
outstanding voting securities are owned directly or indirectly by the
Company, by the Company and one or more other subsidiaries, or by one
or more other subsidiaries.
(e) Other Enterprise. For purposes of this
Agreement, "Other Enterprise" means any other enterprise and shall
include employee benefit plans; references to "fines" shall include
any excise tax assessed with respect to any employee benefit plans;
references to "serving at the request of the Company" shall include
any service as an Agent of the Company which imposes duties on, or
involves services by, such Director, officer, employee or Agent of the
Company with respect to an employee benefit plan, its participants, or
beneficiaries; any person who acts in good faith and in a manner he
reasonably believes to be in the best interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have
acted in a manner "not opposed to the best interests of the Company"
as referred to in this Agreement.
2. Agreement to Serve. The Indemnitee agrees to serve and/or
continue to serve as an Agent of the Company, at its will (or under separate
agreement, if such agreement exists), in the
capacity the Indemnitee currently serves as an Agent of the Company, so long as
he is duly appointed or elected and qualified in accordance with the applicable
provisions of the Articles of Association or comparable corporate governance
document ("Articles") of the Company or the Articles of any Subsidiary of the
Company or until such time as he tenders his resignation in writing, provided,
however, that nothing contained in this Agreement is intended to create any
right in favor of the Indemnitee to continued employment in any capacity.
3. Indemnity in Third Party Proceedings. The Company shall
indemnify the Indemnitee if the Indemnitee is a party to or threatened to be
made a party to or otherwise involved in any Proceeding (other than a Proceeding
by or in the name of the Company to procure a judgment in its favor) by reason
of the fact that the Indemnitee is or was an Agent of the Company, or by reason
of any act or inaction by him in any such capacity, against any and all Expenses
and liabilities of any type whatsoever (including, but not limited to,
judgments, fines and penalties), actually and reasonably incurred by him in
connection with the investigation, defense, settlement or appeal of such
Proceeding, but only in the absence of fraud, willful default or dishonesty on
the part of the Indemnitee and if the Indemnitee acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of
the Company, and, with respect to any criminal action or Proceeding, had no
reasonable cause to believe his conduct was unlawful. The termination of any
Proceeding by judgment, order of court, settlement, conviction or on plea of
nolo contendere, or its equivalent, shall not, of itself, create a presumption
that the Indemnitee did not act in good faith in a manner which he reasonably
believed to be in the best interests of the Company or, with respect to any
criminal Proceedings, that such person had reasonable cause to believe that his
conduct was unlawful.
4. Indemnity in Derivative Actions. The Company shall
indemnify the Indemnitee if the Indemnitee is a party to or threatened to be
made a party to or otherwise involved in any Proceeding by or in the name of the
Company to procure a judgment in its favor by reason of the fact that the
Indemnitee is or was an Agent of the Company, or by reason of any act or
inaction by him in any such capacity, against all Expenses actually and
reasonably incurred by the Indemnitee in connection with the investigation,
defense, settlement, or appeal of such Proceeding, but only in the absence of
fraud, willful default or dishonesty on the part of the Indemnitee and if the
Indemnitee acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Company, except that no
indemnification under this subsection shall be made in respect of any claim,
issue or matter as to which the Indemnitee shall have been finally adjudged to
be liable to the Company by a court of competent jurisdiction in the performance
of his duty to the Company, unless and only to the extent that any court in
which such Proceeding was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such Expenses as
such court shall deem proper.
5. Indemnification of Expenses of Successful Party.
Notwithstanding any other provisions of this Agreement, to the extent that the
Indemnitee has been successful on the merits or otherwise in defense of any
Proceeding or in defense of any claim, issue or matter therein, including the
dismissal of an action without prejudice, the Company shall indemnify the
Indemnitee against all Expenses actually and reasonably incurred in connection
with the investigation, defense or appeal of such Proceeding.
6. Partial Indemnification. If the Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for some
or a portion of any Expenses or liabilities of any type whatsoever (including,
but not limited to, judgments, fines or penalties), actually and reasonably
incurred by him in the investigation, defense, settlement or appeal of a
Proceeding but is not entitled, however, to indemnification for the total amount
thereof, the Company shall nevertheless indemnify the Indemnitee for the portion
thereof to which the Indemnitee is entitled.
7. Advancement of Expenses. Subject to Section 11(a) below,
the Company shall advance all Expenses incurred by the Indemnitee in connection
with the investigation, defense, settlement or appeal of any Proceeding to which
the Indemnitee is a party or is threatened to be made a party by reason of the
fact that the Indemnitee is or was an Agent of the Company. The Indemnitee
hereby undertakes to repay such amounts advanced only if, and to the extent
that, it shall ultimately be determined that the Indemnitee is not entitled to
be indemnified by the Company as authorized by this Agreement. The advances to
be made under this Agreement shall be paid by the Company to or on behalf of the
Indemnitee within 30 days following delivery of a written request therefor by
the Indemnitee to the Company. By execution of this Agreement, the Indemnitee
agrees to repayment of the Company of such Expenses under [either Section 7 or
Section 9(a) below] [Section 7]1 if it is determined that the Indemnitee is not
entitled to the indemnification payment; provided, however, that in no
circumstance shall the Indemnitee be required to repay the Company for Expenses
as to which the Indemnitee is entitled to indemnification under this Agreement.
8. Notice and Other Indemnification Procedures.
(a) Promptly after receipt by the Indemnitee of
notice of the commencement of or the threat of commencement of any
Proceeding, the Indemnitee shall, if the Indemnitee believes that
indemnification with respect thereto may be sought from the Company
under this Agreement, notify the Company of the commencement or threat
of commencement thereof.
(b) Any indemnification requested by the Indemnitee
under Section 3 and/or 4 of this Agreement shall be made no later than
60 days after receipt of the written request of the Indemnitee, unless
a determination is made within said 60 day period (i) by the Board of
Directors of the Company by a majority vote of a quorum thereof
consisting of Directors who are not parties to such Proceedings, or
(ii) in the event such a quorum is not obtainable, at the election of
the Company, either by independent legal counsel in a written opinion
or by a panel of arbitrators, one of whom is selected by the Company,
another of whom is selected by the Indemnitee and the last of whom is
selected by the first two arbitrators so selected, that the Indemnitee
has not met the relevant standards for indemnification set forth in
Section 3 and 4 of this Agreement. In the event the Indemnitee is
determined not entitled to indemnification, the Company shall give, or
cause to be given to, the Indemnitee written notice thereof specifying
the reason therefor, including any determination of fact or conclusion
of law relied upon in reaching such determination.
(c) Notwithstanding a determination under Section
8(b) above that the Indemnitee is not entitled to indemnification with
respect to any specific Proceeding, the Indemnitee shall have the right
to apply to any court of competent jurisdiction for the purpose of
--------
1 The first bracketed language is to be included only in the Indemnity
Agreement of a person whose agreement contains provisions for a Letter of Credit
(see Note 2 below). The second bracketed language is to be included only in the
Indemnity Agreement of a person whose agreement does not contain the provision
for a Letter of Credit.
enforcing the Indemnitee's right to indemnification pursuant to this
Agreement. Neither the failure of the Company (including its Board of
Directors or independent legal counsel or the panel of arbitrators) to
have made a determination prior to the commencement of such action that
indemnification or advances are proper in the circumstances because the
Indemnitee has met the applicable standard of conduct, nor an actual
determination by the Company (including its Board of Directors or
independent legal counsel or the panel of arbitrators) that the
Indemnitee has not met such applicable standard of conduct, shall be a
defense to the action or create any presumption that the Indemnitee has
not met the applicable standard of conduct. In any such proceeding, the
Company will bear the burden of proof in showing that the Indemnitee's
conduct did not meet the applicable standard of conduct provided for by
this agreement, and accordingly the Indemnitee shall be deemed to have
a prima facie right to indemnification under this agreement unless the
Company can prove to the court's satisfaction that the Indemnitee's
conduct did not meet the applicable standard of conduct provided for by
this agreement or applicable law for indemnification.
(d) In the absence of fraud, willful default or
dishonesty on the part of the Indemnitee, the Company shall indemnify
the Indemnitee against all Expenses incurred in connection with any
hearing or Proceeding under this Section 8 unless a court of competent
jurisdiction finds that each of the claims and/or defenses of the
Indemnitee in any such Proceeding was frivolous or in bad faith.
9. [Letter of Credit.(2)
(a) Letter of Credit. In order to secure the
obligations of the Company to indemnify and advance Expenses to the
Indemnitee pursuant to this Agreement, the Company shall obtain at the
time of any Change in Control (as defined in Section 9(c) below) an
irrevocable standby letter of credit naming the Indemnitee as the sole
beneficiary (the "Letter of Credit"). The Letter of Credit shall be in
an appropriate amount not less than $1,000,000, issued by a financial
institution having assets in excess of $100 million and containing
terms and conditions reasonably acceptable to the Indemnitee. The
Letter of Credit shall provide that the Indemnitee may, from time to
time, draw certain amounts thereunder, upon written certification by
the Indemnitee to the issuer of the Letter of Credit that (i) the
Indemnitee has made written request upon the Company for an amount not
less than the amount he is drawing under the Letter of Credit and that
the Company has failed or refused to provide him with such amount in
full within thirty days after receipt of the request, and (ii)
Indemnitee believes that he is entitled under the terms of this
Agreement to the amount which he is drawing upon under the Letter of
Credit. The issuance of the Letter of Credit shall not, in any way,
diminish the Company's obligation to indemnify the Indemnitee against
Expenses and liabilities to the full extent required by this Agreement.
In the event of a draw down on the Letter of Credit by the Indemnitee
followed by a subsequent judicial determination that the Indemnitee is
not entitled to indemnification under this Agreement, then the
Indemnitee shall return the funds drawn down to the Company or its
designee within 30 days thereafter.
--------
(2) There are two alternate versions of Section 9. The Letter of Credit
alternate is to be used only in Indemnity Agreements of directors and senior
officers designated by the Chief Executive Officer. The Assumption of Defense
alternate is to be used in all other Indemnity Agreements.
(b) Term of Letter of Credit. Once the Company has
obtained the Letter of Credit, the Company shall maintain and renew the
Letter of Credit or a substitute Letter of Credit meeting the criteria
of Section 9(b) during the term of this Agreement. The Letter of Credit
shall have an initial term of five years, and always have at least one
year of its term remaining for the period for which the Company
continues to have obligations hereunder.
(c) Change of Control. A "Change of Control" shall
mean a change in control of a nature that would be required to be
reported in response to item 6(e) of Schedule 14A of Regulation 14A
promulgated under the Securities Exchange Act of 1934 (the "Exchange
Act") as such Schedule, Regulation and Act were in effect on the date
of adoption of the Employee Severance Protection Plan by the Board of
Directors of the Company ("Board" as used hereinafter in this
Subsection 9(c)), assuming that such Schedule, Regulation and Act
applied to the Company, provided that such a change in control shall be
deemed to have occurred at such time as:
(i) any "person" (as that term is used in
Sections 13(d) and 14(d)(2) of the Exchange Act) (other than
an Excluded Person (as defined below)) becomes, directly or
indirectly, the "beneficial owner" (as defined in Rule 13d-3
under the Exchange Act) of securities representing 20% or more
of the combined voting power for election of members of the
Board of the then outstanding voting securities of the Company
or any successor of the Company, excluding any person whose
beneficial ownership of securities of the Company or any
successor is obtained in a merger or consolidation not
included in paragraph (iii) below;
(ii) during any period of two (2)
consecutive years or less, individuals who at the beginning of
such period constituted the Board of the Company cease, for
any reason, to constitute at least a majority of the Board,
unless the appointment, election or nomination for election of
each new member of the Board (other than a director whose
initial assumption of office is in connection with an actual
or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of
the Company) was approved by a vote of at least two-thirds of
the members of the Board then still in office who were members
of the Board at the beginning of the period or whose
appointment, election or nomination was so approved since the
beginning of such period;
(iii) there is consummated any merger,
consolidation or similar transaction to which the Company or
any subsidiary (subsidiary means, for this Subsection 9(c)
only, any corporation (whether now or hereafter existing)
which constitutes a "subsidiary" of the Company, as defined in
Section 424(f) of the Internal Revenue Code) is a party as a
result of which the persons who were equityholders of the
Company immediately prior to the effective date of the merger
or consolidation shall have beneficial ownership of less than
50% of the combined voting power for election of members of
the Board (or equivalent) of the surviving entity or its
parent following the effective date of such merger or
consolidation;
(iv) any sale or other disposition (or
similar transaction) (in a single transaction or series of
related transactions) of (x) 50% or more of the assets or
earnings power of the Company or (y) business operations which
generated a majority of the
consolidated revenues (determined on the basis of the
Company's four most recently completed fiscal quarters for
which reports have been completed) of the Company and its
subsidiaries immediately prior thereto, other than a sale,
other disposition or similar transaction to an Excluded Person
or to an entity of which equityholders of the Company
beneficially own at least 50% of the combined voting power;
(v) any liquidation of the Company;
(vi) there is consummated a "merger of
equals" (which for purposes of this Subsection shall mean a
merger with another company of relatively equal size) to which
the Company is a party as a result of which the persons who
were equityholders of the Company immediately prior to the
effective date of such merger shall have beneficial ownership
of less than 55% of the combined voting power for election of
members to the Board (or equivalent) of the surviving entity
or its parent following the effective date of such merger,
provided that the Board shall have the authority to increase
said percentage as may in its sole discretion be deemed
appropriate to cover a specific transaction; or
(vii) for purposes of this Section 8(c), the
term "Excluded Person" shall mean and include (a) Kuwait
Petroleum Corporation and its affiliates, (b) any corporation
beneficially owned by shareholders of the Company in
substantially the same proportion as their ownership of shares
of the Company and (c) the Company and any subsidiaries of the
Company.]
9. [Assumption of Defense.(2) In the event the Company shall be obligated to pay
the Expenses of any Proceeding against the Indemnitee, the Company, if
appropriate, shall be entitled to assume the defense of such Proceeding, with
counsel reasonably acceptable to the Indemnitee, upon the delivery to the
Indemnitee of written notice of its election to do so. After delivery of such
notice, approval of such counsel by the Indemnitee and the retention of such
counsel by the Company, the Company will not be liable to the Indemnitee under
this Agreement for any fees of counsel subsequently incurred by the Indemnitee
with respect to the same Proceeding, provided that (i) the Indemnitee shall have
the right to employ his own counsel in such Proceeding at the Indemnitee's
expense; and (ii) if (a) the employment of counsel by the Indemnitee in such
Proceeding has been previously authorized in writing by the Company, (b) the
Company shall have reasonably concluded that there may be a conflict of interest
between the Company and the Indemnitee in the conduct of any such defense, or
(c) the Company shall not, in fact, have employed counsel to assume the defense
of such Proceeding, the fees and Expenses of the Indemnitee's counsel shall be
at the expense of the Company.]
10. Insurance. The Company may, but is not obligated to,
obtain Directors' and officers' liability insurance ("D&O Insurance") as may be
or become available in reasonable amounts from established and reputable
insurers with respect to which the Indemnitee is named as an insured.
Notwithstanding any other provision of the Agreement, the Company shall not be
obligated to indemnify the Indemnitee for Expenses, judgments, fines or
penalties, which have been paid directly to or on behalf of the Indemnitee out
of the Company's D&O Insurance. If the Company has D&O Insurance in effect at
the time the Company receives from the Indemnitee any notice of the commencement
of a Proceeding, the Company shall give prompt notice of the commencement of
such Proceeding to the insurers in accordance with the procedures set forth in
the policy. The Company shall thereafter take all necessary or desirable action
to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable
as a result of such Proceeding in accordance with the terms of such policy.
11. Exceptions. Any other provision in this Agreement to the
contrary notwithstanding, the Company shall not be obligated pursuant to the
terms of this Agreement:
(a) Claims Initiated by the Indemnitee. To indemnify
or advance Expenses to the Indemnitee with respect to Proceedings or
claims initiated or brought voluntarily by the Indemnitee and not by
way of defense, except with respect to Proceedings brought to establish
or enforce a right to indemnification under this Agreement or any other
statute or law, but such indemnification or advancement of Expenses may
be provided by the Company in specific cases if the Board of Directors
finds it to be appropriate; or
(b) Action for Indemnification. To indemnify the
Indemnitee for any Expenses incurred by the Indemnitee with respect to
any Proceeding instituted by the Indemnitee to enforce or interpret
this Agreement, if a court of competent jurisdiction determines that
any of the material assertions made by the Indemnitee in such
Proceeding was not made in good faith or was frivolous; or
(c) Unauthorized Settlements. To indemnify the
Indemnitee under this Agreement for any amounts paid in settlement of a
Proceeding effected without the Company's written consent. The Company
shall not settle any Proceeding without the Indemnitee's written
consent. Neither the Company nor the Indemnitee will unreasonably
withhold consent to any proposed settlement; or
(d) Certain Matters. To indemnify the Indemnitee on
account of any Proceeding with respect to (i) remuneration paid to the
Indemnitee if it is determined by judgment or other adjudication that
such remuneration was in violation of law, (ii) which judgment is
rendered against the Indemnitee for an accounting of profits made from
the purchase or sale by the Indemnitee of securities of the Company
pursuant to the provisions of Section 16(b) of the Securities Exchange
Act of 1934, as amended, or similar provisions of any federal, state or
local statute, or (iii) which it is determined by judgment or other
adjudication that the Indemnitee's conduct was knowingly fraudulent or
dishonest.
12. Nonexclusivity. The provisions for indemnification and
advancement of Expenses set forth in this Agreement shall not be deemed
exclusive of any other rights which the Indemnitee may have under any provision
of law, the Company's Memorandum or Articles of Association, in any court in
which a Proceeding is brought, the vote of the Company's shareholders or
disinterested Directors, other agreements or otherwise, both as to action in his
official capacity and to action in another capacity while occupying his position
as an Agent of the Company, and the Indemnitee's rights under this Agreement
shall continue after the Indemnitee has ceased acting as an Agent of the Company
and shall inure to the benefit of the heirs, executors and administrators of the
Indemnitee.
13. Subrogation. In the event of payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of the Indemnitee, who shall execute all papers
required and shall do everything that may be necessary to secure such rights,
including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights.
14. Interpretation of Agreement. It is understood that the
parties to this Agreement intend this Agreement to be interpreted and enforced
so as to provide indemnification to the Indemnitee to the fullest extent now or
hereafter permitted by law.
15. Severability. If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever, (i) the validity, legality and enforceability of the remaining
provisions of the Agreement (including without limitation, all portions of any
paragraphs of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that are not themselves invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby, and (ii) to
the fullest extent possible, the provisions of this Agreement (including,
without limitation, all portions of any paragraph of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that are not
themselves invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or
unenforceable and to give effect to Section 14 of this Agreement.
16. Modification and Waiver. No supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by both
of the parties to this Agreement. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provision of
this Agreement (whether or not similar) nor shall such waiver constitute a
continuing waiver.
17. Successors and Assigns; Duration of Agreement. The terms
of this Agreement shall bind, and shall inure to the benefit of, the successors
and assigns of the parties to this Agreement. This Agreement shall continue in
effect so long as the Indemnitee shall be subject to any Proceeding by reason of
the fact that the Indemnitee is or was an Agent of the Company, regardless of
whether the Indemnitee continues to serve as an Agent of the Company.
18. Notice. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed duly
given (i) if delivered by hand and receipted for by the party addressee, on the
date of delivery, or (ii) if mailed by certified or registered mail with postage
prepaid, on the third business day after the mailing date. Addresses for notice
to either party are as shown on the signature page of this Agreement, or as
subsequently modified by written notice.
19. Governing Law. This Agreement shall be governed
exclusively by and construed according to the laws of the Cayman Islands. If a
court of competent jurisdiction shall make a final determination that the
provisions of the law of any jurisdiction other than the Cayman Islands, govern
indemnification by the Company of its Directors and officers, then the
indemnification provided under this Agreement shall in all instances be
enforceable only to the extent permitted under such law, notwithstanding any
provision of this Agreement to the contrary.
The parties hereto have entered into this Agreement as of the ___ day of ______.
GlobalSantaFe Corporation
By ______________________________________
Name:
Title:
Address: 000 X. Xxxxxxxx Xxxxxxx
Xxxxxxx, Xxxxx 00000-0000
Attention: General Counsel
Indemnitee:
______________________________________
Name:_________________________________
Address: ________________________________
________________________________
________________________________
