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WHEREAS,
the Company determined to comply with the AJCA and new section 409A
of the Code by freezing the Original SERP and adopting the ENSCO
2005 Supplemental Executive Retirement Plan (the "2005 SERP"),
effective January 1, 2005;
WHEREAS,
the Board of Directors of the Company (the "Board"), upon
recommendation of its Nominating, Governance and Compensation
Committee (the "Committee"), approved Amendment No. 1 to the
Original SERP, as amended and restated effective as of January 1,
2004, during a regular meeting held on March 10, 2008;
WHEREAS,
the Board, upon recommendation of the Committee during its meeting
held on November 3-4, 2008, has approved this Amendment No. 2 to
the Original SERP, as amended and restated effective as of January
1, 2004, during a regular meeting held on November 4, 2008;
and
WHEREAS,
the Company now desires to adopt this Amendment No. 2 to the
Original SERP, as amended and restated effective as of January 1,
2004, in order to facilitate compliance (to the limited extent
necessary as provided by this Amendment No. 2) with the final
Treasury regulations under section 409A of the Code;
NOW,
THEREFORE, in consideration of the premises and the covenants
herein contained, the Company hereby adopts the following Amendment
No. 2 to the Original SERP, as amended and restated effective as of
January 1, 2004:
1. Section
2.1(h) of the Original SERP is hereby amended to read as
follows:
(h)
"Benefits" means the aggregate
amounts representing the Participant's Automatic Deferrals, if any,
Basic Deferrals, Discretionary Deferrals, if any, vested Employer
Discretionary Contributions with respect to which the Participant
becomes vested before January 1, 2005 under Section 4.4, and vested
Matching Contributions with respect to which the Participant
becomes vested before January 1, 2005 under Section 4.4, which are
credited to the Participant's Account pursuant to Section 4.5, plus
earnings thereon and less losses allocable thereto, if any,
attributable to the investment of such amounts pursuant to Section
7.2. The aggregate amounts representing the Ma
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