GLOBALSANTAFE CORP
RETENTION PROGRAM
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<TYPE>EX-10.5
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<DESCRIPTION>RETENTION PROGRAM
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B><U>Exhibit 10.5 </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">GlobalSantaFe </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Retention Program </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">SUMMARY PLAN DESCRIPTION </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">AND </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">PLAN DOCUMENT </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(As Amended and Restated </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Effective January&nbsp;1, 2008) </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>GlobalSantaFe Retention Program </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Summary Plan Description and Plan Document </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(As Amended and Restated Effective
January&nbsp;1, 2008) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Purpose</U>. The purpose of the GlobalSantaFe Retention Program (the &#147;Retention Program&#148;) is to provide an incentive for selected employees of GlobalSantaFe Corporation
(&#147;GSF&#148;) and its Affiliates to remain employees of GSF and its Affiliates. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Definitions</U>. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Affiliate: </I>Any entity that is
required to be aggregated with GSF as a single employer pursuant to Section&nbsp;4l4(b) or (c)&nbsp;of the Internal Revenue Code of 1986, as amended. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><I>Cause: </I>Unacceptable or inadequate performance as determined by the Employee&#146;s employer, including but not limited to failure to perform the Employee&#146;s job at a level or in a manner acceptable to the
employer, misconduct, dishonesty, acts detrimental or destructive to the employer, GSF or any Affiliate or to any employee or property of the employer, GSF or any Affiliate, or any violation of the policies of GSF or the employer. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Code: </I>The U.S. Internal Revenue Code of 1986, as amended. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><I>Employee: </I>An employee of GSF or of an Affiliate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>GSF: </I>GlobalSantaFe Corporation and any
successor thereto. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Retention Date: </I>The date specified as the Retention Date in the Retention Notice, which date, except as otherwise
provided in this Retention Program, is the date until which such Employee must remain employed in order to receive a Retention Benefit as described in Section&nbsp;4. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><I>Retention Benefit: </I>A benefit described in Section&nbsp;4(a). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Retention Notice: </I>A written
notice from the Senior Vice President, Human Resources, or Chief Executive Officer of GSF to an Employee, informing the Employee of his or her (i)&nbsp;eligibility for a Retention Benefit under the Program, (ii)&nbsp;Retention Date, and
(iii)&nbsp;Retention Benefit amount. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Retention Period: </I>The period of time between the date of the Retention Notice and the Retention
Date. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Retention Program: </I>The GlobalSantaFe Retention Program as set forth in this document and as amended from time to time.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Section&nbsp;409A: </I>Section&nbsp;409A of the Code and applicable U.S. Treasury authorities. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Waiver and Release: </I>The legal document in which an Employee, in exchange for certain benefits or other consideration, releases his or her employer,
GSF and other Affiliates, </FONT>
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<FONT FACE="Times New Roman" SIZE="2">their agents, servants, employees, officers, directors, insurance carriers, employee benefit plans, and trustees, fiduciaries and agents of such plans, and
any and all other persons, firms, organizations and corporations from liability and damages arising from or in connection with the Employee&#146;s employment or the cessation of his or her employment or active employment by the employer, GSF or any
other Affiliate and agrees to certain restrictions on disclosure of confidential information, solicitation of employees and interference with the affairs of the Employer, GSF or any other Affiliate. With respect to Employees working in the United
Kingdom, the term &#147;Waiver and Release&#148; shall refer to a compromise agreement in terms of Section&nbsp;203 of the Employment Rights Act 1996 and associated legislation of the United Kingdom. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Waiver Effective Date: </I>The first date when the Employee has timely signed and returned any required Waiver and Release and the revocation period
has expired without revocation. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Eligibility and Participation</U>. An Employee will be eligible for a Retention Benefit if the Employee is given a Retention Notice. A Retention Benefit shall only be paid if the
Employee meets the qualifications of Section&nbsp;4(a) below and is not disqualified by the provisions of Section&nbsp;4(b) below. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Payment of Retention Benefit</U>. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Retention Benefit</U>. In addition to and not in lieu of any other benefits under any other plan or arrangement of GSF or its Affiliates, except as stated in Section&nbsp;4(b)(v)
below, an Employee who receives a Retention Notice and remains employed until his or her Retention Date shall receive the Retention Benefit amount stated in his or her Retention Notice (&#147;Retention Benefit&#148;), payable in a lump sum cash
payment, subject to applicable withholding, within 20 business days after the latest of the Retention Date and the Waiver Effective Date. The above notwithstanding: </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">An Employee whose employment with GSF and its Affiliates is terminated by GSF or an Affiliate other than for Cause prior to the Retention Date, or whose employment
with GSF and its Affiliates is terminated prior to the Retention Date as a result of his or her resignation or retirement at age 62 or after with five or more years of service (but not including termination by reason of his or her resignation or
retirement at less than age 62 or with less than five years of service, or termination by reason of death or disability) shall receive a pro rated portion of his or her full Retention Benefit, said pro ration to be based on the amount of time he or
she was employed by GSF and its Affiliates during the Retention Period relative to the full Retention Period, payable in a lump sum cash payment, subject to applicable withholding, within 20 business days after (a)&nbsp;the latest of the date of
termination and the Waiver Effective Date in the case of an Employee whose employment is terminated by GSF or an Affiliate other than for Cause or (b)&nbsp;the latest of the Retention Date and the Waiver Effective Date in the case of an Employee
whose employment </FONT>
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<FONT FACE="Times New Roman" SIZE="2">is terminated as a result of his or her resignation or retirement at age 62 or after with five or more years of service, in each case unless otherwise
provided in (ii)&nbsp;below; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If the Employee is a &#147;specified employee,&#148; as such term is defined in Section&nbsp;409A and determined as described below in this Section&nbsp;4(a)(ii) any payments
payable as a result of the Employee&#146;s &#147;separation from service&#148; as defined in Section&nbsp;1.409A-1(h) of the U.S. Treasury regulations (other than death) shall not be payable before the earlier of (i)&nbsp;the date that is six months
after the Employee&#146;s &#147;separation of service,&#148; (ii)&nbsp;the date of the Employee&#146;s death, or (iii)&nbsp;the date that otherwise complies with the requirements of Section&nbsp;409A. An Employee shall be a &#147;specified
employee&#148; for the twelve-month period beginning on April&nbsp;1 of a year if the Employee is a &#147;key employee&#148; as defined in Section&nbsp;416(i) of the Internal Revenue Code (without regard to Section&nbsp;416(i)(5)) as of
December&nbsp;31 of the preceding year or using such dates as designated by the Plan Administrator) in accordance with Section&nbsp;409A and in a manner that is consistent with respect to all of the Company&#146;s nonqualified deferred compensation
plans. For purposes of determining the identity of specified employees, the Plan Administrator may establish procedures as it deems appropriate in accordance with Section&nbsp;409A. </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Disqualification</U>. Notwithstanding and in addition to the provisions of (a)&nbsp;above, <I>NO </I>Retention Benefit will be paid if: </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Employee&#146;s employment with GSF and its Affiliates is terminated prior to his or her Retention Date for Cause, or as a result of his or her resignation or retirement at less
than age 62 or with less than five years of service, or as a result of his or her death or disability; or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Employee is not delivered a Retention Notice; or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Employee has been asked, before the Retention Benefit is paid, to sign a Waiver and Release and (A)&nbsp;has not signed and returned it, or (B)&nbsp;has signed and returned it
but the applicable revocation period as provided in the Waiver and Release has not expired without revocation, or (C)&nbsp;has signed, returned and revoked it; provided, however, that in the case of either (A)&nbsp;or (B)&nbsp;above, the Retention
Benefit will be paid if the Waiver and Release is timely signed and returned and the revocation period has expired without revocation; or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Employee fails to return all property and materials of GSF and the Affiliates to his or her supervisor or other appropriate representative of GSF and the Affiliates upon
termination of employment; or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(v)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Employee is, for any reason, entitled to retention benefits under any other contract, agreement, plan program or policy of GSF or an Affiliate or under any agreement between the
Employee and GSF or an Affiliate, other than statutory benefits; or </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(vi)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Employee has during the Retention Period worked for, or is at the Retention Date working for, a competitor of GSF or of any of its Affiliates, including without limitation as an
employee of or consultant to the competitor, as determined by the Senior Vice President, Human Resources, of GSF in his or her sole discretion; provided, however, that this disqualification will not apply in the case of an Employee whose employment
with GSF and its Affiliates is terminated by GSF or an Affiliate other than for Cause. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Other Benefits</U>. Except as otherwise provided, the Retention Benefits payable hereunder shall be payable in addition to, and not in lieu of, all other accrued or vested
benefits that may be owed to an Employee pursuant to an employee benefit plan of GSF or any Affiliate. The Retention Benefits payable hereunder shall not be treated as compensation for purposes of any other plan or arrangement of GSF or any
Affiliate. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Death of Employee After Becoming Entitled to Retention Benefit</U>. If an Employee who has already become entitled to a Retention Benefit pursuant to Section&nbsp;4 dies, the
Retention Benefit shall be paid in a lump sum cash payment, subject to applicable withholding, as soon as practicable after the date of death to (a)&nbsp;the Employee&#146;s beneficiary (or beneficiaries) designated under the employer&#146;s group
life insurance plan, if living, or, if none is so designated or living, (b)&nbsp;the executor of the Employee&#146;s estate. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Amendment, Termination, Administration, and Miscellaneous</U>. The Retention Program is subject to amendment and/or termination at any time or from time to time at the discretion
of GSF, provided, however, that no amendment or termination will deprive any Employee who has already received a Retention Notice of his or her Retention Benefit pursuant to this Retention Program as amended to the date of the Retention Notice.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Retention Program will be administered by the Senior Vice President, Human Resources, of GSF (the &#147;Plan
Administrator&#148;). No benefit will be payable under the Retention Program unless the Senior Vice President, Human Resources, of GSF determines in his or her sole discretion that the applicant is entitled to the benefit. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Termination of Employment Status</U>. Notwithstanding any other provision of the Retention Program, GSF and each Affiliate shall at all times have the right to terminate any
Employee, with or without Cause. The Retention Program does not constitute a contract of employment or impose on GSF or any Affiliate any obligation to retain any Employee as an Employee, to change or not change the status of the Employee&#146;s
employment, or to change the policies of GSF or of any Affiliate regarding termination of employment. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><U>Section&nbsp;409A</U>. It is intended that the provisions of this Retention Program satisfy the requirements of Section&nbsp;409A and that the Retention Program
be operated in a manner consistent with such requirements to the extent applicable. Therefore, the Plan </FONT>
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<FONT FACE="Times New Roman" SIZE="2">Administrator may make adjustments to the Retention Program and may construe the provisions of the Retention Program in accordance with the requirements of
Section&nbsp;409A. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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