Document:

EX-10.6

 Exhibit 10.6 

FORM OF FLEET PURCHASE AGREEMENT 

by and between 
 DRILLSHIPS OCEAN
VENTURES INC., 
 as Seller, 

OCEAN RIG UDW INC., 
 as Seller
Parent 
 DRILLSHIPS OCEAN VENTURES II INC., 

as Buyer, 
 OCEAN RIG OPERATING LP,

 as OPCO, 
 and 

OCEAN RIG PARTNERS LP, 
 as MLP

  
  

Dated as of [—], 2014 

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 Article 1
	 	 DEFINITIONS
	  	 	1	  
			
	 1.1
	 	 Defined Terms
	  	 	1	  
			
	 Article 2
	 	 TRANSACTIONS; CLOSING
	  	 	6	  
			
	 2.1
	 	 Purchase and Sale
	  	 	6	  
			
	 2.2
	 	 Closing
	  	 	6	  
			
	 2.3
	 	 Deliveries Between Parties at Closing
	  	 	6	  
			
	 2.4
	 	 Tax Matters
	  	 	8	  
			
	 2.5
	 	 Certain Adjustments
	  	 	8	  
			
	 Article 3
	 	 REPRESENTATIONS AND WARRANTIES OF THE SELLER PARENT AND THE SELLER REGARDING THE SELLER AND ITS SUBSIDIARIES
	  	 	9	  
			
	 3.1
	 	 Title to Interests
	  	 	9	  
			
	 3.2
	 	 Due Incorporation and Authority to Execute and Perform Agreement
	  	 	9	  
			
	 3.3
	 	 Litigation
	  	 	11	  
			
	 3.4
	 	 No Defaults
	  	 	11	  
			
	 3.5
	 	 Investor Sophistication
	  	 	11	  
			
	 Article 4
	 	 REPRESENTATIONS AND WARRANTIES OF THE SELLER PARENT AND THE SELLER AS TO THE OPERATION SPVs, THE VESSEL SPVs AND THE
VESSELS
	  	 	12	  
			
	 4.1
	 	 Due Organization
	  	 	12	  
			
	 4.2
	 	 Qualification
	  	 	12	  
			
	 4.3
	 	 Capitalization
	  	 	12	  
			
	 4.4
	 	 Operation SPVs
	  	 	13	  
			
	 4.5
	 	 The Vessels
	  	 	13	  
			
	 4.6
	 	 Operation SPV Contracts
	  	 	14	  
			
	 4.7
	 	 Compliance with Laws; Governmental Authorizations
	  	 	14	  
			
	 4.8
	 	 Litigation
	  	 	15	  
			
	 4.9
	 	 Disclosure
	  	 	15	  
			
	 4.10
	 	 Exclusivity of Representations
	  	 	15	  
			
	 4.11
	 	 Brokers
	  	 	16	  

							
	 	 	 	  	Page	 
			
	 Article 5
	 	 REPRESENTATIONS AND WARRANTIES OF THE MLP, OPCO AND THE BUYER
	  	 	16	  
			
	 5.1
	 	 Due Incorporation and Authority
	  	 	16	  
			
	 5.2
	 	 Authority to Execute and Perform Agreement
	  	 	16	  
			
	 5.3
	 	 Capitalization
	  	 	17	  
			
	 5.4
	 	 Brokers
	  	 	18	  
			
	 5.5
	 	 Exclusivity of Representations
	  	 	18	  
			
	 Article 6
	 	 COVENANTS AND AGREEMENTS
	  	 	19	  
			
	 6.1
	 	 Conduct of Business
	  	 	19	  
			
	 6.2
	 	 Access to Information
	  	 	21	  
			
	 6.3
	 	 Litigation
	  	 	21	  
			
	 6.4
	 	 Further Assurances
	  	 	22	  
			
	 Article 7
	 	 CONDITIONS PRECEDENT TO THE OBLIGATION OF THE MLP
	  	 	22	  
			
	 7.1
	 	 Representations, Warranties and Covenants
	  	 	22	  
			
	 7.2
	 	 No Orders
	  	 	23	  
			
	 7.3
	 	 MOA and Closing Deliverables
	  	 	23	  
			
	 7.4
	 	 Necessary Permissions
	  	 	23	  
			
	 7.5
	 	 Frustration of Closing Conditions
	  	 	24	  
			
	 Article 8
	 	 CONDITIONS PRECEDENT TO THE OBLIGATION OF THE SELLER
	  	 	24	  
			
	 8.1
	 	 Representations, Warranties and Covenants
	  	 	24	  
			
	 8.2
	 	 MOA and Closing Deliverables
	  	 	25	  
			
	 8.3
	 	 No Orders
	  	 	25	  
			
	 8.4
	 	 Collateral Security Agreements
	  	 	25	  
			
	 8.5
	 	 Frustration of Closing Conditions
	  	 	25	  
			
	 Article 9
	 	 SURVIVAL
	  	 	25	  
			
	 Article 10
	 	 TERMINATION OF AGREEMENT
	  	 	25	  
			
	 10.1
	 	 Termination
	  	 	25	  
			
	 10.2
	 	 Survival After Termination
	  	 	25	  
			
	 Article 11
	 	 MISCELLANEOUS
	  	 	26	  
			
	 11.1
	 	 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial
	  	 	26	  
			
	 11.2
	 	 Notices
	  	 	26	  

  
 ii 

							
	 	 	 	  	Page	 
			
	 11.3
	 	 Entire Agreement
	  	 	27	  
			
	 11.4
	 	 Waivers and Amendments
	  	 	27	  
			
	 11.5
	 	 Governing Law
	  	 	27	  
			
	 11.6
	 	 Binding Effect; Assignment
	  	 	27	  
			
	 11.7
	 	 Usage
	  	 	28	  
			
	 11.8
	 	 Articles and Sections
	  	 	28	  
			
	 11.9
	 	 Exhibits; Disclosure Letters
	  	 	28	  
			
	 11.10
	 	 Interpretation
	  	 	28	  
			
	 11.11
	 	 Severability of Provisions
	  	 	28	  
			
	 11.12
	 	 Counterparts
	  	 	29	  
			
	 11.13
	 	 Non-Recourse
	  	 	29	  
			
	 11.14
	 	 No Third Party Beneficiaries
	  	 	29	  
			
	 11.15
	 	 Specific Performance
	  	 	29	  
	  
 Annexes
	 		  			
			
	A	 	Vessels and Ownership	  			
	B	 	Allocation of Share Consideration and Cash Consideration	  			
	  
 Exhibits
	 		  			
			
	1	 	Form of Memorandum of Agreement	  			
	2	 	Form of Assignment and Assumption Agreement	  			
	3	 	Form of Private Transfer Deed	  			

  
 iii 

 FLEET PURCHASE AGREEMENT 

FLEET PURCHASE AGREEMENT, dated as of [—], 2014 (this “Agreement”), by
and between Drillships Ocean Ventures Inc., a Marshall Islands corporation (the “Seller”), Ocean Rig UDW Inc., a Marshall Islands Corporation and Seller’s direct parent (“Seller Parent”), Drillships Ocean
Ventures II Inc., a Marshall Islands corporation (the “Buyer”), Ocean Rig Operating LP, a Marshall Islands limited partnership and Buyer’s direct parent (“OPCO”), and Ocean Rig Partners LP, a Marshall Islands
limited partnership and Buyer’s indirect parent (the “MLP” and together with Buyer and its Subsidiaries, and OPCO, the “Buyer Group”). 

RECITALS 
 WHEREAS, the
Seller is the owner, directly or indirectly, of 100% of the issued and outstanding equity interests of the Vessel SPVs, which are the entities set forth on Annex A under the heading “Vessel SPVs” (the “Vessel SPVs”,
and such interests, the “Vessel SPV Interests,”) and the Vessel SPVs own, directly or indirectly, the vessels set forth opposite the names of such Vessel SPVs on Annex A (collectively, the “Vessels”); 

WHEREAS, the Seller is the owner of 100% of the issued and outstanding equity interests of Drillships Ocean Ventures Operations Inc.
(“DOV Operations”) and (through the Seller’s membership) of 1% of the outstanding equity interests of Ocean Rig Block 33 Brasil Cooperatief UA (“Cooperatief” and together with DOV Operations and DOV
Operations’ direct and indirect Subsidiaries, the “Operation SPVs,” and the Seller’s interests in DOV Operations and the Seller’s membership, including all membership rights, in Cooperatief, the “Operation SPV
Interests”); and 
 WHEREAS, the Seller wishes to sell, transfer, convey and assign and cause the Drillship Owners to sell,
transfer, convey and assign to the Buyer, and the Buyer wishes to purchase and acquire from the Seller and the Drillship Owners, each of the Vessels and the Operation SPV Interests upon the terms and subject to the conditions of this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and intending to be
legally bound hereby, the parties agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1
Defined Terms. 
 (a) For purposes of this Agreement, the following terms shall have the respective meanings set forth in this
Section 1.1 (such definitions to be equally applicable to both the singular and plural forms of the terms herein defined): 

  
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 “Affiliate” means, with respect to any Person, any other Person controlling,
controlled by or under common control with such Person. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise. Notwithstanding the foregoing, in
no event shall the Seller Parent or the Seller or any of their Subsidiaries (other than the members of the Buyer Group and their Subsidiaries) be deemed an Affiliate of any of the Buyer Group or any of their respective Subsidiaries nor shall any of
the Buyer Group or any of their respective Subsidiaries be deemed an Affiliate of any of the Seller Parent or the Seller or any of their Subsidiaries (other than the members of the Buyer Group and their Subsidiaries). 

“Ancillary Agreements” means, collectively, (i) the MOA, (ii) the Assignment Agreements, and (iii) any other
agreements required to be executed and delivered by any of the Buyer Group or their respective Subsidiaries, on the one hand, and the Seller or any of its Subsidiaries, on the other hand, pursuant to this Agreement. 

“Business Day” means a day other than Saturday, Sunday or any day on which banks located in New York, United States,
Athens, Greece or Cyprus are authorized or obligated by law to close. 
 “Buyer SPV” means Drillship Skiathos Owners II
Inc., a Marshall Islands corporation, with respect to Ocean Rig Mylos, Drillship Skyros Owners II Inc., a Marshall Islands corporation, with respect to Ocean Rig Skyros, and Drillship Kythnos Owners II Inc., a Marshall Islands
corporation, with respect to Ocean Rig Athena. 
 “Capital Stock” means: (i) any shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation; (ii) any ownership interests in a Person other than a corporation, including membership interests, partnership interests, joint venture interests and
beneficial interests; and (iii) any warrants, options, convertible or exchangeable securities, subscriptions, rights (including any preemptive or similar rights), calls or other rights of any nature to purchase or acquire any of the foregoing.

 “Code” means the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. 

“Drillship Shareholders” means collectively, Drillship Skiathos Shareholders Inc., a Marshall Islands corporation and the
parent of Drillship Skiathos Owners Inc., Drillship Skyros Shareholders Inc., a Marshall Islands corporation and the parent of Drillship Skyros Owners Inc., and Drillship Kythnos Shareholders Inc., a Marshall Islands corporation and the parent of
Drillship Kythnos Owners Inc. 
 “Drillship Owners” means collectively, Drillship Skiathos Owners Inc., a Marshall Islands
corporation and the owner of the Ocean Rig Mylos, Drillship Skyros 

  
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Owners Inc., a Marshall Islands corporation and the owner of the Ocean Rig Skyros, and Drillship Kythnos Owners Inc., a Marshall Islands corporation and the owner of the Ocean Rig
Athena. 
 “Environmental Laws” means applicable Laws, any agreement with any Governmental Body and Maritime
Guidelines, in each case, relating to human health and safety, the environment or to pollutants, contaminants, wastes or chemicals or any toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous substances, wastes or materials. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the related rules and regulations of the SEC
thereunder. 
 “Governmental Authorizations” means, with respect to any Person, all licenses, permits (including
construction permits), certificates, waivers, consents, franchises, accreditations, exemptions, variances, easements, expirations and terminations of any waiting period requirements and other authorizations and approvals issued to such Person by or
obtained by such Person from any Governmental Body, or of which such Person has the benefit under any applicable Law. 

“Governmental Body” means any entity or body exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to United States federal, state or local government or other non-United States (including the Marshall Islands), international, multinational or other government, including any department, commission, board, agency,
instrumentality, political subdivision, bureau, official or other regulatory, administrative or judicial authority thereof and any self-regulatory organization, including Nasdaq, or any arbitral body. 

“Knowledge” As used in this Agreement, “Knowledge” means the actual knowledge of the subject entity, or any of its
respective Affiliates, after due inquiry (including, where appropriate, consultation with responsible employees of such entity, or any of its Affiliates) into the subject matter. 

“Lien” means, with respect to any property or asset, any mortgage, lien (including any maritime lien), pledge, hypothecation,
charge (whether fixed or floating), assignment deed of trust, security interest, infringement, interference, right of first refusal, right of first offer, preemptive right, option, community property right, claim or other encumbrance of any kind in
respect of such property or asset. 
 “Maritime Guidelines” means any United States, international or non-United States
(including the Marshall Islands) rule, code of practice, convention, protocol, guideline or similar requirement or restriction concerning or relating to any Vessel, and to which a Vessel is subject and required to comply with, imposed, published or
promulgated by any relevant Governmental Body, the International Maritime Organization, such Vessel’s classification society or the insurer(s) of such Vessel. 

  
 3 

 “MOA” means a memorandum of agreement to be entered into between the Buyer SPVs,
on the one hand, and the Drillship Owners, on the other hand, in substantially the form set forth on Exhibit 1. 

“Nasdaq” means the NASDAQ Stock Market LLC. 

“Organizational Documents” means, with respect to any Person that is not a natural person, the documents by which such Person
establishes its legal existence or which govern its internal affairs, including such Person’s charter, certificate or articles of incorporation or formation, bylaws, memorandum and articles of association, operating agreement, limited liability
company agreement, partnership agreement, limited partnership agreement, limited liability partnership agreement or other constituent or organizational documents of such Person. 

“Person” means an individual, corporation, partnership (with or without limited liability), cooperative, limited liability
company, joint venture, a trust, an unincorporated association, or other entity or organization, including a Governmental Body. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the related rules and regulations of the SEC thereunder.

 “Seller Credit Agreement” means the Credit Agreement dated as of July 25, 2014, as amended, amended and restated,
supplemented or otherwise modified from time to time among the Seller Parent, the Seller, Drillships Ventures Projects Inc., a Delaware corporation, the lenders from time to time party thereto and Deutsche Bank AG New York Branch as Administrative
Agent and Pari Passu Collateral Agent (as such terms are defined therein). 
 “Subsidiary” means, with respect to any
Person, any corporation, limited liability company, partnership (with or without limited liability), cooperative, joint venture or other legal entity of which such Person (either alone or through or together with any other Subsidiary), owns,
directly or indirectly, more than 50% of the stock or other equity interests, the holders of which are generally entitled to vote for the election of the board of directors or other governing body of a non-corporate Person. Notwithstanding the
foregoing, in no event shall any of the Buyer Group or any of their respective Subsidiaries be deemed Subsidiaries of the Seller Parent or the Seller or any of their Subsidiaries (other than the members of the Buyer Group and their Subsidiaries) or
shall the Seller Parent or the Seller or any of their Subsidiaries (other than the members of the Buyer Group and their Subsidiaries) be deemed Subsidiaries of any of the Buyer Group or any of their respective Subsidiaries. 

“Taxes” means all federal, state, local and foreign income, profits, tonnage (including under Greek Law), franchise, gross
receipts, environmental, customs duty, capital stock, severance, stamp, payroll, sales, transfer, employment, unemployment, disability, use, property, withholding, excise, production, value added, occupancy and

  
 4 

 
other taxes, duties or assessments of any nature whatsoever (whether payable directly or by withholding and whether or not requiring the filing of a Tax Return), including all estimated taxes,
deficiency assessments, additions to tax, penalties and interest, whether disputed or not and including any obligations to indemnify or otherwise assume or succeed to the Tax liability of any other Person. 

“Vessel SPVs” means collectively, the Drillship Shareholders and the Drillship Owners. 

(b) The following capitalized terms are defined in the following Sections of this Agreement: 

 

			
	Term	  	Section
	Agreement	  	Preamble
	Allocation	  	2.4(a)
	Assignment Agreements	  	2.3(b)(ii)
	Assumed Debt	  	2.3(a)(i)
	Buyer	  	Preamble
	Buyer Disclosure Letter	  	5
	Buyer Group	  	Preamble
	Cash Consideration	  	2.3(a)(iii)
	Closing	  	2.2
	Closing Date	  	2.2
	Debt Agreements	  	3.4
	IPO	  	2.1(a)
	Laws	  	3.2(b)(v)
	MLP	  	Preamble
	OPCO	  	Preamble
	OPCO Interests	  	2.3(a)(ii)
	OPCO Interest Consideration	  	2.3(a)(ii)
	Operation SPV Contracts	  	4.6
	Operation SPV Interests	  	Recitals
	Operation SPV Sale	  	2.1(b)
	Operation SPVs	  	Recitals
	Orders	  	3.2(b)(v)
	ORIG Holdings	  	2.3(a)(ii)
	SEC Documents	  	4.9
	Seller	  	Preamble
	Seller Parent	  	Preamble
	Seller Disclosure Letter	  	3
	Transfer Taxes	  	2.4(b)
	Vessel SPV Interests	  	Recitals
	Vessel SPVs	  	Recitals
	Vessel Delivery	  	2.1(a)
	Vessels	  	Recitals

  
 5 

 ARTICLE 2 

TRANSACTIONS; CLOSING 

2.1 Purchase and Sale. 

(a) Vessel Deliveries. With respect to each Vessel, the Seller shall cause the Drillship Owners and the Buyer shall cause the Buyer
SPVs to execute and deliver a MOA with respect to the three Vessels as promptly as practicable after the date hereof but no later than the closing of the initial public offering of the MLP (the “IPO”). At the Closing, the Seller shall
cause each Drillship Owner to sell, transfer, convey and assign and deliver to the applicable Buyer SPV, and the Buyer shall cause such Buyer SPV to accept and assume from such Drillship Owner, all of such Drillship Owner’s respective right,
title and interest in the applicable Vessel, at the purchase price for such Vessels as set forth in Annex A, free and clear of all taxes, debts and Liens, on the terms and subject to the conditions set forth in the MOA (each, a
“Vessel Delivery”). 
 (b) Operation SPV Sale. At the Closing the Seller shall sell, transfer, convey, assign and
deliver, or shall cause to be sold, transferred, conveyed, assigned and delivered, to the Buyer, and the Buyer shall purchase from the Seller, free and clear of all Liens (other than restrictions on transfer under applicable securities Laws), the
Operation SPV Interests (the “Operation SPV Sale”). 
 2.2 Closing. The closing of the Vessel Deliveries and
Operation SPV Sale (the “Closing”) shall take place substantially concurrently with the closing of the IPO, subject to the terms and satisfaction or waiver of the conditions of the MOA and the satisfaction or waiver of the
conditions set forth herein (other than those conditions that will be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions at such Closing). The date upon which the Closing occurs is referred to herein as a
“Closing Date”. 
 2.3 Deliveries Between Parties at Closing. 

(a) Deliveries by the Buyer Group. At the Closing, the MLP shall pay and transfer, or shall cause the other members of the Buyer Group
to pay and transfer, an aggregate of U.S. $[—] of consideration to the Seller, consisting of the following: 

(i) the assumption by the Buyer and by certain Buyer Subsidiaries of all the obligations under the Seller Credit Agreement from the Closing
Date and thereafter, including, without limitation, the obligation to repay outstanding principal indebtedness in the aggregate amount $[—] billion and the execution and delivery by the Buyer and
by certain of the Buyer’s Subsidiaries of all documentation related thereto, but excluding the obligation to pay all accrued interest under the Seller Credit Agreement through the Closing Date, which will be paid by the Seller prior to Closing
(the “Assumed Debt”); 

  
 6 

 (ii) the transfer, conveyance and assignment by the MLP on behalf of the Buyer of [—]% of the limited partner interests in OPCO (the “OPCO Interest Consideration” and limited partner interests in OPCO generally, “OPCO Interests”), having an aggregate
value of $[—] million, to the Seller’s Affiliate Ocean Rig Holdings Inc., a Marshall Islands corporation (“ORIG Holdings”); 

(iii) the payment by the MLP on behalf of the Buyer to the Seller of U.S. $[—] million in
immediately available funds to one or more accounts designated in writing by the Seller (the “Cash Consideration”); and 

(iv) the delivery to the Seller or the Vessel SPVs on or prior to the Closing Date of any documents or instruments required to be delivered
by the Buyer or its applicable Subsidiaries pursuant to the MOA and any other documentation required (or reasonably requested by the Seller) in order to evidence and effect the transfer of the Vessels and Operation SPV Interests (it being understood
that such instruments shall not require the Buyer, its Subsidiaries or any other Person to make any representations, warranties, covenants or agreements not expressly set forth in this Agreement or the MOA). 

(b) Deliveries by the Seller. At the Closing, the Seller shall: 

(i) deliver, or cause to be delivered, to the Buyer or its applicable Subsidiaries any documents or instruments required to be delivered by
the Seller or its applicable Subsidiaries pursuant to the MOA and any other documentation required (or reasonably requested by the Buyer) in order to evidence and effect the transfer of such Vessels and Operation SPV Interests (it being understood
that such instruments shall not require the Seller, its Subsidiaries or any other Person to make any representations, warranties, covenants or agreements not expressly set forth in this Agreement or the MOA) as well as agreements evidencing the
termination of all contracts to which the Seller, the Drillship Shareholders or the Drillship Owners are a party related to the Vessels, including agreements evidencing the termination of any bareboat agreements and management agreements; 

(ii) deliver, or cause to be delivered, to the Buyer (A) certificates (if any) representing the Operation SPV Interests, duly endorsed
in blank or accompanied by stock powers duly executed in blank or other instruments of transfer, in proper form for transfer, (B) in respect of the Seller’s Interests in 100% of the issued and outstanding equity of DOV Operations, an
Assignment and Assumption Agreement duly executed by the Seller and, if applicable, DOV Operations, in substantially the form set forth on Exhibit 2 and (C) in respect of the Seller’s interest in 1% of the outstanding equity of
Cooperatief, through the Seller’s membership in Cooperatief, a Private Transfer Deed duly executed by the Seller and, if applicable, Cooperatief, in substantially the form set forth on Exhibit 3 (the agreements described in (B) and (C)
together, the“Assignment Agreements”); and 
 (iii) cause the assignment by the Seller of the Seller Credit Agreement, and
the execution and delivery by the Seller of all documentation related thereto. 

  
 7 

 2.4 Tax Matters. 

(a) For tax purposes, the Assumed Debt, OPCO Interest Consideration and Cash Consideration shall be allocated among the Vessels, Operation
SPV Interests in a manner consistent with Annex B and the Code (the “Allocation”). For all Tax purposes, the parties hereto agree to report the transactions contemplated by this Agreement in a manner consistent with the terms
of this Agreement, and neither the parties hereto nor any of their Affiliates will take any position inconsistent therewith in any reports, returns, declarations, claims for refund, elections, disclosures, estimates, information reports or returns
or statements required to be supplied to a taxing authority in connection with Taxes, or in any communication with any Tax authority, except as required by a change in applicable Law or a good faith resolution of a Tax contest. The parties hereto
each agree to cooperate with each other in preparing IRS Form 8594, and to furnish each other with a copy of such form prepared in draft form within a reasonable period before its filing due date. The parties hereto shall notify each other party
within five (5) Business Days if it receives written notice that any Tax authority proposes any allocation different than the Allocation. 

(b) Transfer Taxes. The parties to this Agreement shall cooperate in attempting to eliminate or minimize the amount of any property
transfer or gains, sales, use, transfer, value added, stock transfer or stamp taxes, any transfer, recording, registration and other fees and any similar taxes that become payable in connection with the transactions contemplated by this Agreement
(together with any related interests, penalties or additions to Tax, “Transfer Taxes”), including attempting to effect each Vessel Delivery at a non-United States port which does not impose material Transfer Taxes. Furthermore, the
parties to this Agreement shall cooperate in the preparation, execution and filing of all returns, questionnaires, applications or other documents regarding any Transfer Taxes. From and after the initial Closing, the Seller shall pay or cause to be
paid all Transfer Taxes. 
 (c) Vessel Delivery Outside of the United States. The parties to this Agreement shall cooperate in
ensuring that title to each Vessel, and risk of loss with respect to each Vessel, will pass to the Buyer outside of the United States (including, for the avoidance of doubt, outside of the territorial waters of the United States). 

2.5 Certain Adjustments. (i) If at any time during the period between the date of this Agreement and the Closing any change in the
outstanding OPCO Interests shall occur, then the OPCO Interest Consideration and any other provisions under this Agreement that reference the OPCO Interests shall be equitably adjusted to reflect such change; (ii) if at any time during the period
between the date of this Agreement and the Closing any revenues are earned but are not collected by the Operating SPVs prior to the Closing Date then the MLP, OPCO and the Buyer covenant to the Seller to use their commercially reasonable
efforts to promptly collect and remit all such revenues received 

  
 8 

 
by them or their Subsidiaries to the Seller and, the Seller Parent and the Seller covenant to the Buyer to promptly pay the Buyer any post-Closing revenues earned after the Closing and received
by them or their Subsidiaries (iii) if [at any time during the period between the date of this Agreement and the Closing] any expenses are incurred but not paid by the Operating SPVs prior to the Closing Date, the Seller covenants to the Buyer
to promptly pay such expenses when due, (iv) if any revenues related to the Vessels or the Operation SPVs are prepaid to the Seller or its Subsidiaries but not earned prior to the Closing Date, then the Seller Parent and the Seller covenant to
the Buyer to promptly pay such prepaid revenues to the Buyer and (v) if any expenses related to the Vessels or the Operation SPVs are prepaid to the Seller or its Subsidiaries but not incurred prior to the Closing Date, then the Seller Parent
and Seller covenant to the Buyer to promptly pay such prepaid expenses to the Buyer on the Closing Date. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

OF THE SELLER PARENT AND THE SELLER REGARDING THE SELLER AND 

ITS SUBSIDIARIES 
 Except
as set forth in the Disclosure Letter that is being delivered to the Buyer concurrently herewith (the “Seller Disclosure Letter”), each of the Seller Parent and the Seller represents and warrants to the Buyer as of the date hereof
and as of the Closing as follows: 
 3.1 Title to Interests. The Seller owns, directly or indirectly the Operation SPV Interests and
the Vessel SPV Interests beneficially and of record, free and clear of any Liens, other than (a) transfer restrictions pursuant to applicable securities Laws, (b) Liens created by the Loan Documents defined in the Seller Credit Agreement
and (c) the transfer restrictions pursuant to this Agreement. As of the Closing, the Seller shall have full power and authority to convey, or cause to be conveyed, to the Buyer or its Subsidiaries good and valid title to the Operation SPV
Interests, free and clear of any Liens, other than the exceptions set forth in clauses (a), (b) and (c) of the immediately preceding sentence. The Seller has no other equity interests or rights to acquire equity interests in any of the
Operation SPVs. 
 3.2 Due Incorporation and Authority to Execute and Perform Agreement. 

(a) The Seller is a corporation duly incorporated, validly existing and in good standing under the laws of the Marshall Islands, and has all
requisite corporate power and authority to own, lease, license, sell, transfer and operate its properties and to carry on its business as now being conducted. The execution and delivery by the Seller and each of its Subsidiaries of this Agreement
and the Ancillary Agreements to which the Seller or such Subsidiary is a party, the performance by the Seller and its Subsidiaries of their obligations hereunder and thereunder, and the consummation by the Seller and its Subsidiaries of the
transactions contemplated hereby and thereby have been duly authorized by all requisite corporate (or equivalent) action on the part of the Seller and its Subsidiaries as applicable. Each of the Seller and its Subsidiaries has all necessary
corporate (or equivalent) power and authority to enter into this Agreement and the Ancillary Agreements to which the Seller or such Subsidiary is a party, to carry out as applicable its obligations hereunder and thereunder and to consummate the
transactions contemplated hereby 

  
 9 

 
and thereby. This Agreement constitutes the legal, valid and binding obligations of the Seller enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or similar laws, laws of general applicability relating to or affecting creditors’ rights, and to general equity principles. Each Ancillary Agreement to which the Seller or any of its Subsidiaries
is a party will constitute, upon execution and delivery, legal, valid and binding obligations of the Seller or such Subsidiary, enforceable against the Seller or such Subsidiary, as the case may be, in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting creditors’ rights, and to general equity principles. 

(b) The execution and delivery by the Seller and each of its Subsidiaries of this Agreement and the Ancillary Agreements to which the Seller
or such Subsidiary is a party, the consummation by the Seller and its Subsidiaries of the transactions contemplated hereby and thereby, and the performance by the Seller or such Subsidiary of this Agreement and the Ancillary Agreements to which the
Seller or such Subsidiary is a party in accordance with their respective terms, will not: 
 (i) violate or conflict with the
Organizational Documents of the Seller or such Subsidiary; 
 (ii) except as set forth in Section 3.2 of the Seller Disclosure
Letter, require the Seller or such Subsidiary to obtain any consents, approvals, authorizations or actions of, or make any filings with or give any notices to, any Governmental Bodies or any other Person, other than those that if not obtained, made
or given would not have a material adverse effect on the transactions contemplated hereby and thereby and other than compliance with any applicable requirements of the Securities Act, the Exchange Act, any other applicable U.S. state or federal
securities laws and the rules and requirements of Nasdaq; 
 (iii) violate or result in the breach of any of the terms and conditions of,
cause the termination of or give any other contracting party the right to terminate, or constitute (or with notice or lapse of time, or both, constitute) a default under any of the Debt Agreements (as defined below) or any material contract,
agreement, lease or license to which the Seller is a party or by or to which the Seller, its Subsidiaries, the Vessels, or the Operation SPV Interests is or may be bound or subject; 

(iv) result in the creation of any Liens on the Vessels or the Operation SPV Interests (other than on or after the delivery date in respect
of the Assumed Debt); or 

  
 10 

 (v) assuming the consents, approvals, authorizations, actions, filings and notices set forth in
Section 3.2 of the Seller Disclosure Letter are obtained and made, violate or result in the breach of any orders, judgments, injunctions, awards, decrees or writs (collectively, “Orders”), or any applicable laws,
statutes, regulations or other requirements (collectively, “Laws”) of any Governmental Bodies applicable to the Seller and its Subsidiaries, other than violations or breaches that would not have a material adverse effect on the
transactions contemplated hereby and thereby. 
 3.3 Litigation. There is no material claim, action, suit or legal proceeding pending
or, to the knowledge of the Seller Parent or the Seller, threatened against the Seller or any of its Subsidiaries by any Person before any Governmental Body, relating to any of the Vessels, the Vessel SPVs or the Operation SPVs (or any of their
officers or directors) or the Operation SPV Interests, or which questions the validity of this Agreement or any of the transactions contemplated hereby or which seeks to prevent the Seller or any of its Subsidiaries from consummating the
transactions contemplated herein. Neither the Seller nor any of its Subsidiaries is subject to or bound by any outstanding Order relating to any of the Vessels, the Vessel SPVs, or the Operation SPVs or the Operation SPV Interests or which questions
the validity of this Agreement or any of the transactions contemplated hereby or which seeks to prevent the Seller or any of its Subsidiaries from consummating the transactions contemplated herein. 

3.4 No Defaults. Neither of the Seller Parent or the Seller is or, after the consummation of the transactions contemplated hereby, will
be (i) in violation of its Organizational Documents or (ii) in breach, default (or an event that, with notice or lapse of time or both, would constitute such a default) or violation of any of its material debt agreements (collectively, the
“Debt Agreements”). 
 3.5 Investor Sophistication. The OPCO Interest Consideration has not been registered under
the Securities Act or any state securities laws and is being transferred in reliance upon one or more exemptions contained in such acts and that the Buyer’s reliance upon such exemptions is based in part upon the representations and agreements
made by the Seller Parent and the Seller herein. The Seller has received or has been given access to all information that it considers necessary or advisable to it to make a decision concerning the purchase of the OPCO Interest Consideration. The
Seller has such knowledge and experience in financial and business matters, that it is capable of evaluating the merits and risks of investing in the OPCO Interests and is able to bear the economic risk of investing in such securities. The Seller is
an “Accredited Investor” as defined in Rule 501(a) of Regulation D under the Securities Act. 

  
 11 

 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE SELLER PARENT AND THE 

SELLER AS TO THE OPERATION SPVs, THE VESSEL SPVs AND THE VESSELS 

Except as set forth in the Seller Disclosure Letter, each of the Seller Parent and the Seller hereby represents and warrants to Buyer as
of the date hereof and as of the Closing as follows: 
 4.1 Due Organization. Each of the Operation SPVs and Vessel SPVs is an entity
duly organized, validly existing and (to the extent the concept of good standing exists in the applicable jurisdiction) in good standing under the laws of its jurisdiction of organization. Each of the Operation SPVs and Vessel SPVs has all the
requisite corporate or other similar organizational power and authority to own, lease, sell, transfer, license and operate its properties and to carry on its business as now being conducted. Each of the Vessel SPVs and Operation SPVs has elected to
be, and is, treated as a disregarded entity for United States federal income tax purposes. True and correct copies of the Organizational Documents of each Operation SPV as in effect on the date of this Agreement have previously been made available
to the Buyer. 
 4.2 Qualification. Each Operation SPV and Vessel SPV is duly qualified or licensed to do business in all
jurisdictions where such Operation SPV or Vessel SPV currently conducts business that requires such qualification or licensing, except where the failure to be so qualified or licensed would not, individually or in the aggregate, be reasonably
expected to (a) impair or delay the ability of the Seller or its Subsidiaries to consummate the transactions contemplated by this Agreement or the Ancillary Agreements to which the Seller or its Subsidiaries are a party or (b) be material
to the Seller and its Subsidiaries, taken as a whole. 
 4.3 Capitalization. 

(a) Section 4.3(a) of the Seller Disclosure Letter sets forth the authorized, issued and outstanding Capital Stock of each
Operation SPV, together with its jurisdiction of organization and record and beneficial owner thereof. Other than as set forth in Section 4.3(a) of the Seller Disclosure Letter (i) all of the outstanding Capital Stock of each
Operation SPV is duly authorized and validly issued, free of any preemptive rights in respect thereto and, to the extent applicable, fully paid and nonassessable, (ii) no other class of Capital Stock of any Operation SPV is authorized, issued,
reserved for issuance or outstanding, (iii) none of the Operation SPVs has or is bound by any outstanding subscriptions, options, warrants, convertible or exchangeable securities, calls, subscriptions, rights (including any preemptive rights),
commitments or agreements of any character to which any of the Operation SPVs are bound requiring the issuance, delivery or sale of Capital Stock of the Operation SPVs, (iv) none of the Operation SPVs is a party to or bound by any outstanding
or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to its Capital Stock or voting interests and (v) none of the Operation SPVs has any authorized

  
 12 

 
or outstanding bonds, debentures, notes or other indebtedness the holders of which have the right to vote (or that are convertible into, exchangeable for, or evidencing the right to subscribe for
or acquire securities having the right to vote) with the holders of its Capital Stock of on any matter. 
 (b) The Seller is, directly or
indirectly, the record and beneficial owner of all of the issued and outstanding Capital Stock of each Vessel SPV and has the authority, and has taken all steps necessary, to cause such Vessel SPV to consummate the transactions contemplated by this
Agreement and the Ancillary Agreements to which such Vessel SPV is a party, and to cause such Vessel SPV to perform the obligations of such Vessel SPV under this Agreement and the Ancillary Agreements to which such Vessel SPV is a party. 

4.4 Operation SPVs. There are no liabilities of any of the Operation SPVs of any kind whatsoever, whether accrued, contingent, known or
unknown, absolute, determined, determinable or otherwise, other than (i) liabilities incurred in the ordinary course of business up to a maximum amount of $50,000 for each Operation SPV or $100,000 in the aggregate or (ii) the indebtedness
incurred pursuant to the Seller Credit Agreement. The Operation SPVs have no assets other than trade receivables, intercompany balances and deferred operation expenses. The Operation SPVs have no (and at no time have ever had any) employees. 

4.5 The Vessels. 
 (a)
Each of the Vessel SPVs has good title, free and clear of all Liens, other than pursuant to the Ship Mortgages defined in the Seller Credit Agreement, to the applicable Vessel set forth opposite its name on Annex A. Except as set forth in
Section 4.5(a) of the Seller Disclosure Letter, there are no leases, subleases, licenses or other agreements to which the Vessel SPVs are parties granting to any Person other than the Vessel SPVs any right to the possession, use,
occupancy or enjoyment of the Vessels or any portion thereof. 
 (b) Each Vessel is classed by a classification society which is a member
of the International Association of Classification Societies and is materially in class with all class and trading certificates valid through the date of this Agreement and (i) no event has occurred and no condition exists that would cause such
Vessel’s class to be suspended or withdrawn, and (ii) is free of damage affecting its class. Each Vessel shall be delivered at its Vessel Delivery free of stowaways with her class notation maintained without condition/recommendation
(provided that notes and memoranda, if any, in the surveyor’s report which are accepted by the classification society without condition/recommendation are not to be taken into account), free of average damage affecting the Vessel’s class,
and with her classification certificates and national certificates, as well as all other certificates, valid and unextended without condition/recommendation (provided that notes and memoranda, if any, in the surveyor’s report which are accepted
by the classification society without condition/recommendation are not to be taken into account) by the relevant classification society or other relevant authorities at the time of delivery. 

(c) Prior to the date of this Agreement, the Seller has delivered and made available to the Buyer, or has caused the Vessel SPVs to deliver
and make available to the Buyer, accurate, complete and correct copies of the most recent inspection reports relating to each Vessel set forth on Section 4.5(d) of the Seller Disclosure Letter. 

  
 13 

 4.6 Operation SPV Contracts. Section 4.6 of the Seller Disclosure Letter lists all
contracts, licenses, obligations, leases, agreements, commitments or the like, written or oral, to which any Operation SPV is a party (“Operation SPV Contracts”). Each Operation SPV has good and valid title to each Operation SPV
Contract to which it is a party, free and clear of any Liens. Each Operation SPV has performed all obligations required to be performed by it to date under each Operation SPV Contract to which it is a party. No Operation SPV is in default under any
Operation SPV Contract, nor does an event exist which, with the giving of notice or lapse of time or both, would constitute such a default. To the Knowledge of the Seller Parent and the Seller, all other parties to the Operation SPV Contracts are in
compliance with the terms thereof. Except as enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium or similar laws, laws of general applicability relating to or affecting creditors’ rights, and to general
equity principles, each of the Operation SPV Contracts is a valid and binding agreement of the Operation SPVs party thereto enforceable against such Operation SPVs in accordance with its terms and, to the knowledge of the Seller Parent and the
Seller, is a valid and binding agreement of the other parties thereto enforceable against such other parties in accordance with its terms, and the consummation of the transactions contemplated hereby will not cause such Operation SPV Contract to
become unenforceable. No consent (including the consent of any Governmental Body) or other action is required in order for the Operation SPV Contracts to remain in full force and effect, and for the applicable Operation SPV to fully exercise its
rights thereunder, following the Closing. The Seller has delivered or made available to the Buyer true and complete copies, including all amendments and supplements thereof, of the Operation SPV Contracts. 

4.7 Compliance with Laws; Governmental Authorizations 

(a) Each Operation SPV and each Vessel SPV is, and since the date of its formation has been, in compliance with all Laws and Governmental
Authorizations to which such entity, or its Vessel or other material assets is subject (including Maritime Guidelines and labor, employment and Environmental Laws). In addition, there are no currently known conditions that would reasonably be
expected to result in any liability pursuant to any Environmental Law, and each Operation SPV and each Vessel SPV has provided to Buyer all material documents in its possession related to compliance with or liability under Environmental Laws. 

(b) Each Operation SPV and each Vessel SPV owns, holds, possesses or lawfully uses in the operation of its business all Governmental
Authorizations (including those required by Maritime Guidelines) that are necessary or required for it to conduct its business as now conducted. 

  
 14 

 4.8 Litigation. There is no material claim, action, suit or legal proceeding pending or,
or to the Knowledge of the Seller Parent or the Seller, threatened against any of the Vessels, the Vessel SPVs or the Operation SPVs (or any of their officers or directors), or the Operation SPV Interests by any Person (including any Affiliates of
such Person) before any Governmental Body. None of the Vessel SPVs and the Operation SPVs is subject to or bound by any outstanding Order. 

4.9 Disclosure. The information with respect to the Seller, the Vessels, the Vessel SPVs, the Operation SPVs, the Operation SPV
Interests and that Seller or any of its Subsidiaries supplies in writing to the Buyer specifically for use in the documents filed with the SEC related to the IPO, including the registration statement, prospectus and related exhibits (the
“SEC Documents”), at the time of the filing of such SEC Documents or any amendment or supplement thereto and at the time of any distribution or dissemination of such SEC Documents, will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

4.10 Exclusivity of Representations. The Seller has conducted its own independent investigation, review and analysis of the business,
operations, assets, liabilities, results of operations, condition (financial or otherwise) and prospects of OPCO, which investigation, review and analysis was done by the Seller and its representatives. In entering into this Agreement, the Seller
relied solely upon the aforementioned investigation, review and analysis and not on any representations or opinions (whether written or oral) of OPCO or its Affiliates (except the specific representations made in Article 5 or in the MOA).
Except for the representations and warranties contained in Article 5 and Article 6, the representations and warranties in the MOA and in the certificate delivered to the Seller pursuant to Section 8.1, the Seller
acknowledges that (a) NONE OF THE BUYER GROUP OR ANY OTHER PERSON ON BEHALF OF THE BUYER GROUP MAKES ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WRITTEN OR ORAL, AT LAW OR IN EQUITY, WITH RESPECT TO ANY OF THE BUYER GROUP OR
THEIR AFFILIATES OR THEIR BUSINESS, OPERATIONS, ASSETS, LIABILITIES, RESULTS OF OPERATIONS, CONDITION (FINANCIAL OR OTHERWISE) OR PROSPECTS, INCLUDING WITH RESPECT TO (I) MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR USE OR PURPOSE OR
(II) THE PROBABLE SUCCESS OR PROFITABILITY OF THE OPCO AND ITS AFFILIATES OR THE BUSINESS THEREOF AFTER THE CLOSING and (b) neither the Buyer Group nor any other Person will have or be subject to any liability or indemnification
obligation to the Seller, its Subsidiaries or any other Person resulting from the distribution to the Seller or any other Person, or their use 

  
 15 

 
of, any information provided in connection with the transactions contemplated by this Agreement and the Ancillary Agreements, including any information, documents, projections, forecasts or other
material made available to them in any “data rooms” or management presentations or in any other form in expectation of, or in connection with, the transactions contemplated by this Agreement or the Ancillary Agreements. 

4.11 Brokers. None of the Seller or its Subsidiaries has paid or agreed to pay, or received any claim with respect to any brokerage
commissions, finders’ fees or similar compensation in connection with the transaction contemplated by this agreement or the Ancillary Agreements. 

ARTICLE 5 

REPRESENTATIONS AND WARRANTIES OF THE MLP, OPCO AND THE BUYER 

Except as otherwise set forth in the Disclosure Letter that is being delivered by the Buyer to the Seller concurrently herewith (the
“Buyer Disclosure Letter”), each of the MLP, OPCO and the Buyer represents and warrants to the Seller as of the date hereof and as of the Closing as follows: 

5.1 Due Incorporation and Authority. Each member of the Buyer Group is an entity duly incorporated or formed, validly existing and in
good standing under the laws of the Marshall Islands. Each member of the Buyer Group has all requisite corporate (or equivalent) power and authority to own, lease, license, sell, transfer and operate its properties and to carry on its business as
now being conducted. 
 5.2 Authority to Execute and Perform Agreement. 

(a) The execution and delivery by each of the members of the Buyer Group and their Subsidiaries of this Agreement and the Ancillary
Agreements to which such member of the Buyer Group or Subsidiaries is a party, the performance by such members of the Buyer Group and their Subsidiaries of their obligations hereunder and thereunder, and the consummation by the Buyer Group of the
transactions contemplated hereby and thereby have been duly authorized by all requisite corporate (or equivalent) action on the part of the Buyer Group or their Subsidiaries. Each member of the Buyer Group and their Subsidiaries has all necessary
corporate (or equivalent) power and authority to enter into this Agreement and the Ancillary Agreements to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby.
This Agreement constitutes the legal, valid and binding obligations of the MLP, OPCO and the Buyer enforceable against the MLP, OPCO and the Buyer in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium or similar laws, laws of general applicability relating to or affecting creditors’ rights, and to general equity principles. Each Ancillary Agreement to which any of the members of the Buyer Group or their Subsidiaries is a party
will constitute, upon execution and delivery, legal, valid and binding obligations of such entities, enforceable against such entity in accordance 

  
 16 

 
with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting creditors’ rights, and to
general equity principles. 
 (b) The execution and delivery by each of the members of the Buyer Group and their Subsidiaries of this
Agreement and the Ancillary Agreements to which it is a party, the consummation of the transactions by such member or Subsidiary contemplated hereby and thereby, and the performance by such member or Subsidiary of this Agreement and the Ancillary
Agreements to which it is a party in accordance with their respective terms will not: 
 (i) violate or conflict with the Organizational
Documents of any of the members of the Buyer Group or their Subsidiaries; 
 (ii) except as set forth in Section 5.2(b)(ii) of
the Buyer Disclosure Letter, require any of the members of the Buyer Group to obtain any consents, approvals, authorizations or actions of, or make any filings with or give any notices to, any Governmental Bodies or any other Person, other than
those that if not obtained, made or given would not have a material adverse effect on the transactions contemplated hereby and thereby and other than compliance with any applicable requirements of the Securities Act, the Exchange Act, any other
applicable U.S. state or federal securities laws and the rules and requirements of Nasdaq; or 
 (iii) violate or result in the breach of
any of the terms and conditions of, cause the termination of or give any other contracting party the right to terminate, or constitute (or with notice or lapse of time, or both, constitute) a default under, any material contract, agreement, lease or
license to which any of the members of the Buyer Group or their Subsidiaries is a party or by which any of their assets are bound or subject; 

(iv) result in the creation of any Liens upon any of the properties of any of the members of the Buyer Group or their Subsidiaries pursuant
to the terms of any contract, agreement, lease or license (other than on or after the delivery date in respect of the Assumed Debt); or 

(v) assuming the consents, approvals, authorizations, actions, filings and notices set forth in Section 5.2(b)(ii) are obtained
and made, violate or result in the breach of any Orders or Laws of any Governmental Bodies applicable to any of the members of the Buyer Group and their Subsidiaries, other than violations or breaches that would not have a material adverse effect on
the transactions contemplated hereby and thereby. 
 5.3 Capitalization. 

(a) As of the date of this Agreement, the MLP holds 100% of the equity interests (consisting solely of limited partner interests) in OPCO,
and Ocean 

  
 17 

 
Rig Operating Partners GP LLC holds the sole non-economic general partner interest in OPCO. Other than as set forth in Section 5.3(a) of the Buyer Disclosure Letter, there are no
options, warrants, convertible or exchangeable securities, subscriptions, equity interest appreciation rights, or equity interest equivalents, preemptive rights, rights of first refusal or other similar rights, agreements, arrangements or
commitments relating to OPCO or obligating OPCO to issue or sell any limited partner interests or other equity interest or general partner interest of, or any other ownership or voting interest in OPCO, or that give any Person the right to receive
any economic benefit or right similar to or derived from the economic benefits and rights accruing to holders of equity or voting interests in OPCO. All outstanding limited partner interests of OPCO have been duly authorized, validly issued, fully
paid and are non-assessable and were not issued, in violation of any preemptive rights. Assuming the accuracy of the representations and warranties set forth in Section 5, the offer and sale of OPCO Interests to the Seller pursuant to this
Agreement shall be qualified or exempt from the registration requirements of the Securities Act and/or qualification requirements of all other applicable U.S. federal or state securities Laws. 

5.4 Brokers. None of the Buyer or its Subsidiaries has paid or agreed to pay, or received any claim with respect to, any brokerage
commissions, finders’ fees or similar compensation in connection with the transactions contemplated by this Agreement or the Ancillary Agreements. 

5.5 Exclusivity of Representations. The Buyer has conducted its own independent investigation, review and analysis of the business,
operations, assets, liabilities, results of operations, condition (financial or otherwise) and prospects of the Vessels and the Operation SPVs, which investigation, review and analysis was done by the Buyer and its representatives. In entering into
this Agreement, the Buyer has relied solely upon the aforementioned investigation, review and analysis and not on any representations or opinions (whether written or oral) of the Seller or its Affiliates (except the specific representations made in
Article 3 or Article 4 or in the MOA). Except for the representations and warranties contained in Article 3 or Article 4, the representations and warranties in the MOA and in the certificate delivered
to the Buyer pursuant to Section 7.1(c), the Buyer acknowledges that (a) NEITHER THE SELLER PARENT OR THE SELLER OR ANY OTHER PERSON ON BEHALF OF THE SELLER MAKES ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WRITTEN
OR ORAL, AT LAW OR IN EQUITY, WITH RESPECT TO THE VESSELS, THE SELLER OR ITS SUBSIDIARIES, INCLUDING WITH RESPECT TO (I) MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR USE OR PURPOSE OR (II) THE PROBABLE SUCCESS OR PROFITABILITY OF THE
VESSELS AND THE OPERATION SPVS AFTER THE CLOSING and (b) neither the Seller nor any other Person will have or be subject to any liability or indemnification obligation to the Buyer Group or any other Person resulting from the distribution
to the Buyer or any other Person, or their use of, any information provided in connection with the transactions contemplated by this Agreement and the Ancillary Agreements, including any information, documents, projections, forecasts or other

  
 18 

 
material made available to them in any “data rooms” or management presentations or in any other form in expectation of, or in connection with, the transactions contemplated by this
Agreement or the Ancillary Agreements. 
 5.6 Investor Sophistication. The Operation SPV Interests have not been registered under the
Securities Act or any state securities laws and are being transferred in reliance upon one or more exemptions contained in such acts and that the Seller’s reliance upon such exemptions is based in part upon the representations and agreements
made by the MLP, OPCO and the Buyer herein. The Buyer has received or has been given access to all information that it considers necessary or advisable to it to make a decision concerning the purchase of the Operation SPV Interests. The Buyer has
such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investing in the Operation SPV Interests and is able to bear the economic risk of investing in such securities. The Buyer is an
“Accredited Investor” as defined in Rule 501(a) of Regulation D under the Securities Act. 
 ARTICLE 6 

COVENANTS AND AGREEMENTS 

6.1 Conduct of Business. 

(a) Except (A) as set forth in Section 6.1 of the Seller Disclosure Letter, (B) as expressly required by this
Agreement, or (C) with the prior written consent of the Buyer (which consent shall not be unreasonably withheld, conditioned or delayed), from the date hereof until the Closing, the Seller shall, and shall cause its Subsidiaries to, operate the
Vessels and Operation SPVs in the ordinary course of business and in a manner consistent with past practice or as otherwise contemplated by the prospectus for the IPO. Without limiting the foregoing, except (1) as set forth in
Section 6.1 of the Seller Disclosure Letter, (2) as expressly required by this Agreement, or (3) with the prior consent of the Buyer (which consent shall not be unreasonably withheld, conditioned or delayed), the Seller Parent
and the Seller shall not, and shall cause the Seller’s Subsidiaries not to (provided, that any of the provisions below shall not apply to actions of the Seller or any of its Affiliates requested by the Buyer that are in furtherance of
the IPO): 
 (i) amend (A) any of the Organizational Documents of the Operation SPVs or (B) any of the Organizational Documents
of the Seller or its other Subsidiaries in a manner adverse to the Buyer; 
 (ii) (A) issue or authorize the issuance of, (B) split,
combine or reclassify, (C) purchase or redeem, or (D) sell, transfer, subject to any Lien or otherwise encumber or dispose of, any Capital Stock of the Operation SPVs or the Vessel SPVs; 

  
 19 

 (iii) declare, set aside or pay any dividends on, or make any other distributions in respect of
any Capital Stock of the Operation SPVs; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Operation SPVs shall be permitted to make cash dividends or distributions in respect of their Capital
Stock; 
 (iv) incur any indebtedness of the Operation SPVs, cause the Operation SPVs to make any loans, advances or capital contributions
to, or investments in, any other Person, or repay or satisfy any indebtedness of the Operation SPVs other than repayment of indebtedness in accordance with the terms hereof and thereof; 

(v) enter into or materially amend, modify, extend or terminate any contract, agreement, lease or license to which any of the Operation SPVs
is a party or to which any of their assets are bound (other than the expiration of any such contract, agreement, lease or license in accordance with its terms); 

(vi) sell, lease, license, pledge, subject to a Lien, transfer or otherwise dispose of any of the Vessels or any of the assets or properties
of a Operation SPV except for (A) Liens incurred in the ordinary course of business consistent with past practice, (B) sales of used equipment other than the Vessels in the ordinary course of business consistent with past practice and
(C) leasing and any chartering activities in the ordinary course; 
 (vii) in the case of each Operation SPV, acquire any assets or
properties or incur capital expenditures, other than bunkers and spare parts in the ordinary course of business consistent with past practice or at the reasonable request of its customer; 

(viii) adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other
reorganization of the Seller, the Vessel SPVs or the Operation SPVs, other than any reduction of operations or winding up of the Seller that does not adversely affect the operation in the ordinary course of the Vessel or the Operation SPVs; 

(ix) institute, settle, or agree to settle any action, suit, litigation, investigation or proceeding pending or threatened before any
arbitrator, court or other Governmental Body involving an Operation SPV, a Vessel SPV or their respective properties or assets, in each case in excess of $15,000,000 or that imposes material injunctive or other non-monetary relief; 

(x) waive, release or assign any claims or rights having a value of $15,000,000 individually or $50,000,000 in the aggregate involving an
Operation SPV, a Vessel SPV or their respective properties or assets; or 
 (xi) authorize or enter into an agreement to take any of the
actions described in clauses (i) through (x) above. 

  
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 (b) Except (1) as set forth in Section 6.1 of the Buyer Disclosure Letter,
(2) as expressly required by this Agreement, or (3) with the prior written consent of the Seller (which consent shall not be unreasonably withheld, conditioned or delayed), each of the MLP, OPCO and the Buyer shall not, and shall cause its
Subsidiaries not to, declare, set aside or pay any dividends on, or make any other distributions (whether in cash, stock, property or otherwise) in respect of the OPCO Interests. 

6.2 Access to Information. After the date hereof until the Closing as reasonably necessary and after the Closing as necessary for the
preparation of SEC and other regulatory filings, the parties hereto shall (a) give each other and their counsel, financial advisors, auditors and other authorized representatives, upon reasonable notice, reasonable access to the offices,
properties, books and records of each other and their respective Subsidiaries, as applicable, (b) furnish to each other and their counsel, financial advisors, auditors and other authorized representatives such financial and operating data and
other information as such Persons may reasonably request, and (c) instruct the employees, counsel, financial advisors, auditors and other authorized representatives of each of them and their respective Subsidiaries to cooperate with the other
parties hereto, or their respective Subsidiaries, as applicable, in the matters described in clauses (a) and (b) above. 
 6.3
Litigation. 
 (a) The MLP shall promptly advise the Seller of any litigation, claim, action, suit, hearing, proceeding,
arbitration, audit, inspection or other investigation by or before a Governmental Body commenced or, to the Knowledge of any Member of the Buyer Group, threatened against or involving any member of the Buyer Group or any of their Subsidiaries or any
of their respective officers or directors, relating to this Agreement or the Ancillary Agreements or the transactions contemplated hereby or thereby, and shall keep the Seller informed and consult with the Seller regarding the status of the
foregoing on an ongoing basis. The MLP shall, and shall cause the other members of the Buyer Group and their Subsidiaries to, cooperate with and give the Seller the opportunity to consult with respect to the defense or settlement of any such
litigation, claim, action, suit, hearing, proceeding, arbitration, audit, inspection or other investigation, and shall not agree to any settlement without the prior written consent of the Seller. 

(b) The Seller shall promptly advise the MLP of any litigation, claim, action, suit, hearing, proceeding, arbitration, audit, inspection or
other investigation by or before a Governmental Body commenced or, to the Knowledge of the Seller Parent or the Seller, threatened against or involving the Seller or any of its Subsidiaries or any of their respective officers or directors, relating
to this Agreement or the Ancillary Agreements or the transactions contemplated hereby or thereby, and shall 

  
 21 

 
keep the Buyer informed and consult with the Buyer regarding the status of the foregoing on an ongoing basis. The Seller shall, and shall cause its Subsidiaries to, cooperate with and give the
Buyer the opportunity to consult with respect to the defense or settlement of any such litigation, claim, action, suit, hearing, proceeding, arbitration, audit, inspection or other investigation, and shall not agree to any settlement without the
prior written consent of the Buyer. 
 6.4 Further Assurances. 

(a) Subject to the terms and conditions herein, each of the parties hereto agrees to use its reasonable best efforts to take or cause to be
taken all action and to do or cause to be done all things reasonably necessary, proper or advisable under applicable Laws to consummate and make effective the transactions contemplated by this Agreement and the Ancillary Agreements, including
(i) contesting in good faith any actions, claims or other legal proceedings relating to the transactions contemplated by this Agreement or the Ancillary Agreements, (ii) obtaining any consents or approvals from any Governmental Body or
other Person with respect to the transactions contemplated hereby or thereby and (iii) executing any additional instruments necessary to consummate the transactions contemplated hereby and thereby. 

(b) Notwithstanding anything in this Section 6.4 or otherwise in this Agreement, no party hereto shall be required or permitted,
without the prior written consent of the other parties hereto, to consent to any requirement, condition, limitation, understanding, agreement or Order of a Governmental Body (i) to sell, divest, license, assign, transfer, hold separate or
otherwise dispose of any material portion of the assets or business of such party or any of its Subsidiaries, or (ii) that materially limits the freedom of action with respect to, or ability to retain, any of the businesses, services, or assets
of such party or any of its Subsidiaries, in order to be permitted by such Governmental Body to consummate the transactions contemplated by this Agreement and the Ancillary Agreements. 

ARTICLE 7 
 CONDITIONS
PRECEDENT TO THE OBLIGATION OF THE MLP 
 The obligation of the MLP to consummate (and to cause the other members of the Buyer Group and
their Subsidiaries to consummate) the Closing is subject to the fulfillment on or prior to the Closing of the following conditions, any one or more of which may be waived by the MLP: 

7.1 Representations, Warranties and Covenants. 

(a) Each of the representations and warranties of the Seller Parent and the Seller contained in Article 3 and Article 4 and the
representations and warranties of the Drillship Owners set forth in the MOA, shall be true and correct in all material respects (without regard to any qualification as to materiality or material adverse

  
 22 

 
effect) on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except for those representations and warranties that are expressly limited by
their terms to dates or times other than such Closing Date, which representations or warranties need only be true and correct as aforesaid as of such other dates or times. 

(b) The Seller and its Subsidiaries shall have performed and complied in all material respects with all covenants and agreements required by
this Agreement and the MOA to be performed or complied with by the Seller and its Subsidiaries on or prior to the Closing Date. 
 (c) The
Vessels shall be delivered free and clear of all taxes, debts and Liens and all contracts to which the Seller, any Drillship Shareholder or any Drillship Owner are a party related to the Vessels, including any bareboat agreements and management
agreements, shall have been terminated. 
 (d) All of the conditions to the closing of the MOA set forth therein shall have been satisfied
or, to the extent permissible, waived by the party or parties entitled to the benefit of such conditions on or prior to the Closing. 
 (e)
Each of the Seller Parent and the Seller shall have delivered to the Buyer a certificate, dated the Closing Date and signed by an officer of the Seller Parent or the Seller, as applicable, to the foregoing effect. 

7.2 No Orders. No Order shall have been issued by any Governmental Body that restrains or prohibits any Vessel Delivery or the
Operation SPV Sale. 
 7.3 MOA and Closing Deliverables. The Buyer shall have received the MOA duly executed by each Vessel SPV party
thereto, and all other documents and instruments required to be delivered by the Seller and its Subsidiaries pursuant to Section 2.3(b) and the MOA. 

7.4 Other Requirements. (i) The Seller shall have paid all accrued interest under the Seller Credit Agreement through the Closing
Date, (ii) The Seller shall have obtained the permissions required in Section 10.04 of the Seller Credit Agreement for the assignment of the Seller Credit Agreement, (iii) the Seller Parent and the Seller, shall at all times prior to and
as of the Closing Date, including after giving effect to the transactions contemplated herein, be in compliance with all of the terms of their Debt Agreements, including with respect to any “transactions with affiliates” test contained
therein, (iv) the debt of the Buyer Group, their Subsidiaries and the Operation SPVs on and as of the Closing Date shall consist only of Non-Recourse Debt (as defined in the Debt Agreements), (v) the Seller Parent and the Seller shall have
caused the Operation SPVs to be deemed Unrestricted Subsidiaries (as defined in the Debt Agreements), (vi) the Seller Parent shall have caused ORIG Holdings, the members of the Buyer Group and their Subsidiaries to be deemed Unrestricted
Subsidiaries (as defined in the Debt Agreements), (vii) the Vessel Deliveries and Operation SPV Sale shall be in strict compliance with the Debt Agreements, (viii) the lenders under the Seller Credit Agreement shall have agreed to allow
the Buyer to assume the debt under such agreement, (ix) Drillship Skyros Owners II Inc. and Ocean Rig Global Chartering Inc. shall have entered into the Bareboat Charterparty Agreement regarding Ocean Rig Skyros in the form previously
presented to the MLP and (x) the board of directors of Seller Parent shall have received (and provided evidence of the same to the Seller) prior to the pricing date of the IPO an opinion as to the fairness of the transactions contemplated herein to
the Seller Parent and its subsidiaries from a financial point of view. For the avoidance of doubt, the opinion described in (x) above may also contemplate other transactions or agreements. 

  
 23 

 7.5 Frustration of Closing Conditions. The Buyer may not rely, either as a basis for not
consummating the transactions contemplated hereby or for terminating this Agreement and abandoning the transactions contemplated hereby, on the failure of any condition set forth in this Article 7 to be satisfied if such failure was caused by
the breach of any provision of this Agreement by the MLP, the Buyer or OPCO. 
 ARTICLE 8 

CONDITIONS PRECEDENT TO THE OBLIGATION OF THE SELLER 

The obligation of the Seller to consummate (and to cause its Subsidiaries to consummate) the Closing is subject to the fulfillment on or prior
to such Closing Date of the following conditions, any one or more of which may be waived by the Seller: 
 8.1 Representations,
Warranties and Covenants. 
 (a) Each of the representations and warranties of the MLP, OPCO and the Buyer contained in
Article 5 and the representations and warranties of the Buyer SPVs set forth in the MOA, shall be true and correct in all material respects (without regard to any qualification as to materiality or material adverse effect), in each case
on and as of the Closing Date with the same force and effect as though made on and as of such Closing Date, except for those representations and warranties that are expressly limited by their terms to dates or times other than the Closing Date,
which representations or warranties need only be true and correct as aforesaid as of such other dates or times. 
 (b) The Buyer Group and
their Subsidiaries shall have performed and complied in all material respects with all covenants and agreements required by this Agreement and the MOA to be performed or complied with by the Buyer Group and such Subsidiaries on or prior to the
Closing Date. 
 (c) (i) The Seller Parent and the Seller, shall at all times prior to and as of the Closing Date, including after
giving effect to the transactions contemplated herein, be in compliance with all of the terms of their Debt Agreements, including with respect to any “transactions with affiliates” test contained therein, (ii) the debt of the Buyer
Group, their Subsidiaries and the Operation SPVs on and as of the Closing Date shall consist only of Non-Recourse Debt (as defined in the Debt Agreements), (iii) the Seller Parent and the Seller shall have caused the Operation SPVs to be deemed
Unrestricted Subsidiaries (as defined in the Debt Agreements), (iv) the Seller Parent shall have caused ORIG Holdings, the members of the Buyer Group and their Subsidiaries to be deemed Unrestricted Subsidiaries (as defined in the Debt
Agreements), (v) the Vessel Deliveries and Operation SPV Sale shall be in strict compliance with the Debt Agreements, (vi) the lenders under the Seller Credit Agreement shall have agreed to allow the Buyer to assume the debt under such
agreement and (vii) Drillship Skyros Owners II Inc. and Ocean Rig Global Chartering Inc. shall have entered into the Bareboat Charterparty Agreement regarding Ocean Rig Skyros in the form previously presented to the MLP. 

(d) Each of the MLP, OPCO and the Buyer shall have delivered to the Seller a certificate, dated the Closing Date and signed by an officer of
the MLP, OPCO or the Buyer , as applicable, with respect to the matters described in Section 8.1(a) and (b). 

  
 24 

 8.2 MOA and Closing Deliverables. The Seller shall have received the MOA duly executed by
each of the Buyer SPVs and all other documents and instruments required to be delivered by the Buyer Group pursuant Section 2.3(a) and the MOA. 

8.3 No Orders. No Order shall have been issued by any Governmental Body that restrains or prohibits any Vessel Delivery or the
Operation SPV Sale. 
 8.4 Collateral Security Agreements. The Buyer Group shall have entered into all agreements required by the
lenders or agents under the Seller Credit Agreement or under any security agreement related thereto to provide security in and to any Collateral (as such term is defined in the Seller Credit Agreement). 

8.5 Frustration of Closing Conditions. The Seller may not rely, either as a basis for not consummating the transactions contemplated
hereby or for terminating this Agreement and abandoning the transactions contemplated hereby, on the failure of any condition set forth in this Article 8 to be satisfied if such failure was caused by the breach of the Seller Parent or
the Seller of any provision of this Agreement. 
 ARTICLE 9 

SURVIVAL 
 9.1 None of the
covenants and agreements of the parties hereto contained in this Agreement or any certificates delivered by such party with respect hereto shall survive beyond the Closing, except for those covenants and agreements in this Agreement and any
certificates delivered by such party with respect hereto that expressly survive the Closing, which shall survive in accordance with their terms. 

ARTICLE 10 
 TERMINATION
OF AGREEMENT 
 10.1 Termination. This Agreement may be terminated at any time prior to the Closing by mutual agreement of the
Buyer Group and the Seller. 
 10.2 Survival After Termination. If this Agreement is terminated pursuant to Section 10.1,
this Agreement shall become null and void and have no further force or effect, except that (i) any such termination shall be without prejudice to the rights of any party on account of the nonsatisfaction of the conditions set forth in
Articles 7 and 8 resulting from the willful and material breach or violation of the representations, warranties, covenants or agreements of another party under this Agreement and (ii) the provisions of this
Section 10.2, Section 2.5 and Article 11 shall survive any termination of this Agreement. 

  
 25 

 ARTICLE 11 

MISCELLANEOUS 
 11.1
Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. 
 (a) Each of the parties hereto submits to the exclusive
jurisdiction of the United States District Court for the Southern District of New York (or, if jurisdiction in that court is not available, then any state court located within the Borough of Manhattan, City of New York) for any and all legal actions
arising out of or in connection with this Agreement, and each party agrees not to assert, by way of motion, as a defense or otherwise, in any such claim, that it is not subject personally to the jurisdiction of such court, that the claim is brought
in an inconvenient forum, that the venue of the claim is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

(b) Any and all service of process and any other notice in any such claim shall be effective against any party if given personally or by
registered or certified mail, return receipt requested, or by any other means of mail that requires a signed receipt, postage prepaid, mailed to such party as herein provided. Nothing herein contained shall be deemed to affect the right of any party
to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 11.2 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be deemed to have
been duly given (a) on the day of delivery if delivered in person, or if delivered by e-mail or facsimile upon confirmation of receipt, (b) on the first Business Day following the date of dispatch if delivered by a recognized express
courier service, or (c) on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to
such other instructions as may be designated by notice given in accordance with this Section 11.2 by the party to receive such notice: 

(a) if to the Buyer Group, to: 

Drillships Ocean Ventures II Inc. 

c/o Ocean Rig UDW Inc. 
 Tribune
House 
 10 Skopa Street 

Nicosia, Cyprus 
 Attention:
Savvas Georghiades 
 Telephone: +357 22 767515 

					
	Facsimile:	 	 +357 22 761542
	  	

					
	Email:	 	 oceanrig@cytanet.com.cy
	  	

  
 26 

 if to the Seller, to: 

Drillships Ocean Ventures Inc. 

c/o Ocean Rig UDW Inc. 
 Tribune
House 
 10 Skopa Street 

Nicosia, Cyprus 
 Attention:
Savvas Georghiades 
 Telephone: +357 22 767515 

					
	Facsimile:	 	 +357 22 761542
	  	

					
	Email:	  	 oceanrig@cytanet.com.cy
	  	

 11.3 Entire Agreement. This Agreement and the Ancillary
Agreements contain the entire agreement among the parties with respect to the transactions contemplated hereby and supersede all prior agreements, written or oral, with respect thereto. 

11.4 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be
waived, only by a written instrument signed by the parties hereto or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any such right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right,
power or privilege. 
 11.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York without regard to any conflict of laws rules thereof that might indicate the application of the laws of any other jurisdiction. 

11.6 Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder is assignable by the Buyer Group, the Seller Parent or the Seller without the prior written 

  
 27 

 
consent of the other parties; provided, however, that without the prior written consent of the Seller Parent or the Seller, the MLP, the Buyer and OPCO may assign any of their
rights, interests or obligations hereunder to any Affiliate of the Buyer Group, but no such assignment shall relieve the MLP, the Buyer or OPCO of any of their obligations hereunder. 

11.7 Usage. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may
require. All terms defined in this Agreement in their singular or plural forms have correlative meanings when used herein in their plural or singular forms, respectively. Unless otherwise expressly provided, the words “include,”
“includes” and “including” do not limit the preceding words or terms and shall be deemed to be followed by the words “without limitation.” 

11.8 Articles and Sections. All references herein to Articles and Sections shall be deemed references to such parts of this Agreement,
unless the context shall otherwise require. The Article and Section headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 

11.9 Exhibits; Disclosure Letters. All Exhibits annexed hereto are hereby incorporated in and made a part of this Agreement as if
set forth in full herein. References to this Agreement shall include the Seller Disclosure Letter and the Buyer Disclosure Letter. The parties hereto agree that any reference in a particular Section of the Seller Disclosure Letter or the Buyer
Disclosure Letter, as applicable, shall be deemed to be an exception to (or, as applicable, a disclosure for purposes of) the applicable representations and warranties (or applicable covenants) that are contained in the corresponding Section of
this Agreement and any other representations and warranties (or applicable covenants) that are contained in this Agreement to which the relevance of such item thereto is reasonably apparent on its face. 

11.10 Interpretation. Any statute, regulation, other law defined or referred to herein means such statute, regulation, other law or
contract as, from time to time, may be amended, modified or supplemented, including (in the case of statutes) by succession of comparable successor statutes, and shall also be deemed to refer to all rules and regulations promulgated thereunder. Any
contract defined or referred to herein means such contract as amended, supplemented or modified (including any waiver thereto) in accordance with the terms thereof, except that with respect to any contract listed on any schedule hereto, all such
amendments, supplements or modifications must also be listed on such schedule. References to a Person also refer to its predecessors and permitted successors and assigns. 

11.11 Severability of Provisions. If any provision or any portion of any provision of this Agreement shall be held invalid or
unenforceable, the remaining portion of such provision and the remaining provisions of this Agreement shall not be affected thereby. If the application of any provision or any portion of any provision of this Agreement to any Person or circumstance
shall be held invalid or unenforceable, the 

  
 28 

 
application of such provision or portion of such provision to Persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby. 

11.12 Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all, of the parties
hereto. 
 11.13 Non-Recourse. Except as set forth in any Ancillary Agreement (and then only with respect to the entities expressly
named as parties therein and then only with respect to the specific obligations of such party set forth therein), (a) this Agreement and the Ancillary Agreements may be enforced only against, and any action, legal proceeding or claim based
upon, arising out of, or related to this Agreement, the Ancillary Agreements or the transactions contemplated hereby and thereby may be brought only against, the entities that are expressly named as parties and then only with respect to the specific
obligations set forth herein with respect to such party and (b) with respect to each party, no past, present or future director, officer, employee, incorporator, member, partner, shareholder, agent, attorney, advisor, lender or representative
or Affiliate of such named party shall have any liability (whether in contract or tort, at law or in equity or otherwise, or based upon any theory that seeks to impose liability of an entity party against its owners or Affiliates) for any one or
more of the representations, warranties, covenants, agreements or other obligations or liabilities of such named party or for any action, legal proceeding or claim based on, arising out of, or related to this Agreement, the Ancillary Agreements or
the transactions contemplated hereby and thereby. The provisions of this Section 11.13 are intended to be for the benefit of, and enforceable by the directors, officers, employees, incorporators, members, partners, stockholders, agents,
attorneys, advisors, lenders and other representatives and Affiliates referenced in this Section 11.13 and each such Person shall be a third-party beneficiary of this Section 11.13. 

11.14 No Third Party Beneficiaries. Except as otherwise provided in Section 11.13, no provision of this Agreement is
intended to, or shall, confer any third party beneficiary or other rights or remedies upon any Person other than the parties hereto. 

11.15 Specific Performance. The parties recognize that their rights under this Agreement are unique and, accordingly, the parties
shall, in addition to such other remedies as may be available to any of them at law or in equity, have the right to enforce their rights hereunder by actions for injunctive relief and specific performance to the extent permitted by applicable law so
long as the party seeking such relief is prepared to consummate the transactions contemplated by this Agreement. The parties agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach of the provisions
of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. The parties 

  
 29 

 
waive any requirement for security or the posting of any bond or other surety in connection with any temporary or permanent award or injunctive, mandatory or other equitable relief. 

[Remainder of page intentionally left blank] 

  
 30 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date
first above written. 
  

			
	DRILLSHIPS OCEAN VENTURES INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	OCEAN RIG UDW INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	DRILLSHIPS OCEAN VENTURES II INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	OCEAN RIG OPERATING LP
	By Ocean Rig Operating Partners GP LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	OCEAN RIG PARTNERS LP
	By Ocean Rig Partners GP LLC
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Fleet Purchase Agreement] 

 ANNEX A 

Vessels and Ownership 
  

													
	 Vessel Name
	  	 Vessel SPVs
	  	Official
Number	  	 Flag State
	  	Aggregate
Purchase
Price	 
	 	  	Drillship Shareholders	  	Drillship Owners	  	 	  	 	  	 	 
	 Ocean Rig Mylos
	  	Drillship Skiathos Shareholders Inc.	  	Drillship Skiathos Owners Inc.	  	5014	  	Marshall Islands	  			
	 Ocean Rig Skyros
	  	Drillship Skyros Shareholders Inc.	  	Drillship Skyros Owners Inc.	  	2021	  	Marshall Islands	  			
	 Ocean Rig Athena
	  	Drillship Kythnos Shareholders Inc.	  	Drillship Kythnos Owners Inc.	  	5022	  	Marshall Islands	  			
		  		  		  		  		  	$	[—] billion	  

 ANNEX B 

Allocation of Share Consideration and Cash Consideration 

[TO COME] 

 EXHIBIT 1 

FORM OF MEMORANDUM OF AGREEMENT 

[TO COME] 

 EXHIBIT 2 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENTEXHIBIT 10.75

 

ARKADOS, INC.

 

METER COLLAR PLC AND IHB PLC

LICENSE AGREEMENT 

 

 

THIS METER COLLAR PLC AND IHB PLC LICENSE AGREEMENT (this
“Agreement”) is made as of 1st day of October, 2014 (the “Effective Date”) between Arkados,
Inc., having an office at 211 Warren Street, Suite 320, Newark, New Jersey 07103 (“Licensor”) and Tatung Co.,
a Taiwan corporation having an office at 22, Chungshan North Road, 3rd Section, Taipei, Taiwan 104(“Tatung”
or “Licensee”).

 

		1.	Definitions. Whenever used in this Agreement, the terms set forth in this Section 1
will have the meanings set forth below. Other terms are defined throughout this Agreement as they first appear. Where the context
so indicates, a word in the singular form will include the plural and vice versa.

 

“Confidential Information”
means any and all technical and non-technical information, including trade secrets, know-how and proprietary information, firmware,
designs, schematics, techniques, plans or any other information relating to any research project, work in process, future development,
scientific, engineering, manufacturing, marketing or business plans or financial or personnel matters relating to either party
or its present or future products, sales, suppliers, licensees, employees, investors or affiliates and disclosed or otherwise supplied
in confidence by either party to the other party. Confidential Information disclosed (i) in a written or other tangible form
pursuant to the parties performing their obligations under this Agreement will be clearly marked with a “confidential”
legend or other comparable legend, or (ii) orally or visually will be identified as confidential at the time of disclosure.
Confidential Information will not include information to the extent that: (a) such information is or becomes publicly available
other than through any act or omission of either party in breach of this Agreement; (b) such information was received by the receiving
party, other than under an obligation of confidentiality, from a third party who had no obligation of confidentiality to the other
party; (c) such information was in the possession of the receiving party at the time of the disclosure or was independently developed
by the receiving party as proven by documentary evidence; or (d) any applicable regulation, court order or other legal process
requires the disclosure of such information, provided that prior to such disclosure the disclosing party will give notice to and
will cooperate with the other party so that the other party may take reasonable steps to oppose or limit such disclosure, and that
the disclosing party does not disclose any more information than strictly necessary to comply with such legal process. The burden
of proof that Confidential Information falls into any one of the above exemptions will be borne by the party claiming such exemptions.

 

“Derivative”
means: (i) for copyrightable or copyrighted material, any translation (including translation into other computer languages),
modification, correction, addition, extension, upgrade, improvement, compilation, abridgment or other form in which an existing
work may be recast, transformed or adapted; (ii) for patentable or patented material, any improvements thereon; and (iii) for
material which is protected by trade secret, any new material derived from such existing trade secret material, including new material
which may be protected by copyright, patent or trade secret.

 

    	 

    	 

    

  

“Effective Date”
means the date indicated as the Effective Date on the first page of this Agreement.

 

“IHB PLC”
means In-Home Bridge programmable logic controller software that operates on or in connection with a single in-home control device,
such as a thermostat.

 

“Intellectual Property
Rights” means any and all patents, copyrights, trademarks, trade secrets and other intellectual property rights in any
country of the world or contract rights having the equivalent effect.

 

“Meter Collar PLC”
means programmable logic controller software that operates on or in connection with a single utility meter, such as a power meter.

 

“Software”
means the Meter Collar PLC and the IHB PLC collectively.

 

“Technology”
means algorithms, concepts, data, designs, developments, documentation, discoveries, HTML, XML and other codes, inventions, methods,
multimedia files (including audio, graphic, photographic, and video files), object code, procedures, programs, source code, text,
documentation, web pages and any other item generally recognized as technology in Licensor’s or Licensee’s industry.

 

“Third Party Technology”
means any and all Technology owned by a third party which is included in the Software.

 

		2.	Grant of License. Upon payment for each the Software, Licensor hereby grants to the Licensee,
and the Licensee hereby accepts a worldwide, non-exclusive, transferable license to use or exploit—including to sell, lease,
rent, or otherwise provide services or products, commencing on the date of this Agreement and continuing in perpetuity. The Licensor
is the owner of the Software.

 

		3.	Restrictions. The Software has been developed at great effort and expense and is valuable
intellectual property of the Licensor. Licensee shall not, nor permit any person to: (i) reverse engineer, reverse compile, decrypt,
disassemble, or otherwise attempt to derive the source code of the Software (except to the extent that this restriction is expressly
prohibited by law); (ii) copy, modify, translate, or create derivative works of the Software; (iii) sublicense, resell, rent, lease,
distribute, embed, market, commercialize, or otherwise transfer rights or usage to the Software (except as a single instance sublicense
of the copy provided to Licensee hereunder); (iv) remove, modify, or obscure any copyright notices or other proprietary notices
or legends appearing on or in the Software, or any portion thereof; (v) transfer, use, or export the Software in violation of any
applicable laws, rules, or regulations of any government or governmental agency; or (vi) use the Software or any system services
accessed through the Software to disrupt, disable, or otherwise harm the operations, software, hardware, equipment, and/or systems
of a business, institution, or other entity, including, without limitation, exposing the business, institution, or other entity
to any computer virus, trojan horse, or other harmful, disruptive, or unauthorized component.

 

    	 

    	 

    

  

		4.	Technical Support. Arkados agrees to provide Licensee with technical support services which
include periodic distribution of bug fixes and minor enhancements as updates scheduled by Arkados. Installation support inquiries
by telephone will be accepted by Arkados during normal business hours. Technical support email inquiries are accepted at any time
and will be answered during normal Arkados business hours. Arkados will attempt to respond to inquiries within one (1) business
day.

 

		5.	Updates/New Versions. The Licensor shall, on an ongoing basis provide the Licensee with
any updates to the Software that are developed by Licensor, including any Third Party Technology, provided however, that any new
release version of the Software designated as such shall not be considered an update and shall be subject to the payment of additional
fees relating thereto.

 

		6.	License Fee, Royalty, other Fees and Payment Terms.

 

		6.1.	License Fees. Licensee shall pay Licensor of the fees set forth on the attached Exhibit
“A”.

 

		6.2.	Payments. Licensor will invoice Licensee upon receipt of a purchase order requesting a certain
number of copies of the Software to be licensed. Licensee’s payment will become due and payable in United States currency
within thirty (30) days of receipt of Licensor’s invoice.

 

		6.3.	Late Payment Fees. Licensee is liable for a late payment fee calculated daily at the rate
of 0.5% of the invoiced amount per month (or any part thereof unpaid) beginning with the thirtieth (30th) day after
the invoice date and continuing to accrue monthly until payment in full is received, provided however, that the aggregate liability
of Licensee under this section 6.3 shall not exceed the aggregate past-due invoiced amounts. Non-payment for more than ninety (90)
days after invoice date shall constitute a material breach of this Agreement entitling Arkados immediately to discontinue any and
all services to Licensee without liability to Arkados of any kind for such termination.

 

		6.4.	Sales and Use Taxes. Licensee agrees that Licensor’s fees and charges shall not include
any sales, use, excise, withholding or similar taxes, if any, which may be assessed by authorities on the Software at any time
(excepting taxes on Licensor’s net income). Furthermore, Licensee agrees to reimburse Licensor for these taxes or in lieu
thereof, Licensee will provide Licensor with a certificate acceptable to the taxing authorities exempting Licensor from any obligation
to pay these taxes.

 

    	 

    	 

    

  

		7.	Term/Termination.

 

This Agreement will become effective
beginning on the date hereof and shall continue from year to year thereafter (i.e., each being an annual term), unless one of the
parties give the other party sixty (60) days advance written notice of cancellation.

 

		8.	Confidentiality Obligations. Each party will at all times, both during the Term and for
a period of five (5) years thereafter, keep in confidence all of the other party’s Confidential Information, and will not
use such Confidential Information, directly or indirectly, without the other party’s prior written consent. Neither party
will disclose the other party’s Confidential Information to any person except its employees and independent contractors to
whom it is necessary to disclose the Confidential Information for purposes permitted under this Agreement and who have agreed to
receive it under terms at least as restrictive as those specified in this Agreement. For the avoidance of doubt, the foregoing
includes the making of any public statements by a party unless authorized. Each party will take commercially reasonable measures
to maintain the confidentiality of the other party’s Confidential Information, but never less than the standard of care that
an ordinarily prudent business would exercise to maintain the secrecy of its own confidential information. Each party will immediately
give notice to the other party of any unauthorized use or disclosure of the other party’s Confidential Information of which
it becomes aware. Either party may disclose this Agreement to its auditors or federal and regulatory agencies, or upon the order
of any court of competent jurisdiction; provided that prior to disclosure the receiving party shall inform the other party of such
disclosure and shall cooperate with the disclosing party in seeking any protective order.

 

		9.	Ownership.

 

		9.1.	The Software, enhancements, and documentation contain copyrighted material and other proprietary
material and information of Arkados and/or its licensors. Arkados and/or its licensors shall retain all right, title, and interest,
including all intellectual property rights, in and to the Software, enhancements, and documentation. Licensee will not remove,
alter, or destroy any form of copyright notice, proprietary markings, or confidential legends placed upon or contained within the
Software, enhancements, or documentation, or any component thereof.

 

		9.2.	No Challenge. The Licensee expressly agrees that it will not challenge, contest, or dispute
the Licensor's claim, right, or title to the Software or the trade secret status of any of the Software in any manner or form,
either directly or indirectly, and the Licensee shall indemnify and hold harmless the Licensor from any and all claims, disputes,
actions, damages, and costs incurred by the Licensor as a result of the breach of this section.

 

		9.3.	Third Party License. This Agreement shall not waive, affect or impair the Licensor's right
to grant exclusive or nonexclusive licenses relating to Software to third parties.

 

    	 

    	 

    

  

		8.	Warranties.

		8.1.	Arkados represents and warrants as follows:

 

		a.	to the best of its knowledge, it has good, valid, legal title to the Software, to its knowledge,
it has all rights necessary to provide the Software to Licensee for the purposes of this Agreement, and the Software is not the
subject of a pending claim for infringement of any U.S. copyright or the subject of any existing U.S. patent.

 

		b.	that it has full corporate power and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby;

 

		c.	this Agreement has been duly and validly executed and delivered by Arkados and constitutes the
valid and binding Agreement of Arkados, enforceable against Arkados in accordance with its terms;

 

		d.	it and its subcontractors will perform the services in material conformity to the specifications
in a professional and workmanlike manner;

 

		e.	Arkados computer code will avoid producing erroneous output or otherwise malfunctioning, with respect
to date data or otherwise, and will interact or interface with Licensee or any third parties as set forth in the technical specifications
pertaining thereto; and

 

		f.	it will maintain the necessary insurance coverage as mandated by law or as reasonably required
to provide the Deliverables.

 

		8.2.	Tatung represents and warrants as follows:

 

		a.	that it has full corporate power and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby;

 

		b.	this Agreement has been duly and validly executed and delivered by Tatung and constitutes the valid
and binding Agreement of Tatung, enforceable against Tatung in accordance with its terms.

 

		9.	Limited Warranty. THE SOFTWARE, DOCUMENTATION, AND SUPPORT SERVICES ARE PROVIDED TO LICENSEE
ON AN ‘AS IS’ AND ‘WHERE IS’ BASIS AND WITHOUT WARRANTY OF ANY TYPE OR KIND. ARKADOS HEREBY EXPRESSLY DISCLAIMS
AND EXCLUDES ON BEHALF OF ITSELF AND ITS LICENSORS ALL WARRANTIES AND CONDITIONS, WHETHER STATUTORY, EXPRESS, IMPLIED, OR OTHERWISE,
WITH RESPECT TO THE SOFTWARE, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, AND NON-INFRINGEMENT OF THIRD PARTY RIGHTS.

 

    	 

    	 

    

  

		10.	DISCLAIMER REGARDING products. WITH THE EXCEPTION OF
WARRANTIES PROVIDED BY ANY THIRD PARTIEs for software INCLUDED IN the SoFTWARE, All SOFTWARE and third party technology delivered
to Licensee under this agreement is without warranty of any kind from Arkados. This disclaimer includes any implied warranties
of merchantability and fitness for a particular purpose and any warranties of non-infringement or otherwise. ARKADOS does not warrant
(i) that the Software will run properly on all hardware or systems or operate in ALL combinations which may be selected for use
by a user, or (ii) that ITS operation will be uninterrupted or error free. 

 

		11.	Limitation of LIABILITY.

 

		11.1.	Direct Damages. EXCEPT FOR THE UNAUTHORIZED USE OF THIRD
PARTY SOFTWARE OR PRODUCTS IN DELIVERABLES TO LICENSEE, Arkados’ LIABILITY for
damages or indemnity under this Agreement, regardless of the form of action, will not exceed per claim and in the aggregate the
total amount ACTUALLY paid by Licensee to Arkados under thIS Agreement DURING THE TWELVE (12) MONTHS PRECEDING THE EVENTS giving
rise to the liability. 

 

		11.2.	EXCEPT FOR THE UNAUTHORIZED USE OF THIRD PARTY SOFTWARE,
No Consequential Damages. In no event will Arkados be liable TO LICENSEE for any indirect, incidental, special or CONSEQUENTIAL
damages, including loss of profits, revenues, data, use, any other economic advantage,
incurred by Licensee ARising out of OR RELATING TO this Agreement, under any theory of liability, whether in an action in contract,
strict liability, tort (including negligence) or other legal or equitable theory. 

 

 

		12.	Dispute Resolution Process.

 

		12.1.	Dispute Resolution. The parties agree to meet and confer in good faith on all matters of
common interest or all controversies, claims, or disputes (“Dispute”) which materially affect the performance
of either party under this Agreement. As soon as a Dispute is recognized by either party, it will communicate the substance of
such Dispute to each party’s Primary Contact. Once a Dispute has been raised, the Primary Contacts will make all reasonable
efforts to reach a resolution within two (2) weeks after the Dispute has been identified. If the Dispute cannot be resolved between
the parties’ respective Primary Contacts, then the parties will submit such matters to their respective executive management,
who will make all reasonable efforts to reach a resolution within thirty (30) days after the Dispute has been referred to them.
For purposes hereof, the “Primary Contact” for each party shall be the person designated for Notice in Section 14.5
of this Agreement.

 

    	 

    	 

    

  

		12.2.	Arbitration. All Disputes arising out of or relating to this Agreement, which cannot first
be resolved in accordance with Section 12.1, will be submitted to binding arbitration in San Francisco, California under
the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”).
The arbitration will be conducted by one impartial arbitrator selected by mutual agreement or by three arbitrators (one chosen
by each party and the third chosen by agreement of the designated arbitrators) if the parties are unable to agree on a single arbitrator
within thirty (30) days after the first demand by one party to the other for arbitration. Any arbitrator(s) selected will have
appropriate experience in the field of information technology services. The proceedings will be held in a geographically neutral
and reasonably convenient location to both parties. A court reporter will record the arbitration hearing, and the reporter’s
transcript will be the official transcript of the proceeding. The arbitrator(s) will have no power to add or detract from the agreements
of the parties and may not make any ruling or award that does not conform to the terms and conditions of this Agreement. The award
of the arbitrator will include a written explanation of the decision and specify the basis for any damage award and the types of
damages awarded. The decision of the arbitrator(s) will be final and binding on the parties and may be entered and enforced in
any court of competent jurisdiction by either party. The prevailing party in the arbitration proceedings will be awarded reasonable
attorneys’ fees, if any, and all other costs and expenses of the proceedings, unless the arbitrator(s), for good cause, determine
otherwise. The foregoing, however, will not prevent or limit in any way either party’s right to apply to a court of competent
jurisdiction for a temporary restraining order, preliminary or permanent injunction, or other similar equitable relief.

 

		12.3.	Creation, Maintenance and Retention of Records. The Licensee agrees to keep records showing
the lease, sale, licensing, or other disposition of Licensed services and products in sufficient detail to enable Arkados to accurately
determine subscriber levels. The Licensee shall permit the Arkados or its duly authorized agent to inspect all such records and
to make copies of or extracts from such records at all the Licensee's business premises during all regular business hours throughout
the term of this Agreement and for a reasonable period of not less than five (5) years thereafter. In the event that the Licensee
shall move any of such records, the Licensee shall first give at least thirty (30) days' prior written notice to the Arkados and
give the Arkados the opportunity to copy any and all records intended to be moved. Such examinations are to be made at the expense
of the Arkados by any auditor appointed by the Arkados who shall be acceptable to the Licensee, or, at the option and expense of
the Arkados, by a Certified Public Accountant appointed by the Arkados. If any such audit discloses that fees have been underpaid
by an amount exceeding five percent (5%), the Licensee shall pay the full costs of the audit, along with all royalties payable,
and interest calculated from the date such amount was originally due, at the prime rate published in the Wall Street Journal on
such date. All such records shall be retained for a period of at least five (5) years after the termination or expiration of this
Agreement.

 

    	 

    	 

    

  

		13.	Miscellaneous.

		13.1.	Entire Agreement. This Agreement, including all exhibits and schedules hereto, which shall
be deemed incorporated by reference, represents the entire Agreement between the parties and shall not be modified except in writing
executed by both parties.

 

		13.2.	Insolvency. If either party shall be adjudged bankrupt, or become insolvent, or make an
assignment for the benefit of creditors, or be placed in the hands of a receiver or a trustee in bankruptcy, the other party may
terminate this Agreement by giving thirty (30) days' notice by registered or certified mail to the defaulting party, specifying
the bases for termination. If within thirty (30) days after the receipt of such notice, the party who received notice shall remedy
the condition forming the basis for termination, such notice shall cease to be operative and this Agreement shall continue in full
force and effect.

 

		13.3.	Taxes. The parties shall cooperate to segregate the payment
of fees into the following: (i) those for deliverables not subject to any VAT, GST, sales, use or other similar taxes; and (ii)
those for which a VAT, GST, sales, use or other similar tax is to be paid or has already been paid. In addition, each party shall
reasonably cooperate with the other to more accurately determine a party's tax liability and to minimize such liability, to the
extent legally permissible. Each party shall provide and make available to the other any resale certificates, information regarding
out-of-state sales or use of equipment, materials or services, treaty certification and any other exemption certificates or information
requested by a party.

 

		13.4.	Residual Knowledge. Nothing herein shall be construed to prevent or in any way limit Arkados
from using general knowledge, skill, and expertise acquired in the performance of this Agreement in any current or subsequent endeavors.
Licensee shall have no interest in such endeavors.

 

		13.5.	Survival. The provisions of Sections 4 (to the extent of any amounts due from Licensee),
6, 7, 8, 9, 10, 11, 12, 13, and 14 of this Agreement shall survive the early termination (for any reason) or expiration of this
Agreement.

 

		13.6.	Notices. All notices and other communications required or permitted under this Agreement
will be in writing and will be deemed effectively delivered upon receipt by personal delivery, overnight courier service, or facsimile
as confirmed by transmission receipt. Any party may change its address for such communications by giving an appropriate written
notice to the other party conforming to this Section.

 

    	 

    	 

    

  

	 	
        If to Licensee:

         
	If to Arkados:
	 	Attn:  Connie Lin	Attn:   Terrence DeFranco
	 	
        22, Chungshan North Road, 3rd
        Section

        Taipei, Taiwan 104
	
        211 Warren Street, Suite 320

        Newark, New Jersey 07103

	 	Fax: +886 2 25863580	Fax:  862-203-2983
	 	
        Phone: +886 2 25925252 ext. 2865

        Email: conniel@tatung.com
	
        Phone: (862) 373-1988

        Email: tmdefranco@arkadosgroup.com

 

		13.7.	No Assignment. This Agreement will be binding upon, and inure to the benefit of, the permitted
successors-in-interest of a party hereto who agree in writing, for the express benefit of the other party, to assume all of the
obligations of such party under this Agreement; provided, however, that this Agreement and the rights and obligations under this
Agreement may not be assigned in whole or in part by either party without the prior written consent of the other party, which consent
will not unreasonably be withheld or delayed. Notwithstanding the foregoing, a party may assign this Agreement to any corporate
parent, affiliate or subsidiary or purchaser of the majority of its stock or assets without the prior written consent of the other
party. Notwithstanding the foregoing, any assignment shall not materially adversely affect the performance of this Agreement. Any
assignment or attempted assignment of this Agreement not permitted by this Section will be void.

 

		13.8.	Governing Law and Forum Selection. This Agreement will be governed by and construed in accordance
with the internal laws of the State of California without regard to the conflicts of laws provisions thereof. Each party waives
its right to a jury trial in any matter arising out of or relating to this Agreement.

 

		13.9.	Force Majeure. Neither party will be held liable or responsible to the other party nor be
deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement,
except for Licensee’s obligations to pay Arkados under this Agreement, to the extent, and for so long as, such failure or
delay is caused by or results from causes beyond the reasonable control of the affected party, including any act of God, fire,
natural disaster, accident, war, acts of war (whether war be declared or not), insurrections, riots, civil commotion, strikes,
lockouts or other labor disturbances, shortages in the marketplace, or any acts, omissions or delays in acting by any governmental
authority or the other party.

 

		13.10.	No Joint Venture or Agency. Nothing contained in this Agreement will be deemed or construed
as creating a joint venture or partnership between the parties. Except as expressly set forth in this Agreement, no party is by
virtue of this Agreement authorized as an agent, employee or legal representative of the other party, and the relationship of the
parties is, and at all times will continue to be, that of independent contractors. A party's employees, agents or representatives
are not employees or agents of the other party and are not entitled to any of the other party's benefits. Neither party shall be
responsible for payment of the other party's workers' compensation, disability benefits or unemployment insurance, nor shall it
be responsible for withholding or paying employment related taxes for the other party or its employees.

 

    	 

    	 

    

  

		13.11.	No Third Party Beneficiary. This Agreement is made and entered into for the sole protection
and benefit of the parties to this Agreement and is not intended to convey any rights or benefits to any third party, nor will
this Agreement be interpreted to convey any rights or benefits to any person except the parties to this Agreement.

 

		13.12.	Further Assurances. Each of the parties will from time to time, at the request of the other
party and without further consideration, execute and deliver other documents and take other actions as the other party may reasonably
request to consummate more effectively the transactions contemplated by this Agreement.

 

		13.13.	No Other Representations and Warranties. Each party acknowledges that it has entered into
this Agreement based solely upon the express representations and warranties set forth in this Agreement.

 

		13.14.	Compliance With Laws. This Agreement and the performance of this Agreement is subject to
all present and future applicable laws, rules, orders, statutes and regulations of governmental authorities having jurisdiction
over the parties, the products or software provided to Licensee. In particular, any software, including technical data, is subject
to U.S. export control laws and restrictions, including the U.S. Export Administration Act and its associated regulations, and
may be subject to export or import regulations in other countries. Licensee agrees to comply strictly with all such regulations
and acknowledges that it has the responsibility to obtain licenses to export, re-export, or import software. Both parties will
comply with all applicable laws, rules, orders, statutes, and regulations.

 

		13.15.	No Implied Waiver. No term, provision or clause of this Agreement shall be deemed waived
and no breach excused unless such waiver or consent shall be in writing and executed by a duly authorized representative of each
party. Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute a consent
to, waiver of, or excuse for any different or subsequent breach.

 

		13.16.	Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original and when taken together shall constitute one and the same Agreement.

 

    	 

    	 

    

  

IN WITNESS WHEREOF,
the parties to this Agreement, each acting under due and proper authority, have executed this Agreement as of the Effective Date.

 

	ARKADOS, INC.	 	 	TATUNG CO.	 
	 	 	 	 	 
	 	 	 	 	 
	By: /s/ Terrene DeFranco	 	 	By:	/s/ Connie Lin	 
	Name: Terrence DeFranco	 	 	Name:  	Connie Lin	 
	Title: Chief Executive Officer	 	 	Title:    	General Manager

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