Document:

EX-10.1

 Exhibit 10.1 

REAL GOODS SOLAR, INC. 2008 LONG-TERM INCENTIVE PLAN 

AMENDED AND RESTATED SEPTEMBER 6, 2013, SUBJECT TO APPROVAL BY SHAREHOLDERS 

Section 1. Purpose. The purpose of this Plan is to advance the interests of Real Goods and its shareholders by providing
incentives to certain Eligible Persons (as defined below) who contribute significantly to the strategic and long-term performance objectives and growth of the Company. 

Section 2. Definitions. Certain capitalized terms applicable to this Plan are set forth in Appendix A. 

Section 3. Administration. The Committee shall administer this Plan and shall have all the powers vested in it by the terms of
this Plan, such powers to include exclusive authority to select the Eligible Persons to be granted Awards under this Plan, to determine the type, size, terms and conditions of the Award to be made to each Eligible Person selected, to modify or waive
the terms and conditions of any Award that has been granted, to determine the time when Awards will be granted, to establish performance objectives, to make any adjustments necessary or desirable as a result of the granting of Awards to Eligible
Persons located outside the United States and to prescribe the form of the agreements evidencing Awards made under this Plan. Awards may, in the discretion of the Committee, be made under this Plan in assumption of, or in substitution for,
outstanding Awards previously granted by the Company, or an entity acquired by the Company or with which the Company combines. The number of Class A Shares underlying such substitute Awards shall be counted against the aggregate number of
shares of Class A Shares available for Awards under this Plan. 
 The Committee is authorized to interpret this Plan and the Awards
granted under this Plan, to establish, amend and rescind any rules and regulations relating to this Plan, and to make any other determinations that it deems necessary or desirable for the administration of this Plan. The Committee may correct any
defect or supply any omission or reconcile any inconsistency in this Plan or in any Award in the manner and to the extent the Committee deems necessary or desirable to carry it into effect. Any decision of the Committee in the interpretation and
administration of this Plan, as described in this Plan, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned. The Committee may act only by a majority of its members in office, except
that the Committee may authorize any one or more of its members or any officer of the Company to execute and deliver documents or to take any other ministerial action on behalf of the Committee with respect to Awards made to Participants or to be
made to Eligible Persons. Notwithstanding the foregoing or any other provision of this Plan, the Committee shall not have the authority to accelerate the time or schedule of any payment in a manner which is not permitted under Code
Section 409A, or to grant or amend any Award in any manner which would result in an inclusion of any amount in gross income under Code Section 409A(a)(1). 

No member of the Committee and no officer of the Company shall be liable for anything done or omitted to be done by such member or officer, by
any other member of the Committee or by any officer of the Company in connection with the performance of duties under this Plan, except for such member’s or officer’s own willful misconduct or as expressly provided by law. In addition to
all other rights of indemnification and reimbursement to which a member of the Committee and an officer of the Company may be entitled, Real Goods shall indemnify and hold harmless each such member or officer who was or is a party or is threatened
to be made a party to any threatened, pending or completed proceeding or suit in connection with the performance of duties under this Plan against expenses (including reasonable attorneys’ fees), judgments, fines, liabilities, losses and
amounts paid in settlement actually and reasonably incurred by him in connection with such proceeding or suit, except for his own willful misconduct or as expressly provided otherwise by law. Expenses (including reasonable attorneys’ fees)
incurred by such a member or officer in defending any such proceeding or suit shall be paid by Real Goods in advance of the final disposition of such proceeding or suit upon receipt of a written affirmation by

  
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such member or officer of his good faith belief that he has met the standard of conduct necessary for indemnification and a written undertaking by or on behalf of such member or officer to repay
such amount if it shall ultimately be determined that he is not entitled to be indemnified by Real Goods as authorized in this Section. 

Section 4. Participation. Consistent with the purposes of this Plan, the Committee shall have exclusive power to select the
Eligible Persons who may participate in this Plan and be granted Awards under this Plan. Eligible Persons may be selected individually or by groups or categories, as determined by the Committee in its discretion. 

Section 5. Awards under this Plan. 

(a) Types of Awards . Awards under this Plan may include, but need not be limited to, one or more of the following types, either
alone or in any combination thereof: (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Restricted Stock Units, (v) Performance Grants and (vi) any other type of Award deemed by the
Committee in its discretion to be consistent with the purposes of this Plan (including, but not limited to, Awards of or options or similar rights granted with respect to unbundled stock units or components thereof, and Awards to be made to
Participants who are foreign nationals or are employed or performing services outside the United States). 
 (b) Maximum Number of
Shares that May be Issued. The maximum aggregate number of Class A Shares that may be issued and outstanding, or subject to Awards outstanding, under the Plan cannot exceed 6,704,237 Class A Shares, subject to adjustment as provided in
Section 15. No Eligible Person may receive Awards under this Plan for more than 400,000 Class A Shares in any one fiscal year of the Company, subject to adjustment as provided in Section 15. Class A Shares issued pursuant to this
Plan may be either authorized but unissued shares, treasury shares, reacquired shares or any combination thereof. If any Class A Shares issued as Restricted Stock, Restricted Stock Units or otherwise subject to repurchase or forfeiture rights
are reacquired by the Company pursuant to such rights or, if any Award is canceled, terminates or expires unexercised, any Class A Shares that would otherwise have been issuable pursuant thereto will be available for issuance under new Awards.

 (c) Rights with Respect to Class A Shares and Other Securities . Except as provided in subsection 8(c) with respect to
Awards of Restricted Stock and unless otherwise determined by the Committee in its discretion, a Participant to whom an Award is made (and any person succeeding to such a Participant’s rights pursuant to this Plan) shall have no rights as a
shareholder with respect to any Class A Shares or as a holder with respect to other securities, if any, issuable pursuant to any such Award until the date of the issuance of a book entry or stock certificate to such Participant for such
Class A Shares or other instrument of ownership, if any. Except as provided in Section 15, no adjustment shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities, other
property or other forms of consideration, or any combination thereof) for which the record date is prior to the date such book entry or stock certificate or other instrument of ownership, if any, is required to be issued based upon the date any
Award was exercised. In all events, a Participant with whom an Award agreement is made to issue Class A Shares in the future shall have no rights as a shareholder with respect to such Class A Shares related to such agreement until issuance
to such Participant of a book entry or stock certificate representing such shares. 
 Section 6. Stock Options. The Committee
may sell Purchased Options or grant other Stock Options either alone, or in conjunction with other Awards, either at the time of grant or by amendment thereafter; provided that an Incentive Stock Option may be granted only to Eligible Persons who
are employees of Real Goods (or any parent or subsidiary of Real Goods) and who have other Awards only to the extent that such other Awards do not disqualify the Incentive Stock Option’s status as such under the Code. Each Stock Option granted
or sold under this Plan shall be evidenced by an agreement in such form as the Committee shall prescribe from time to time in accordance with this Plan and shall comply with the applicable terms and conditions of this Plan, and with such other terms
and conditions, including, but not limited to, restrictions upon the Stock Option or the Class A Shares issuable upon exercise thereof, as the Committee, in its discretion, shall establish. 

  
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 (a) The exercise price of a Stock Option may be equal to or greater than the Fair Market
Value of the Class A Shares subject to such Stock Option at the time the Stock Option is granted, as determined by the Committee; provided, however, that in the case of an Incentive Stock Option granted to a Ten Percent Employee, such exercise
price shall not be less than 110% of such Fair Market Value at the time the Stock Option is granted. 
 (b) The Committee shall
determine the number of Class A Shares to be subject to each Stock Option. In the case of a Stock Option awarded in conjunction with another Award, the number of Class A Shares subject to an outstanding Stock Option may be reduced on an
appropriate basis to the extent that the other Award has been exercised, paid to or otherwise received by the Participant, as determined by the Committee. 

(c) Any Stock Option may be exercised during its term only at such time or times and in such installments as the Committee may establish.

 (d) A Stock Option shall not be exercisable: 

(i) in the case of any Incentive Stock Option granted to a Ten Percent Employee, after the expiration of five years from the date it is
granted, and, in the case of any other Stock Option, after the expiration of ten years from the date it is granted; and 
 (ii) unless
payment in full is made for the shares being acquired thereunder at the time of exercise as provided in subsection 6(i). 
 (e) The
Committee shall determine in its discretion and specify in each agreement evidencing a Stock Option the effect, if any, the termination of the Participant’s employment with or performance of services for the Company shall have on the
exercisability of the Stock Option; provided, however, that an Incentive Stock Option shall not be exercisable at a time that is beyond the time an Incentive Stock Option may be exercised in order to qualify as such under the Code and provided,
further, that if a Participant’s employment is terminated for a reason other than “cause” (as defined in such Participant’s Award agreement or employment agreement, if any), then such Participant’s right to exercise his or
her Stock Options (to the extent that the Participant is entitled to exercise on the date employment terminates) shall continue until the earlier of the option expiration date or (i) at least six (6) months from the date of termination if
termination was caused by death or disability and (ii) at least thirty (30) days from the date of termination if termination was caused by other than death or disability. 

(f) It is the intent of Real Goods that Nonqualified Stock Options granted under this Plan not be classified as Incentive Stock Options,
that the Incentive Stock Options granted under this Plan be consistent with and contain or be deemed to contain all provisions required under Section 422 and the other appropriate provisions of the Code and any implementing regulations (and any
successor provisions thereof), and that any ambiguities in construction shall be interpreted in order to effectuate such intent. If a Stock Option is intended to be an Incentive Stock Option, and if for any reason such Stock Option (or portion
thereof) shall fail to qualify as an Incentive Stock Option, then, to the extent of such failure, such Stock Option (or portion thereof) shall be regarded as a Nonqualified Stock Option granted under this Plan; provided, that, such Stock Option (or
portion thereof) otherwise complies with this Plan’s requirements relating to Nonqualified Stock Options. In no event shall any member of the Committee or the Company (or its employees, officers or directors) have any liability to any
Participant (or any other person) due to the failure of a Stock Option to qualify for any reason as an Incentive Stock Option. 
 (g) A
Purchased Option may contain such additional terms not inconsistent with this Plan, including but not limited to the circumstances under which the purchase price of such Purchased Option may be returned to the holder of the Purchased Option, as the
Committee may determine in its sole discretion. 
 (h) For purposes of payments made to exercise Stock Options, such payment shall be
made in such form (including, but not limited to, cash, Class A Shares, the surrender of all or part of an Award or another outstanding Award under this Plan or any combination thereof) as the Committee may determine in its discretion. 

  
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 Section 7. Stock Appreciation Rights. The Committee may grant Stock Appreciation
Rights either alone, or in conjunction with other Awards, either at the time of grant or by amendment thereafter. Each Award of Stock Appreciation Rights granted under this Plan shall be evidenced by an agreement in such form as the Committee shall
prescribe from time to time in accordance with this Plan and shall comply with the applicable terms and conditions of this Plan, and with such other terms and conditions, including, but not limited to, restrictions upon the Award of Stock
Appreciation Rights or the Class A Shares issuable upon exercise thereof, as the Committee, in its discretion, shall establish. 

(a) The Committee shall determine the number of Class A Shares to be subject to each Award of Stock Appreciation Rights. In the case
of an Award of Stock Appreciation Rights awarded in conjunction with another Award, the number of Class A Shares subject to an outstanding Award of Stock Appreciation Rights may be reduced on an appropriate basis to the extent that the other
Award has been exercised, paid to or otherwise received by the Participant, as determined by the Committee. 
 (b) The Committee shall
determine in its discretion and specify in each agreement evidencing an Award of Stock Appreciation Rights the effect, if any, the termination of the Participant’s employment with or performance of services for the Company shall have on the
exercisability of the Award of Stock Appreciation Rights. 
 (c) An Award of Stock Appreciation Rights shall entitle the holder to
exercise such Award or to surrender unexercised another Award (or any portion of such other Award) to Real Goods and to receive from Real Goods in exchange thereof, without payment to Real Goods, that number of Class A Shares having an
aggregate value equal to (or, in the discretion of the Committee, less than) the excess of the Fair Market Value of one share, at the time of such exercise, over the exercise price, times the number of shares subject to the Award, or portion
thereof, that is so exercised or surrendered, as the case may be. The Committee shall be entitled in its discretion to elect to settle the obligation arising out of the exercise of a Stock Appreciation Right by the payment of cash or Other Real
Goods Securities or property, or other forms of payment or any combination thereof, as determined by the Committee, equal to the aggregate value of the Class A Shares it would otherwise be obligated to deliver. Any such election by the
Committee shall be made as soon as practicable after the receipt by the Committee of written notice of the exercise of the Stock Appreciation Right. 

(d) A Stock Appreciation Right may provide that it shall be deemed to have been exercised at the close of business on the business day
preceding the expiration date of the Stock Appreciation Right or of the related Stock Option (or other Award), or such other date as specified by the Committee, if at such time such Stock Appreciation Right has a positive value. Such deemed exercise
shall be settled or paid in the same manner as a regular exercise thereof as provided in subsection 7(d) of this Agreement. 

Section 8. Restricted Stock and Restricted Stock Units. The Committee may grant Awards of Restricted Stock and Restricted Stock
Units either alone, or in conjunction with other Awards, either at the time of grant or by amendment thereafter. Each Award of Restricted Stock or Restricted Stock Units under this Plan shall be evidenced by an agreement in such form as the
Committee shall prescribe from time to time in accordance with this Plan and shall comply with the applicable terms and conditions of this Section and this Plan, and with such other terms and conditions as the Committee, in its discretion, shall
establish. 
 (a) The Committee shall determine the number of Class A Shares to be issued to a Participant pursuant to the Award
of Restricted Stock or Restricted Stock Units, and the extent, if any, to which they shall be issued in exchange for cash, other consideration, or both. 

(b) Until the expiration of such period as the Committee shall determine from the date on which the Award is granted and subject to such
other terms and conditions as the Committee in its discretion shall establish (the “Restricted Period”), a Participant to whom an Award of Restricted Stock is made shall be issued, but shall not be entitled to the delivery of,
a book entry or stock certificate representing the Class A Shares subject to such Award. 

  
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 (c) Unless otherwise determined by the Committee in its discretion, a Participant to whom an
Award of Restricted Stock has been made (and any person succeeding to such a participant’s rights pursuant to this Plan) shall have, after issuance of a certificate for the number of Class A Shares awarded and prior to the expiration of
the Restricted Period, ownership of such Class A Shares, including the right to vote such Class A Shares and to receive dividends or other distributions made or paid with respect to such Class A Shares (provided that such Class A
Shares, and any new, additional or different shares, or Other Real Goods Securities or property, or other forms of consideration that the Participant may be entitled to receive with respect to such Class A Shares as a result of a stock split,
stock dividend or any other change in the corporation or capital structure of Real Goods, shall be subject to the restrictions set forth in this Plan as determined by the Committee in its discretion), subject, however, to the options, restrictions
and limitations imposed thereon pursuant to this Plan. 
 (d) The Committee shall determine in its discretion and specify in each
agreement evidencing an Award of Restricted Stock or Restricted Stock Units the effect, if any, the termination of the Participant’s employment with or performance of services for the Company during the Restricted Period shall have on such
Award of Restricted Stock. 
 (e) The Committee may grant Awards of Dividend Equivalents to Participants in connection with Awards of
Restricted Stock Units. The Committee may provide, at the date of grant or thereafter, that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Class A Shares, or other
investment vehicles as the Committee may specify; provided that, unless otherwise determined by the Committee, Dividend Equivalents shall be subject to all conditions and restrictions of the underlying Restricted Stock Units to which they relate.

 Section 9. Performance Grants. The Committee may grant Awards of Performance Grants either alone, or in conjunction with
other Awards, either at the time of grant or by amendment thereafter. The Award of a Performance Grant to a Participant will entitle him to receive a specified amount determined by the Committee (the “Actual Value”), if the
terms and conditions specified in this Plan and in the Award are satisfied. Each Award of a Performance Grant shall be subject to the applicable terms and conditions of this Plan, and to such other terms and conditions, including but not limited to,
restrictions upon any cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof, issued with respect to the Performance Grant, as the Committee, in its discretion, shall establish, and
shall be embodied in an agreement in such form and substance as is determined by the Committee. 
 (a) The Committee shall determine
the value or range of values of a Performance Grant to be awarded to each Participant selected for an Award and whether or not such a Performance Grant is granted in conjunction with another Award. As determined by the Committee, the maximum value
of each Performance Grant (the “Maximum Value”) shall be: (i) an amount fixed by the Committee at the time the Award is made or amended thereafter, (ii) an amount that varies from time to time based in whole or in
part on the then current value of the Class A Shares, Other Real Goods Securities or property, or other securities or property, or any combination thereof or (iii) an amount that is determinable from criteria specified by the Committee.
Performance Grants may be issued in different classes or series having different names, terms and conditions. In the case of a Performance Grant awarded in conjunction with another Award, the Performance Grant may be reduced on an appropriate basis
to the extent that the other Award has been exercised, paid to or otherwise received by the Participant, as determined by the Committee. 

(b) The award period (“Award Period”) related to any Performance Grant shall be a period determined by the Committee. At
the time each Award is made or within the first 90 days of any performance period, the Committee shall establish performance objectives to be attained within the Award Period as the means of determining the Actual Value of such a Performance Grant.
The performance objectives shall be based on such measure or measures of performance, which may include, but need not be limited to, the performance of the Participant, the Company or one or more of its divisions or units, or any combination of the
foregoing, as the Committee shall determine, and may be applied on an absolute basis or be relative to industry or other indices or 

  
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any combination thereof. The Actual Value of a Performance Grant shall be equal to its Maximum Value only if the performance objectives are attained in full, but the Committee shall specify the
manner in which the Actual Value of Performance Grants shall be determined if the performance objectives are met in part. Such performance measures, the Actual Value or the Maximum Value, or any combination thereof, may be adjusted in any manner by
the Committee in its discretion at any time and from time to time during or as soon as practicable after the Award Period, if it determines that such performance measures, the Actual Value or the Maximum Value, or any combination thereof, are not
appropriate under the circumstances. 
 (c) The Committee shall determine in its discretion and specify in each agreement evidencing a
Performance Grant the effect, if any, the termination of the Participant’s employment with or performance of services for the Company during the Award Period shall have on such Performance Grant. 

(d) The Committee shall determine whether the conditions of a Performance Grant have been met and, if so, shall ascertain the Actual
Value of the Performance Grant. If the Performance Grant has no Actual Value, the Award and such Performance Grant shall be deemed to have been canceled and the associated Award, if any, may be canceled or permitted to continue in effect in
accordance with its terms. If the Performance Grant has any Actual Value and: 
 (i) was not awarded in conjunction with another Award,
the Committee shall cause an amount equal to the Actual Value of the Performance Grant earned by the Participant to be paid to him or his permitted assignee or Beneficiary; or 

(ii) was awarded in conjunction with another Award, the Committee shall determine, in accordance with criteria specified by the Committee
(A) to cancel the Performance Grant, in which event no amount with respect thereto shall be paid to the Participant or his permitted assignee or Beneficiary, and the associated Award may be permitted to continue in effect in accordance with its
terms, (B) to pay the Actual Value of the Performance Grant to the Participant or his permitted assignee or Beneficiary as provided below, in which event the associated Award may be canceled or (C) to pay to the Participant or his
Beneficiary, the Actual Value of only a portion of the Performance Grants, in which event all or a portion of the associated Award may be permitted to continue in effect in accordance with its terms or be canceled, as determined by the Committee.

 Such determination by the Committee shall be made as promptly as practicable following the end of the Award Period or upon the earlier
termination of employment or performance of services, or at such other time or times as the Committee shall determine, and shall be made pursuant to criteria specified by the Committee. 

(e) Payment of any amount with respect to the Performance Grants that the Committee determines to pay as provided above shall be made by
Real Goods as promptly as practicable after the end of the Award Period or at such other time or times as the Committee shall determine, and may be made in cash, Class A Shares, Other Real Goods Securities or property, or other forms of
payment, or any combination thereof or in such other manner, as determined by the Committee in its discretion. Notwithstanding anything in this Section to the contrary, the Committee may, in its discretion, determine and pay out the Actual Value of
the Performance Grants at any time during the Award Period. 
 Section 10. Deferral of Compensation. The Committee shall
determine whether or not an Award shall be made in conjunction with the deferral of the Participant’s salary, bonus or other compensation, or any combination thereof, and whether or not such deferred amounts may be: 

(i) forfeited to Real Goods or to other Participants or any combination thereof, under certain circumstances (which may include, but need
not be limited to, certain types of termination of employment or performance of services for the Company); 
 (ii) subject to increase
or decrease in value based upon the attainment of or failure to attain, respectively, certain performance measures; and/or 

(iii) credited with income equivalents (which may include, but need not be limited to, interest, dividends or other rates of return)
until the date or dates of payment of the Award, if any. 

  
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 Notwithstanding the foregoing or any other provision of this Plan, any deferral of compensation
under this Section 10 must comply with the provisions of Code Section 409A, and no deferral of compensation under this Section 10 which would result in an inclusion of any amount in gross income under Code Section 409A(a)(1) is
permitted. 
 Section 11. Deferred Payment of Awards. The Committee may specify that the payment of all or any portion of cash,
Class A Shares, Other Real Goods Securities or property, or any other form of payment, or any combination thereof, under an Award shall be deferred until a later date. Deferrals shall be for such periods or until the occurrence of such events,
and upon such terms, as the Committee shall determine in its discretion, provided however, that any such deferral shall comply with the requirements of Code Section 409A. Deferred payments of Awards may be made by undertaking to make payment in
the future based upon the performance of certain investment equivalents (which may include, but need not be limited to, government securities, Class A Shares, other securities, property or consideration, or any combination thereof), together
with such additional amounts of income equivalents (which may be compounded and may include, but need not be limited to, interest, dividends or other rates of return or any combination thereof) as may accrue thereon until the date or dates of
payment, such investment equivalents and such additional amounts of income equivalents to be determined by the Committee in its discretion. 

Section 12. Transferability of Awards. A Participant’s rights and interest under this Plan or any Award may not be assigned
or transferred, hypothecated or encumbered in whole or in part either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner;
provided, however, the Committee may permit such transfer to a Permitted Transferee; and provided, further, that, unless otherwise permitted by the Code, any Incentive Stock Option granted pursuant to this Plan shall not be transferable other than
by will, by the laws of descent and distribution, and shall be exercisable during the Participant’s lifetime only by Participant or by such Permitted Transferee. 

Section 13. Amendment or Substitution of Awards under this Plan. The terms of any outstanding Award under this Plan may be amended
or modified from time to time by the Committee in its discretion in any manner that it deems appropriate (including, but not limited to, acceleration of the date of exercise of any Award and/or payments thereunder and repricing of any Award) if the
Committee could grant such amended or modified Award under the terms of this Plan at the time of such amendment or modification; provided that no such amendment or modification shall adversely affect in a material manner any right of a Participant
under the Award without such Participant’s written consent, unless the Committee determines in its discretion that there have occurred or are about to occur significant changes in the Participant’s position, duties or responsibilities, or
significant changes in economic, legislative, regulatory, tax, accounting or cost/benefit conditions that are determined by the Committee in its discretion to have or to be expected to have a substantial effect on the performance of the Company, or
any affiliate, division or department thereof, on this Plan or on any Award under this Plan and provided further that the Committee shall not have the authority to accelerate the time or schedule of any payment in a manner which is not permitted
under Code Section 409A, or to grant or amend any Award in any manner which would result in an inclusion of any amount in gross income under Code Section 409A(a)(1). The Committee may, in its discretion, permit holders of Awards under this
Plan to surrender outstanding Awards in order to exercise or realize the rights under other Awards, or in exchange for the grant of new Awards, or require holders of Awards to surrender outstanding Awards as a condition precedent to the grant of new
Awards under this Plan. 
 Section 14. Termination of a Participant. For all purposes under this Plan, the Committee shall
determine whether a Participant has terminated employment with, or the performance of services for, the Company, provided, however, an absence or leave approved by the Company, to the extent permitted by applicable provisions of the Code, shall not
be considered an interruption of employment or performance of services for any purpose under this Plan. 

  
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 Section 15. Dilution and Other Adjustments. If any change in the outstanding
Class A Shares of the Company occurs by reason of any stock split, reverse stock split, stock dividend, split-up, split-off, spin-off, recapitalization, merger, consolidation, rights offering, reorganization, combination, subdivision or
exchange of shares, any distribution to shareholders other than a normal cash dividend, or other extraordinary or unusual event, the Committee shall make such adjustment in: (i) the aggregate number of shares that may be delivered under the
Plan as described in Section 5(b) and the individual Award maximums under Section 5(b); (ii) the number and exercise price of outstanding Stock Options and outstanding Stock Appreciation Rights; (iii) the number of outstanding
Restricted Stock Units; and (iv) the number of shares subject to any other Awards granted under the Plan (provided that the number of shares subject to Awards shall always be a whole number), in each case as may be determined to be appropriate
by the Committee, and such adjustments shall be final, conclusive and binding for all purposes of the Plan. The Committee may also provide for the adjustment and settlement of outstanding Awards as it deems appropriate and consistent with the
Plan’s purpose in the event of a change in control of Real Goods, and such adjustments or settlements shall be final, conclusive and binding for all purposes of the Plan. 

Section 16. Designation of Beneficiary by Participant. A Participant may name a beneficiary to receive any payment to which such
Participant may be entitled with respect to any Award under this Plan in the event of death, on a written form to be provided by and filed with the Committee, and in a manner determined by the Committee in its discretion
(a “Beneficiary”). The Committee reserves the right to review and approve Beneficiary designations. A Participant may change his Beneficiary from time to time in the same manner, unless such Participant has made an irrevocable
designation. Any designation of a Beneficiary under this Plan (to the extent it is valid and enforceable under applicable law) shall be controlling over any other disposition, testamentary or otherwise, as determined by the Committee in its
discretion. If no designated Beneficiary survives the Participant and is living on the date on which any amount becomes payable to such a Participant’s Beneficiary, such payment will be made to the legal representatives of the
Participant’s estate, and the term “Beneficiary” as used in this Plan shall be deemed to include such person or persons. If there are any questions as to the legal right of any Beneficiary to receive a distribution under this Plan,
the Committee in its discretion may determine that the amount in question be paid to the legal representatives of the estate of the Participant, in which event the Company, the Board, the Committee, the Designated Administrator (if any), and the
members thereof, will have no further liability to anyone with respect to such amount. 
 Section 17. Financial Assistance. If
the Committee determines that such action is advisable, the Company may assist any Participant in obtaining financing from the Company (or under any program of the Company approved pursuant to applicable law), or from a bank or other third party, on
such terms as are determined by the Committee, and in such amount as is required to accomplish the purposes of this Plan, including, but not limited to, to permit the exercise of an Award, the participation therein, and/or the payment of any taxes
with respect thereto. Such assistance may take any form that the Committee deems appropriate, including, but not limited to, a direct loan from the Company, a guarantee of the obligation by the Company or the maintenance by the Company of deposits
with such bank or third party. 
 Section 18. Miscellaneous Provisions. 

(a) Any proceeds from Awards shall constitute general funds of Real Goods. 

(b) Except as otherwise determined by the Committee, no fractional shares may be delivered under an Award, but in lieu thereof a cash or
other adjustment may be made as determined by the Committee in its discretion. 
 (c) No Eligible Person or other person shall have any
claim or right to be granted an Award under this Plan. Determinations made by the Committee under this Plan need not be uniform and may be made selectively among Eligible Persons under this Plan, whether or not such Eligible Persons are similarly
situated. Neither this Plan nor any action taken hereunder shall be construed as giving any Eligible Person any right to continue to be employed by or perform services for the Company, and the right to terminate the employment of or performance of
services by Eligible Persons at any time and for any reason is specifically reserved. 

  
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 (d) No Participant or other person shall have any right with respect to this Plan, the
Class A Shares reserved for issuance under this Plan or in any Award, contingent or otherwise, until written evidence of the Award shall have been delivered to the recipient and all the terms, conditions and provisions of this Plan and the
Award applicable to such recipient (and each person claiming under or through him) have been met. 
 (e) No Class A Shares, Other
Company Securities, other securities or property or other forms of payment shall be issued hereunder with respect to any Award unless counsel for Real Goods shall be satisfied that such issuance will be in compliance with applicable law and any
applicable rules of any stock exchange or other market quotation system on which Class A Shares are listed. 
 (f) It is the
intent of Real Goods that this Plan comply in all respects with any applicable provisions of Rule 16b 3 and Section 162(m) with respect to Awards granted to executive officers of Real Goods, that any ambiguities or inconsistencies in
construction of this Plan be interpreted to give effect to such intention and that if any provision of this Plan is found not to be in compliance with any applicable provisions of Rule 16b 3 or Section 162(m), such provision shall be deemed
null and void with respect to Awards granted to executive officers of the Company to the extent required to permit such Awards to comply with Rule 16b 3 and Section 162(m). It is also the intent of Real Goods that this Plan comply in all
respects with the provisions of the Code providing favorable treatment to Incentive Stock Options, that any ambiguities or inconsistencies in construction of this Plan be interpreted to give effect to such intention and that if any provision of this
Plan is found not to be in compliance with the Incentive Stock Option provisions of the Code, such provision shall be deemed null and void with respect to Incentive Stock Options granted to employees of Real Goods (or any parent or subsidiary of
Real Goods) to the extent required to permit such Incentive Stock Options to receive favorable treatment under the Code. 
 It is the intent
of Real Goods that this Plan comply in all respects with any applicable provisions of Code Section 409A with respect to Awards granted under this plan and any amendment or revision of such Awards, that any ambiguities or inconsistencies in
construction of this Plan be interpreted to give effect to such intention and that if any provision of this Plan is found not to be in compliance with any applicable provisions of Code Section 409A such Plan provision shall be deemed null and
void to the extent required to permit such Awards to comply with any applicable provisions of Code Section 409A. Specifically, the Committee shall not have the authority to accelerate the time or schedule of any payment in a manner which is not
permitted under Code Section 409A or the regulations issued thereunder, or to grant or amend any Award in any manner which would result in an inclusion of any amount in gross income under Code Section 409A(a)(1). 

(g) The Company shall have the right to deduct from any payment made under this Plan any federal, state, local or foreign income or other
taxes required by law to be withheld with respect to such payment. It shall be a condition to any obligation of Real Goods to issue Class A Shares, Other Real Goods Securities or property, other securities or property, or other forms of
payment, or any combination thereof, upon exercise, settlement or payment of any Award under this Plan, that the Participant (or any Beneficiary or person entitled to act) pay to Real Goods, upon its demand, such amount as may be required by the
Company for the purpose of satisfying any liability to withhold federal, state, local or foreign income or other taxes. If the amount requested is not paid, Real Goods may refuse to issue Class A Shares, Other Real Goods Securities or property,
other securities or property, or other forms of payment, or any combination thereof. Notwithstanding anything in this Plan to the contrary, the Committee may, in its discretion, permit a Participant (or any Beneficiary or person entitled to act) to
elect to pay a portion or all of the amount requested by the Company for such taxes with respect to such Award, at such time and in such manner as the Committee shall deem to be appropriate (including, but not limited to, by authorizing Real Goods
to withhold, or agreeing to surrender to Real Goods on or about the date such tax liability is determinable, Class A Shares, Other Real Goods Securities or property, other securities or property, or other forms of payment, or any combination
thereof, owned by such person or a portion of such forms of payment that would otherwise be distributed, or have been distributed, as the case may be, pursuant to such Award to such person, having a Fair Market Value equal to the amount of such
taxes). 

  
 9 

 (h) The expenses of this Plan shall be borne by Real Goods; provided, however, Real Goods
may recover from a Participant or his Beneficiary, heirs or assigns any and all damages, fees, expenses and costs incurred by the Company arising out of any actions taken by a Participant in breach of this Plan or any agreement evidencing such
Participant’s Award. 
 (i) This Plan shall be unfunded. The Company shall not be required to establish any special or separate
fund or to make any other segregation of assets to assure the payment of any Award under this Plan, and rights to the payment of Awards shall be no greater than the rights of the Company’s general creditors. 

(j) By accepting any Award or other benefit under this Plan, each Participant and each person claiming under or through such Participant
shall be conclusively deemed to have indicated his acceptance and ratification of, and consent to, any action taken under this Plan by the Company, the Board, the Committee or the Designated Administrator (if applicable). 

(k) The appropriate officers of the Company shall cause to be filed any reports, returns or other information regarding Awards hereunder
of any Class A Shares issued pursuant hereto as may be required by applicable law and any applicable rules of any stock exchange or other market quotation system on which Class A Shares are listed. 

(l) The validity, construction, interpretation, administration and effect of this Plan, and of its rules and regulations, and rights
relating to this Plan and to Awards granted under this Plan, shall be governed by the substantive laws, but not the choice of law rules, of the State of Colorado. 

(m) Records of the Company shall be conclusive for all purposes under this Plan or any Award, unless determined by the Committee to be
incorrect. 
 (n) If any provision of this Plan or any Award is held to be illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining provisions of this Plan or any Award, but such provision shall be fully severable, and this Plan or Award, as applicable, shall be construed and enforced as if the illegal or invalid provision had never been
included in this Plan or Award, as applicable. 
 (o) The terms of this Plan shall govern all Awards under this Plan and in no event
shall the Committee have the power to grant any Award under this Plan that is contrary to any of the provisions of this Plan. 

(p) For purposes of interpretation of this Plan, the masculine pronoun includes the feminine and the singular includes the plural
wherever appropriate. 
 Section 19. Plan Amendment or Suspension. This Plan may be amended or suspended in whole or in part at
any time from time to time by the Board. No amendment of this Plan shall adversely affect in a material manner any right of any Participant with respect to any Award previously granted without such Participant’s written consent, except as
permitted under Section 13. 
 Section 20. Plan Termination. This Plan shall terminate upon the earlier of the following
dates or events to occur: 
 (a) the adoption of a resolution of the Board terminating this Plan; or 

(b) the close of business on the tenth anniversary of the Effective Date; provided, however, that the Board may, prior to such date,
extend the term of this Plan for an additional period of up to five years for the grant of Awards other than Incentive Stock Options. No termination of this Plan shall materially alter or impair any of the rights or obligations of any Participant,
without such Participant’s consent, under any Award previously granted under this Plan, except that subsequent to termination of this Plan, the Committee may make amendments or 

  
 10 

 
modifications permitted under Section 13. Notwithstanding anything in this Plan to the contrary, the Committee shall not grant any Award pursuant to this Plan after the tenth anniversary of
the earlier to occur of (i) the date this Plan is adopted by the Board and (ii) the Effective Date. 
 Section 21.
Effective Date. This Plan shall be effective, and Awards may be granted under this Plan, on or after the Effective Date. 
 APPENDIX A

 The following terms shall have the meaning indicated: 

“Actual Value” has the meaning set forth in Section 9. 

“Award” shall mean an award of rights to an Eligible Person under this Plan. 

“Award Period” has the meaning set forth in subsection 9(b). 

“Beneficiary” has the meaning set forth in Section 16. 

“Board” shall mean the board of directors of Real Goods. 

“Class A Shares” shall mean shares of Class A Common Stock, par value $.0001 per share, of Real Goods and stock of
any other class into which such shares may thereafter be changed. 
 “Code” shall mean the Internal Revenue Code of 1986,
as it now exists or may be amended from time to time, and the rules and regulations promulgated thereunder, as they may exist or may be amended from time to time. 

“Code Section 409A” shall mean Section 409A of the Code, any rules or regulations promulgated thereunder, as they
may exist or may be amended from time to time, and any successor to such section. 
 “Committee” shall mean the person or
persons responsible for administering this Plan. The Board shall constitute the Committee until the Board appoints a Board Committee, after which time the Board Committee shall constitute the Committee, provided, however, that at any time the Board
may designate itself as the Committee or designate itself to administer certain of the Committee’s authority under this Plan, including administering certain Awards under this Plan, subject to satisfying the requirements of Rule 16b-3 and
Section 162(m), if applicable. The Board or the Board Committee may designate a Designated Administrator to constitute the Committee or to administer certain of the Committee’s authority under this Plan, including administering certain
Awards under this Plan, subject to the right of the Board or the Board Committee, as applicable, to revoke such designation at any time and to make such designation on such terms and conditions as it may determine in its discretion. For purposes of
this definition, the “Board Committee” shall mean a committee of the Board designated by the Board to administer this Plan. Except as otherwise determined by the Board, the Board Committee (i) shall be comprised of not fewer
than two directors, (ii) shall meet any applicable requirements under Rule 16b-3, including any requirement that the Board Committee consist of “nonemployee directors” (as defined in Rule 16b-3), (iii) shall meet any applicable
requirements under Section 162(m), including any requirement that the Board Committee consist of “outside directors” (as defined in Treasury Regulation §1.162-27(e)(3)(i) or any successor regulation), and (iv) shall meet any
applicable requirements of any stock exchange or other market quotation system on which Class A Shares are listed. For purposes of this definition, the “Designated Administrator” shall mean one or more persons designated by the
Board or a Board Committee to act as a Designated Administrator pursuant to this Plan. Except as otherwise determined by the Board, a Designated Administrator shall only be appointed if Rule 16b 3 and Section 162(m) permits such

  
 11 

 
appointment and the exercise of any authority without adversely affecting the ability of Awards to officers of Real Goods to comply with the conditions for Rule 16b 3 or Section 162(m). The
resolutions of the Board or Board Committee designating the authority of the Designated Administrator shall (i) specify the total number of Class A Shares subject to Awards that may be granted pursuant to this Plan by the Designated
Administrator, (ii) may not authorize the Designated Administrator to designate him or herself as the recipient of any Awards pursuant to this Plan and (iii) shall otherwise comply with the requirements of applicable law. 

“Company” shall mean Real Goods and any parent, subsidiary or affiliate of Real Goods. 

“Dividend Equivalents” shall mean an Award of cash or other Awards with a Fair Market Value equal to the dividends which
would have been paid on the Class A Shares underlying an outstanding Award or Restricted Stock Units had such Class A Shares been outstanding. 

“Effective Date” shall mean January 30, 2008. 

“Eligible Person(s)” shall mean those persons who are full or part-time employees of the Company or other individuals who
perform services for the Company, including, without limitation, directors who are not employees of the Company and consultants and advisors who perform services for the Company. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as it now exists or may be amended from time to time, and the
rules promulgated thereunder, as they may exist or may be amended from time to time. 
 “Fair Market Value” shall mean such
value rounded up to the nearest cent as determined by the Committee by reasonable application of a reasonable valuation method in accordance with applicable law, including Code Section 409A. 

“Incentive Stock Option” shall mean a Stock Option that is an incentive stock option as defined in Section 422 of the
Code. Incentive Stock Options are subject, in part, to the terms, conditions and restrictions described in Section 6. 

“Maximum Value” has the meaning set forth in subsection 9(a). 

“Nonqualified Stock Option” shall mean a Stock Option that is not an incentive stock option as defined in Section 422 of
the Code. Nonqualified Stock Options are subject, in part, to the terms, conditions and restrictions described in Section 6. 

“Other Real Goods Securities” shall mean Real Goods securities (which may include, but need not be limited to, unbundled
stock units or components thereof, debentures, preferred stock, warrants, securities convertible into Class A Shares or other property) other than Class A Shares. 

“Participant” shall mean an Eligible Person to whom an Award has been granted under this Plan. 

“Performance Grant” shall mean an Award subject, in part, to the terms, conditions and restrictions described in
Section 9, pursuant to which the recipient may become entitled to receive cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof, as determined by the Committee. 

“Permitted Transferee” means, except as otherwise determined by the Committee(i), any person defined as an employee in the
Instructions to Registration Statement Form S-8 promulgated by the Securities and Exchange Commission, as such Form may be amended from time to time, which persons include, as of the date of adoption of this Plan, executors, administrators or
beneficiaries of the estates of deceased Participants, 

  
 12 

 
guardians or members of a committee for incompetent former Participants, or similar persons duly authorized by law to administer the estate or assets of former Participants,
(ii) Participants’ family members who acquire Awards from the Participant other than for value, through a gift or a domestic relations order, and (iii) any trust established for the benefit of any person described in clause
(i) above. For purposes of this definition, “family member” includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial
interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty percent of the voting interests. For purposes of this
definition, neither (i) a transfer under a domestic relations order in settlement of marital property rights; nor (ii) a transfer to an entity in which more than fifty percent of the voting interests are owned by family members (or the
Participant) in exchange for an interest in that entity is considered a transfer for “value”. 
 “Plan”
shall mean this Real Goods Solar, Inc. 2008 Long-Term Incentive Plan. 
 “Purchased Option” shall mean a Stock Option that
is sold to an Eligible Person at a price determined by the Committee. Purchased Options are subject, in part, to the terms, conditions and restrictions described in Section 6. 

“Real Goods” shall mean Real Goods Solar, Inc., a Colorado corporation. 

“Restricted Period” has the meaning set forth in subsection 8(b). 

“Restricted Stock” shall mean an Award of Class A Shares that is issued subject, in part, to the terms, conditions and
restrictions described in Section 8. 
 “Restricted Stock Units” shall mean an Award of a right to receive
Class A Shares that is issued subject, in part, to the terms, conditions and restrictions described in Section 8. 
 “Rule
16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act and any successor rule. 

“Section 162(m)” shall mean §162(m) of the Code, any rules or regulations promulgated thereunder, as they may exist
or may be amended from time to time, or any successor to such section. 
 “Stock Appreciation Right” shall mean an Award of
a right to receive (without payment to Real Goods) cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof, as determined by the Committee, based on the increase in the value of the
number of Class A Shares specified in the Stock Appreciation Right. Stock Appreciation Rights are subject, in part, to the terms, conditions and restrictions described in Section 7. 

“Stock Option” shall mean an Award of a right to purchase Class A Shares. The term Stock Option shall include
Nonqualified Stock Options, Incentive Stock Options and Purchased Options. 
 “Ten Percent Employee” shall mean an employee
of the Company who owns stock representing more than ten percent of the voting power of all classes of stock of Real Goods or any parent or subsidiary of Real Goods. 

“Treasury Regulation” shall mean a final, proposed or temporary regulation of the Department of Treasury under the Code and
any successor regulation. 

  
 13EX-4.2

 Exhibit 4.2 

Execution Version 
  

 
  

ROWAN COMPANIES, INC. 

as the Company 
 ROWAN
COMPANIES PLC 
 as Guarantor 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 as Trustee 

SIXTH SUPPLEMENTAL INDENTURE 

Dated as of January 15, 2014 

to 
 INDENTURE 

Dated as of July 21, 2009 

4.75% SENIOR NOTES DUE 2024 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	 ARTICLE ONE Relation to Indenture; Definitions
	  	 	1	  
		
	 SECTION 1.01. Relation to Indenture
	  	 	1	  
	 SECTION 1.02. Definitions
	  	 	1	  
	 SECTION 1.03. General References
	  	 	1	  
		
	 ARTICLE TWO The Series of Securities
	  	 	2	  
		
	 SECTION 2.01. The Form and Title of the Securities
	  	 	2	  
	 SECTION 2.02. Amount
	  	 	2	  
	 SECTION 2.03. Stated Maturity
	  	 	2	  
	 SECTION 2.04. Interest and Interest Rates
	  	 	2	  
	 SECTION 2.05. Place of Payment
	  	 	2	  
	 SECTION 2.06. Optional Redemption
	  	 	2	  
	 SECTION 2.07. Defeasance and Discharge; Covenant Defeasance
	  	 	3	  
	 SECTION 2.08. Global Securities
	  	 	3	  
	 SECTION 2.09. Rowan UK Guarantee
	  	 	3	  
		
	 ARTICLE THREE Amendments to Original Indenture
	  	 	3	  
		
	 SECTION 3.01. Defined Terms
	  	 	3	  
	 SECTION 3.02. Additional Event of Default
	  	 	7	  
	 SECTION 3.03. Release of Securities Guarantee
	  	 	7	  
		
	 ARTICLE FOUR Additional Covenants
	  	 	8	  
		
	 SECTION 4.01. Limitation on Liens
	  	 	8	  
	 SECTION 4.02. Limitation on Sale and Leaseback Transactions
	  	 	8	  
		
	 ARTICLE FIVE Miscellaneous
	  	 	9	  
		
	 SECTION 5.01. Certain Trustee Matters
	  	 	9	  
	 SECTION 5.02. Continued Effect
	  	 	9	  
	 SECTION 5.03. Governing Law
	  	 	9	  
	 SECTION 5.04. Counterparts
	  	 	9	  
		
	 EXHIBITS
	  			
	 Exhibit A: Form of Note
	  			

 Sixth Supplemental Indenture 

 SIXTH SUPPLEMENTAL INDENTURE, dated as of January 15, 2014 (this “Supplemental
Indenture”), by and among ROWAN COMPANIES, INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), ROWAN COMPANIES PLC, a public limited company incorporated under the
laws of England and Wales (“Rowan UK”), and U.S. BANK NATIONAL ASSOCIATION, a nationally chartered banking association, as trustee under the Indenture referred to below (in such capacity, the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee have heretofore entered into an Indenture dated as of July 21, 2009 (the “Original
Indenture”) (the Original Indenture, as supplemented from time to time, including without limitation pursuant to this Supplemental Indenture, being referred to herein as the “Indenture”); and 

WHEREAS, under the Original Indenture, a new series of Securities may at any time be established by an indenture supplemental to the Original
Indenture; and 
 WHEREAS, the Company proposes to create under the Indenture a new series of Securities; and 

WHEREAS, Rowan UK proposes to fully and unconditionally guarantee such new series of Securities; and 

NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all Holders of the Notes (as defined below), as follows: 

ARTICLE ONE 

RELATION TO INDENTURE; DEFINITIONS 

SECTION 1.01. Relation to Indenture. 

With respect to the Notes, this Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 1.02. Definitions. 

For all purposes of this Supplemental Indenture, capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned thereto in the Original Indenture. 
 SECTION 1.03. General References. 

Unless otherwise specified or unless the context otherwise requires, (i) all references in this Supplemental Indenture to Articles
and Sections refer to the corresponding Articles and Sections of this Supplemental Indenture and (ii) the terms “herein”, “hereof”, “hereunder” and any other word of similar import refer to
this Supplemental Indenture. 
 Sixth Supplemental Indenture 

 ARTICLE TWO 

THE SERIES OF SECURITIES 

SECTION 2.01. The Form and Title of the Securities. 

There is hereby established a new series of Securities to be issued under the Indenture and to be designated as the Company’s 4.75% Senior
Notes due 2024 (the “Notes”). The Notes shall be substantially in the form attached as Exhibit A hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Company may deem appropriate or as may be required or appropriate to comply with any laws or with any rules
made pursuant thereto or with the rules of any securities exchange or automated quotation system on which the Notes may be listed or traded, or to conform to general usage, or as may, consistently with the Indenture, be determined by the officers
executing such Notes, as evidenced by their execution thereof. 
 The Notes shall be executed, authenticated and delivered in accordance
with the provisions of, and shall in all respects be subject to, the terms, conditions and covenants of the Original Indenture as supplemented by this Supplemental Indenture (including the form of Note attached as Exhibit A hereto (the
terms of which are incorporated in and made a part of this Supplemental Indenture for all intents and purposes)). 
 SECTION 2.02.
Amount. 
 The aggregate principal amount of the Notes that may be authenticated and delivered pursuant hereto is
unlimited. The Trustee shall initially authenticate and deliver Notes for original issue in an initial aggregate principal amount of up to $400,000,000, upon delivery to the Trustee of a Company Order for the authentication and delivery of such
Notes. The aggregate principal amount of the Notes to be issued hereunder may be increased at any time hereafter and the series may be reopened for issuances of Additional Notes, upon Company Order, without the consent of any Holder and without any
further supplement or amendment to the Original Indenture or this Supplemental Indenture. The Notes issued on the date hereof and any such Additional Notes that may be issued hereafter shall be part of the same series of Securities for all purposes
under the Indenture. 
 SECTION 2.03. Stated Maturity. 

The Notes may be issued on any Business Day on or after January 15, 2014 and the Stated Maturity of the Notes shall be January 15,
2024. 
 SECTION 2.04. Interest and Interest Rates. 

The rate or rates at which the Notes shall bear interest, the date or dates from which such interest shall accrue, the Interest Payment Dates
on which any such interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date, in each case, shall be as set forth in the form of Note attached as Exhibit A hereto. 

SECTION 2.05. Place of Payment. 

As long as any Notes are Outstanding, the Company shall maintain an office or agency in the United States where Notes may be presented for
payment. Such office or agency shall initially be the office or agency of the Trustee in Houston, Texas. 
 SECTION 2.06.
Optional Redemption. 
 At its option, the Company may redeem the Notes, in whole or in part, in principal amounts
of $2,000 or integral multiples of $1,000 in excess thereof, at any time or from time to time, at the applicable Redemption Price determined as set forth in the form of Note attached hereto as Exhibit A, in accordance with the terms set forth
in the Notes and in accordance with Article Eleven of the Original Indenture. 

  
 Sixth Supplemental
Indenture 

  
 2 

 SECTION 2.07. Defeasance and Discharge; Covenant Defeasance.

 Article Thirteen of the Original Indenture (as amended and supplemented by this Supplemental Indenture) shall apply to the Notes.
Furthermore, the additional Event of Default specified in Section 3.02 of this Supplemental Indenture, each of the covenants set forth in Article Four of this Supplemental Indenture, and the Events of Default specified in Sections 5.1(c)
and 5.1(d) of the Original Indenture, shall, in each case, constitute “Additional Defeasible Provisions” (as such term is used in the Original Indenture). 

SECTION 2.08. Global Securities. 

The Notes shall initially be issuable in whole or in part in the form of one or more Global Securities. Such Global Securities (i) shall
be deposited with, or on behalf of, the Depository Trust Company, New York, New York, which shall act as Depositary with respect to the Notes, (ii) shall bear the legends applicable to Global Securities set forth in Sections 2.2 and 2.4 of
the Original Indenture, (iii) may be exchanged in whole or in part for Securities in definitive form upon the terms and subject to the conditions provided in Section 3.5 of the Original Indenture and in this Supplemental Indenture and
(iv) shall otherwise be subject to the applicable provisions of the Indenture. 
 SECTION 2.09. Rowan UK
Guarantee. 
 Article Fourteen of the Original Indenture (as amended and supplemented by this Supplemental Indenture,
including without limitation Section 3.03 hereof) shall apply to the Notes. For the purposes of this Supplemental Indenture and the Notes (including without limitation the provisions of the Original Indenture to the extent applicable thereto),
the term “Guarantor” shall mean Rowan UK. Rowan UK hereby agrees to be bound by a Securities Guarantee with respect to the Notes and that Rowan UK shall be a Guarantor of the Notes in accordance with Article Fourteen of the Indenture;
provided, however, that the Securities Guarantee granted hereby shall not apply to any obligations under any series of Securities other than the Notes. Rowan UK hereby agrees that its Securities Guarantee of the Notes will remain in full force
and effect notwithstanding any failure to endorse on each Note a notation of such Securities Guarantee. 
 ARTICLE THREE 

AMENDMENTS TO ORIGINAL INDENTURE 

With respect to the Notes, the Original Indenture is hereby amended as set forth below in this Article Three; provided, however,
that each such amendment shall apply only to the Notes and not to any other series of Securities issued under the Indenture. 

SECTION 3.01. Defined Terms. 

Subject to the limitations set forth in the preamble to Article Three of this Supplemental Indenture, Section 1.1 of the Original
Indenture is hereby amended by inserting or restating, as the case may be, each of the following defined terms in its appropriate alphabetical position: 

“Additional Defeasible Provisions” means the provisions of Sections 5.1(c), 5.1(d), 5.1(h), 10.6 and 10.7 of the
Indenture. 
 “Additional Notes” means an unlimited maximum aggregate principal amount of Notes (other than the
Notes issued on the date hereof) issued under the Indenture pursuant to Section 2.02 of this Supplemental Indenture. 

  
 Sixth Supplemental
Indenture 

  
 3 

 “Attributable Indebtedness,” when used with respect to any Sale and
Leaseback Transaction, means, as at the time of determination, the present value (discounted at the rate set forth or implicit in the terms of the lease included in such transaction) of the rental payments during the remaining term of the lease
included in such Sale and Leaseback Transaction (other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for
property rights), including any period for which such lease has been extended. In the case of any lease that is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of the net amount determined assuming
termination upon the first date such lease may be terminated (in which case the net amount shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which
it may be so terminated) or the net amount determined assuming no such termination. 
 “Capital Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the stated maturity thereof shall be
the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Consolidated Net Tangible Assets” of any Person means the total amount of assets (after deducting applicable
reserves and other properly deductible items) of such Person and its consolidated Subsidiaries minus all current liabilities (excluding liabilities that are extendable or renewable at the option of such Person or any of its consolidated
Subsidiaries to a date more than 12 months after the date of calculation and excluding current maturities of long-term indebtedness) and all goodwill, trade names, trademarks, patents, unamortized indebtedness discount and expense and other like
intangible assets. Consolidated Net Tangible Assets of any Person shall be based on the most recently available consolidated quarterly balance sheet of such Person, and shall be calculated in accordance with GAAP. 

“Funded Indebtedness” means all Indebtedness that matures on or is renewable to a date more than one year after the
date the Indebtedness is incurred. 
 “GAAP” means generally accepted accounting principles in the United States,
which are in effect from time to time. All computations based on GAAP contained in this Indenture will be computed in conformity with GAAP. At any time after the Issue Date, the Company may elect to apply International Financial Reporting Standards
(“IFRS”) accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS; provided that any such election, once made, shall be irrevocable; provided,
further, that any calculation or determination in the Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to the Company’s election to apply IFRS shall remain as previously calculated or
determined in accordance with GAAP. The Company shall give notice of any such election made in accordance with this definition to the Trustee. 

  
 Sixth Supplemental
Indenture 

  
 4 

 “Indebtedness” of any Person means: 

(1) all indebtedness of such Person for borrowed money (whether full or limited recourse); 

(2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all obligations of such Person under letters of credit or other similar instruments, other than standby letters of credit,
performance bonds and other obligations issued in the ordinary course of business, to the extent not drawn or, to the extent drawn, if such drawing is reimbursed not later than the third business day following demand for reimbursement; 

(4) all obligations of such Person to pay the deferred and unpaid purchase price of property or services, except trade payables
and accrued expenses incurred in the ordinary course of business; 
 (5) all Capital Lease Obligations of such Person; 

(6) all Indebtedness of others secured by a Lien on any asset of such Person; provided that if the obligations so
secured have not been assumed in full or are not otherwise fully such Person’s legal liability, then such obligations may be reduced to the value of the asset or the liability of such Person; and 

(7) all Indebtedness of others (other than endorsements in the ordinary course of business) guaranteed by such Person to the
extent of such guarantee. 
 “Issue Date” means the first date on which any Notes are issued, authenticated and
delivered under the Indenture. 
 “Joint Venture” means any partnership, corporation or other entity in which up to
and including 50% of the partnership interests, outstanding Voting Stock or other equity interests is owned, directly or indirectly, by the Company and/or one or more Subsidiaries of the Company. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, regardless of whether filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to
sell or give a security interest in any asset and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 

“Notes” means a series of Securities designated as the Company’s 4.75% Senior Notes due 2024, issued pursuant to
this Indenture, as amended and supplemented by the Sixth Supplemental Indenture hereto dated as of January 15, 2014. 

“Permitted Liens” means: 

(1) Liens existing on the Issue Date; 

(2) Liens on any Person’s property or assets existing at the time the Company acquires such Person or its property or
assets, or at the time such Person becomes a Subsidiary of the Company; 
 (3) intercompany Liens in favor of the Company or
any Subsidiary of the Company; 

  
 Sixth Supplemental
Indenture 

  
 5 

 (4) Liens on assets either (a) securing all or part of the cost of
acquiring, constructing, improving, developing or repairing the assets or (b) securing Indebtedness incurred to finance the acquisition of the assets or the cost of constructing, improving, developing, expanding or repairing the assets and
commencing commercial operation of the assets if the applicable Indebtedness was incurred prior to, at the time of or within 24 months after the acquisition, or completion of construction, improvement, development, expansion or repair of the assets
or their commencing commercial operation; 
 (5) Liens in favor of governmental entities to secure (a) payments under
any contract or statute to secure progress or advance payments or (b) industrial development, pollution control or similar indebtedness; 

(6) governmental Liens under contracts for the sale of products or services; 

(7) Liens imposed by law, such as mechanic’s or workmen’s Liens; 

(8) Liens under workers’ compensation laws or similar legislation; 

(9) Liens in connection with legal proceedings or securing taxes or other assessments; 

(10) statutory or other Liens arising in the ordinary course of business of the Company or of any Subsidiary of the Company and
relating to amounts that are not yet delinquent or that the Company or any Subsidiary of the Company is contesting in good faith; 

(11) Liens on stock, partnership or other equity interests of the Company in any Joint Venture or of any Subsidiary of the
Company that owns an equity interest in a Joint Venture to secure Indebtedness contributed or advanced solely to that Joint Venture; 

(12) good faith deposits in connection with bids, tenders, contracts or leases; 

(13) deposits made in connection with maintaining self-insurance, to obtain the benefits of laws, regulations or arrangements
relating to unemployment insurance, old age pensions, social security or similar matters or to secure surety, appeal or customs bonds; and 

(14) any extensions, substitutions, renewals or replacements of the above-described Liens. 

“Principal Property” means any drilling rig, or integral portion thereof, owned or leased by the Company or any
Subsidiary of the Company and used for drilling offshore oil and gas wells, that, in the opinion of the Board of Directors of the Company, is of material importance to the business of the Company and its Subsidiaries considered as a whole;
provided, however that no such drilling rig, or portion thereof, shall be deemed of material importance if its net book value (after deducting accumulated depreciation) is less than 2% of the Consolidated Net Tangible Assets of the Company.

 “Sale and Leaseback Transaction” means any arrangement with any Person under which the Company or any Subsidiary
of the Company leases any Principal Property that the Company or that Subsidiary has or will sell or transfer to that Person; provided, however, that each of the following shall be deemed not to be a Sale and Leaseback Transaction: 

(1) temporary leases for a term of not more than five years; 

  
 Sixth Supplemental
Indenture 

  
 6 

 (2) intercompany leases between the Company and a Subsidiary or between two or
more Subsidiaries of the Company; and 
 (3) leases of a Principal Property executed by the time of or within 12 months after
the acquisition, the completion of construction, alteration, improvement or repair, or the commencement of commercial operation of such Principal Property. 

“Significant Subsidiary” means any Subsidiary of the Company that would be a “significant subsidiary” as
defined in Article 1, Rule 1-02(w) of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date. 

“Subsidiary” means, with respect to any Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of the Voting Stock
thereof is at the time owned or controlled, directly or indirectly, by such Person; and 
 (2) any partnership (a) the
sole general partner or the managing general partner of which is such Person or an entity described in clause (1) and related to such Person or (b) the only general partners of which are such Person or one or more entities described in
clause (1) and related to such Person (or any combination thereof). 
 “Voting Stock” of any specified Person
as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors (or similar governing body) of such Person. 

SECTION 3.02. Additional Event of Default. 

With respect to the Notes, the occurrence of any of the following events shall, in addition to the other events or
circumstances described as Events of Default in Section 5.1 of the Original Indenture, constitute an Event of Default: default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness of the Company or any of its Significant Subsidiaries (or the payment of which is guaranteed by the Company or any of its Significant Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the
date of issuance of the Notes, if (a) that default (x) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of
such default (a “Payment Default”), or (y) results in the acceleration of such Indebtedness prior to its express maturity, and (b) in each case described in clauses (x) or (y) above, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $35.0 million or more. 

SECTION 3.03. Release of Securities Guarantee. 

Subject to the limitations set forth in the preamble to Article Three of this Supplemental Indenture,
Article Fourteen of the Original Indenture is hereby amended by adding the following Section 14.4 thereto: 
 Section 14.4
Releases. 
 Rowan UK will be released and relieved of any obligations under its Securities Guarantee immediately upon
(a) Legal Defeasance in accordance with Article Thirteen of this Indenture or satisfaction and discharge of this Indenture in accordance with Article Four of this Indenture or (b) the merger of Rowan UK with and into the Company.

  
 Sixth Supplemental
Indenture 

  
 7 

 ARTICLE FOUR 

ADDITIONAL COVENANTS 

With respect to the Notes, Article Ten of the Original Indenture is hereby amended as set forth below in this Article Four;
provided, however, that each such amendment shall apply only to the Notes and not to any other series of Securities issued under the Indenture. 

SECTION 4.01. Limitation on Liens. 

Subject to the limitations set forth in the preamble to Article Four of this Supplemental Indenture, Article Ten of the Original
Indenture is hereby further amended by adding the following Section 10.6 thereto: 
 Section 10.6 Limitation on Liens. 

(a) The Company shall not, and shall not permit any of its Subsidiaries to, issue, assume or guarantee any Indebtedness for
borrowed money secured by any Lien upon any Principal Property without making effective provision whereby the Notes (together with, if the Company shall so determine, any other Indebtedness or other obligation of the Company or any Subsidiary) shall
be secured equally and ratably with (or, at the option of the Company, prior to) the Indebtedness so secured for so long as such Indebtedness is so secured. The foregoing restrictions will not, however, apply to Indebtedness secured by Permitted
Liens. 
 (b) Notwithstanding the immediately preceding paragraph (a), without securing the Notes, the Company or any
Subsidiary of the Company may issue, assume or guarantee Indebtedness that such paragraph (a) would otherwise restrict or prohibit, in a total principal amount that, when added to all of the other outstanding Indebtedness of the Company and its
Subsidiaries that such paragraph (a) would otherwise restrict or prohibit and the total amount of Attributable Indebtedness outstanding for Sale and Leaseback Transactions (other than any such Attributable Indebtedness for outstanding Sale and
Leaseback Transactions in connection with which the Company has voluntarily retired debt securities issued under this Indenture, Indebtedness of equal rank or Funded Indebtedness (in each case as described in clause (c) of Section 10.7)),
does not exceed 15% of the Consolidated Net Tangible Assets of the Company. 
 SECTION 4.02. Limitation on Sale and
Leaseback Transactions. 
 Subject to the limitations set forth in the preamble to Article Four of this Supplemental
Indenture, Article Ten of the Original Indenture is hereby further amended by adding the following Section 10.7 thereto: 

Section 10.7 Limitation on Sale and Leaseback Transactions. 

The Company shall not, and shall not permit any of its Subsidiaries to, enter into a Sale and Leaseback Transaction, unless one
of the following applies: 
 (a) the Company or such Subsidiary of the Company could incur Indebtedness in a principal amount
equal to the Attributable Indebtedness for that Sale and Leaseback Transaction and, without violating Section 10.6, could secure that Indebtedness by a Lien on the property to be leased without equally or ratably securing the Notes; 

  
 Sixth Supplemental
Indenture 

  
 8 

 (b) after the issuance of the Notes and within the period beginning nine months
before the closing of the Sale and Leaseback Transaction and ending nine months after such closing, the Company or any of its Subsidiaries have expended for property used or to be used in the ordinary course of business an amount equal to all or a
portion of the net proceeds of the transaction, and the Company has elected to designate that amount as a credit against that transaction (with any amount not so designated to be applied as set forth in clause (c) below or as otherwise
permitted); or 
 (c) during the nine-month period after the effective date of the Sale and Leaseback Transaction, the
Company has applied to the voluntary defeasance or retirement of any debt securities under the Indenture, any Indebtedness of equal rank to the Notes or any Funded Indebtedness, an amount equal to the net proceeds of the sale or transfer of the
property leased in the Sale and Leaseback Transaction (or, if greater, the fair value of that property at the time of the Sale and Leaseback Transaction as determined by the Board of Directors of the Company) adjusted to reflect the remaining term
of the lease and any amount expended as set forth in the immediately preceding clause (b). 
 ARTICLE FIVE 

MISCELLANEOUS 

SECTION 5.01. Certain Trustee Matters. 

The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.

 The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or the Notes or the proper
authorization or the due execution hereof or thereof by the Company. 
 Except as expressly set forth herein, nothing in this Supplemental
Indenture shall alter the duties, rights or obligations of the Trustee set forth in the Original Indenture. 
 The Trustee makes no
representation or warranty as to the validity or sufficiency of the information contained in the prospectus supplement related to the Notes, except such information which specifically pertains to the Trustee itself, or any information incorporated
therein by reference. 
 SECTION 5.02. Continued Effect. 

Except as expressly supplemented and amended by this Supplemental Indenture, the Original Indenture shall continue in full force and effect in
accordance with the provisions thereof, and the Original Indenture (as supplemented and amended by this Supplemental Indenture) is in all respects hereby ratified and confirmed. This Supplemental Indenture and all its provisions shall be deemed a
part of the Original Indenture in the manner and to the extent herein and therein provided. 
 SECTION 5.03.
Governing Law. 
 This Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York. 
 SECTION 5.04. Counterparts. 

This instrument may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument. 
 (Remainder of Page Intentionally Left Blank) 

  
 Sixth Supplemental
Indenture 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and delivered, all as of the date first written above. 
  

			
	THE COMPANY:
	
	 ROWAN COMPANIES, INC.

		
	 By:
	 	 /s/ J. Kevin Bartol

		 	 J. Kevin Bartol

		 	 Executive Vice President, Chief Financial Officer and Treasurer

	
	GUARANTOR:
	
	 ROWAN COMPANIES PLC

		
	 By:
	 	 /s/ J. Kevin Bartol

		 	 J. Kevin Bartol

		 	 Executive Vice President, Chief Financial Officer and Treasurer

	
	The above signatory for Rowan Companies plc signed in the presence of:
	
	 /s/ Karen Rios

	
	 Print name of witness: Karen Rios

			
	 Address:
	 	2800 Post Oak Blvd.
		 	 Suite 5450

		 	 Houston, Texas 77056

 Signature Page to Sixth Supplemental Indenture 

 
			
	TRUSTEE:
	
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Shazia Flores

	 Name:
	 	 Shazia Flores

	 Title: Authorized Officer

 Signature Page to Sixth Supplemental Indenture 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [If
a Global Security, insert—THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR
REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY
AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.] 

[If a Global Security, insert—UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 ROWAN COMPANIES, INC.

 4.75% Senior Note due 2024 
  

					
	 No.                     
	  	U.S.$	                        	  
		
	 CUSIP: 779382 AR1
  

ISIN: US779382AR14
	  			

 ROWAN COMPANIES, INC., a Delaware corporation (herein called the “Company”, which term includes any
successor or resulting Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to             , or registered assigns, the principal sum of
            United States Dollars on January 15, 2024, and to pay interest thereon from             , or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on January 15 and July 15 in each year, commencing on             , at the rate of
4.75% per annum, until the principal hereof is paid or made available for payment and at the rate of 4.75% per annum on any overdue principal and premium and on any overdue installment of interest (to the extent that the payment of such
interest shall be legally enforceable). The amount of interest payable for any period shall be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of
a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the
next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date the payment was originally payable. A “Business Day” shall
mean, when used with respect to any Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment are authorized or obligated by law, executive order or regulation to
close. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on the “Regular Record Date” for such interest, which shall be the January 1 or July 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of 

  
 A-1 

 
which shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided
in such Indenture. 
 [If a Global Security, insert—Payment of the principal of (and premium, if any) and any such interest on
this Security will be made by transfer of immediately available funds to a bank account in the United States of America designated by the Holder in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts.] 
 [If a Definitive Security, insert—Payment of the principal of (and premium, if any) and
any such interest on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York, in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts or subject to any laws or regulations applicable thereto and to the right of the Company (as provided in the Indenture) to rescind the designation of any such Paying Agent, at the
offices of                      in the Borough of Manhattan, The City and State of New York, or at such other offices or agencies as the Company may
designate, by United States Dollar check drawn on, or transfer to a United States Dollar account maintained by the payee with, a bank in The City of New York (so long as the applicable Paying Agent has received proper transfer instructions in
writing at least 10 days prior to the payment date); provided, however, that payment of interest may be made at the option of the Company by United States Dollar check mailed to the addresses of the Persons entitled thereto as such addresses
shall appear in the Security Register or by transfer to a United States Dollar account maintained by the payee with a bank in The City of New York (so long as the applicable Paying Agent has received proper transfer instructions in writing by the
Record Date prior to the applicable Interest Payment Date).] 
 Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated:                     ,
             
  

			
	ROWAN COMPANIES, INC.
		
	By:	 	 
	 Name:
 Title:
	 	

 This is one of the Securities of the series designated 4.75% Senior Notes due 2024 referred to in the within-mentioned
Indenture. 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 

 

			
	By: 	 	 
		 	Authorized Signatory

  
 A-3 

 [REVERSE OF NOTE] 

ROWAN COMPANIES, INC. 

4.75% Senior Note due 2024 

This Security is one of a duly authorized issue of senior securities of the Company (the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of July 21, 2009, between the Company and U.S. Bank National Association, a national banking association organized and existing under the laws of the United States of America, as Trustee
(the “Trustee,” which term includes any successor trustee under the Indenture), as amended and supplemented by the Sixth Supplemental Indenture thereto dated as of January 15, 2014 by and among the Company, Rowan UK and the
Trustee (such Indenture, as so amended and supplemented being referred to herein as the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, obligations, duties and immunities thereunder of the Company, any Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof. 
 This Security is the general, unsecured, senior obligation of the Company
and is guaranteed pursuant to a guarantee by each person named as a Guarantor in the Indenture. The Securities Guarantee of each such Guarantor is the general, unsecured, senior obligation of such Guarantor. 

This Security is redeemable, in whole or in part, at the Company’s option at any time and from time to time prior to maturity. The
redemption price for such redemption at any time on or after October 15, 2023 will be equal to 100% of the principal amount of this Security or portion hereof to be redeemed plus accrued and unpaid interest to but excluding the redemption date.
The redemption price for such redemption at any time prior to October 15, 2023 will be equal to the greater of (a) 100% of the principal amount of this Security or portion hereof to be redeemed, and (b) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest in respect of this Security or portion hereof to be redeemed (not including any portion of those payments of interest accrued as of
the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 30 basis points, plus, in each case, accrued and
unpaid interest to but excluding the date of redemption. 
 For purposes of determining any redemption price, the following definitions
shall apply: 
 “Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined
below) for the date of redemption. The Adjusted Treasury Rate will be calculated on the third Business Day preceding the redemption date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the applicable Quotation Agent as having a
maturity comparable to the remaining term of this Security that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of this Security. 
 “Comparable Treasury Price” means, with respect to any date of redemption, (a) the
average of the Reference Treasury Dealer Quotations (as defined below) for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Company obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 
 “Quotation Agent” means the
Reference Treasury Dealer (as defined below) appointed by the Company. 
 “Reference Treasury Dealer” means
(a) Barclays Capital Inc., Citigroup Global Markets Inc., Goldman, Sachs & Co. and one primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”) designated by Wells Fargo Securities, LLC,
and their respective successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute another Primary Treasury Dealer; and (b) any other Primary Treasury Dealer
selected by the Company. 

  
 A-4 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by
such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding that redemption date. 
 Unless the
Company defaults in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on this Security or the portions hereof called for redemption. 

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for
defeasance at any time of (1) the entire indebtedness of this Security or (2) certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and each Guarantor and the rights of the Holders of the Securities of each series to be affected under the
Indenture at any time by the Company and each Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected (with each series voting as a separate
class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company and each Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, regardless of whether notation of such consent or waiver is made upon this
Security. 
 No Holder of this Security shall have any right to institute any proceeding, judicial or otherwise, with respect to the
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of this
series, (b) the Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee
hereunder, (c) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, (d) the Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute any such proceeding and (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal
amount of the Outstanding Securities of this series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all such Holders. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place(s) and rate, and in the coin or currency, herein prescribed. 

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for Definitive Securities of this series
except in the limited circumstances provided in the Indenture. The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not
be considered the Holders thereof for any purpose under the Indenture.] 

  
 A-5 

 [If a Definitive Security, insert—As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in The City of New York, or, subject to any
laws or regulations applicable thereto and to the right of the Company (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the offices of
            in the Borough of Manhattan, The City of New York or at such other offices or agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.] 
 The Securities of
this series are issuable only in registered form without coupons in denominations of U.S. $2,000 and any integral multiple of U.S. $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, any Guarantor, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, regardless of whether this Security be
overdue, and none of the Company, any Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No recourse
under or upon any obligation, covenant or agreement of or contained in the Indenture or of or contained in any Security, or the Securities Guarantee endorsed thereon, or for any claim based thereon or otherwise in respect thereof, or in any Security
or in the Securities Guarantee, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, member, officer, manager or director, as such, past, present or future, of the Company or any
Guarantor or of any successor Person, either directly or through the Company or any Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment, penalty or otherwise; it
being expressly understood that all such liability is hereby expressly waived and released by the acceptance hereof and as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Securities. 

This Security shall be governed by and construed in accordance with the laws of the State of New York. 

All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-6 

 [If a Definitive Security, insert as a separate page— 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                        (Please Print or Typewrite Name and Address of Assignee) the within instrument of ROWAN COMPANIES, INC.,
and does hereby irrevocably constitute and appoint                             Attorney to transfer said
instrument on the books of the within-named corporation, with full power of substitution in the premises. 
 Please Insert Social Security or 

Other Identifying Number of Assignee: 
  

					
	  
	  		  	  

			
	Dated:                                     
                                         
                       	  		  	  

		  		  	(Signature)

Signature Guarantee:                     
                                         
                                         
                                         
                                         
                                 

(Participant in a Recognized Signature 

Guaranty Medallion Program) 

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatsoever. 

  
 A-7 

 [If a Global Security, insert as a separate page— 

SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL SECURITY 
 The
following increases or decreases in this Global Security have been made: 
  

									
	 

Date of Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Security
	 	 Amount of

Increase in
 Principal
Amount
 of this 
Global Security
	  	Principal Amount
of this Global
Security Following
Such Decrease 
(or Increase)	  	
Signature of
Authorized Officer
of Trustee or
Depositary

  
 A-8 

 SECURITIES GUARANTEE NOTATION 

Each Guarantor (which term includes any successor Person in such capacity under the Indenture) has fully, unconditionally and absolutely
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities of this series and all other amounts due and
payable under the Indenture and the Securities of this series by the Company. 
 The obligations of each Guarantor to the Holders of
Securities of this series and to the Trustee pursuant to the Securities Guarantee and the Indenture are expressly set forth in Article Fourteen of the Indenture and reference is hereby made to the Indenture for the precise terms of the
Securities Guarantee. 
  

			
	Guarantor:
	
	ROWAN COMPANIES PLC
		
	By:	 	  

	Name:	 	
	Title:	 	
		 	
	 The above signatory for Rowan Companies plc signed in the presence of:

	
	  

	
	Print name of witness:
	Address:

  
 A-9

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