Document:

Form of Non-employee Directors Restricted Share Unit Notice

 Exhibit 10.7 
 2009 ROWAN COMPANIES, INC. INCENTIVE PLAN 
 (as Amended and Restated and
as Assumed and Adopted by 
 Rowan Companies plc, Effective May 4, 2012) 

NON-EMPLOYEE DIRECTOR RESTRICTED SHARE UNIT NOTICE 

 

	1.	Grant of Restricted Share Units. Rowan Companies plc, a public limited company incorporated under English law (the “Company”), has assumed and
adopted the 2009 Rowan Companies, Inc. Incentive Plan, as amended and restated (the “Plan”), and adopted Annex 1 to the Plan. To carry out the purposes of the Plan and subject to the conditions described in this Notice and the Plan, the
Company hereby grants to you (the “Participant”),              Restricted Share Units (“RSUs”), effective as of [insert date], 2012 (the “Grant Date”),
with respect to the Participant’s annual service period commencing [insert date], 2012 (the “2012 Grant”). All capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan; references in this Notice to
the Plan shall be taken to include Annex 1 to the Plan; the Plan is incorporated herein by reference as a part of this Notice. 

  

	2.	Vesting. The 2012 Grant shall be fully vested and nonforfeitable as of the earlier of (i) the date of the next following annual general meeting of
the Company’s shareholders or (ii) one year from the date of the 2012 Grant; provided, however, that if the Participant resigns or is removed from the Board prior to such date, such 2012 Grant shall be forfeited. 

 

	3.	Establishment of Accounts. The Company shall maintain an appropriate bookkeeping record (the “RSU Account”) that from time to time will reflect
the Participant’s name, the number of vested and unvested RSUs credited to the Participant and the Fair Market Value of the RSUs credited to the Participant. Fair Market Value of a RSU shall be deemed to be equal to the Fair Market Value of one
Share. The 2012 Grant shall be credited to the Participant’s RSU Account effective as of the Grant Date. 

  

	4.	Dividends. As of each date on or after the Grant Date that cash dividends are paid with respect to Shares, to the extent that the Participant has any
outstanding RSUs credited to his or her RSU Account, the Participant shall have an additional amount credited to his or her RSU Account equal to the number of RSUs (rounded up to the nearest whole number) having a Fair Market Value equal to the
dollar amount of dividends paid per Share multiplied by the number of RSUs credited to the Participant’s RSU Account as of the payment date of such dividend. Any equivalent amount credited to the Participant at the same time as dividends are
paid or credited on Shares shall be provided to compensate the Participant for the fact that actual dividends or other distributions are not paid or issued with respect to the Shares subject to the RSUs until the payment of the RSUs as described in
Section 9 below. Accordingly, such amount shall be considered earnings from the Participant’s directorship and shall not constitute actual dividends. 

 

	5.	 Responsibility for Taxes. The Participant acknowledges that, regardless of any action by the Company, the ultimate liability for all
income tax, social insurance, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is and remains the
Participant’s responsibility and may exceed the amount actually withheld by the Company. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in
connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or payment of the RSUs, the subsequent sale of any shares acquired pursuant to the RSUs and the receipt of any dividends or dividend equivalent amounts, and
(ii) does not commit to and is under no obligation to structure the terms of the grant or any 

	 	
aspect of the RSUs to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items
in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, the Participant acknowledges that the Company may be required to withhold or account for Tax-Related Items in more
than one jurisdiction. 

 Prior to any relevant taxable or tax withholding event, as applicable, the Participant
agrees to make adequate arrangements satisfactory to the Company to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company, or its agent, to satisfy the obligations with regard to all Tax-Related Items by one or a
combination of the following: 
  

	 	(a)	withholding from any cash payment to be made to the Participant by the Company, including any cash payment made pursuant to the RSUs; 

 

	 	(b)	withholding from proceeds of the sale of Shares acquired upon payment of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company
(on the Participant’s behalf pursuant to this authorization without further consent); 

  

	 	(c)	selling or transferring to the employee benefit trust established in connection with the Company’s adoption and assumption of the Plan a number of Shares that
would otherwise be issued upon payment of the RSUs; and 

  

	 	(d)	If the RSUs are paid in cash, withholding in Shares to be issued upon payment of the RSUs; 

provided, however, that the Participant may elect the method of withholding from alternatives (a)-(d) herein in
advance of any relevant withholding event, and in the absence of the Participant’s timely election, the Company will withhold in Shares upon the relevant withholding event. 

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory
withholding amounts or other applicable withholding rates, including maximum applicable rates in which case the Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares even if
the RSUs are paid in Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the RSUs, notwithstanding that a number
of the Shares are held back solely for the purpose of paying the Tax-Related Items. 
 The Participant agrees to pay to the
Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to
issue or deliver the Shares or cash or the proceeds of the sale of the Shares if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items. 

If payment or withholding of any U.K. income tax due in connection with the RSUs is not made within ninety (90) days of any event
giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income tax will constitute a benefit
to the Participant on which additional income tax (and national insurance contributions (“NICs”), to the extent 

  
 2 

 
applicable) will be payable. The Company may recover any such additional income tax and NICs at any time thereafter by any of the means referred to herein or otherwise permitted under the Plan.
The Participant will also be responsible for reporting and paying any income tax due on this additional benefit directly to Her Majesty’s Revenue and Customs under the self-assessment regime. 

 

	6.	Reorganization of the Company. The existence of this Notice shall not affect in any way the right or power of the Company or its shareholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; any merger or consolidation of the Company; any issuance of bonds, debentures, preferred or prior
preference shares ahead of or affecting the Shares or the rights thereof; the dissolution or liquidation of the Company; any sale or transfer of all or any part of its assets or business; or any other corporate act or proceeding whether of a similar
character or otherwise. 

  

	7.	Recapitalization Events. In the event of share dividends, spin-offs of assets or other extraordinary dividends, share splits, combinations of shares,
recapitalizations, mergers, consolidations, reorganizations, liquidations, issuances of rights or warrants and similar transactions or events involving the Company (“Recapitalization Events”), then for all purposes references herein to
Shares or to RSUs shall mean and include all securities or other property (other than cash) that holders of Shares are entitled to receive in respect of Shares by reason of each successive Recapitalization Event, which securities or other property
(other than cash) shall be treated in the same manner and shall be subject to the same restrictions as the underlying RSUs. 

  

	8.	Amount of Payment. As of the final termination date of the Participant’s service on the Board, the aggregate Fair Market Value of all vested RSUs
then credited to the Participant’s RSU Account shall be calculated by multiplying the Fair Market Value of a Share on such date times the number of RSUs then credited to the Participant’s RSU Account. 

 

	9.	Time and Form of Payment. Payment to the Participant of amounts due hereunder shall be made in Shares, or at the discretion of the Committee in cash in a
lump sum, on the 30th day following the final termination date of the Participant’s services on the Board. If payment is made in Shares, Participant will be required to pay the nominal value for such Shares. 

 

	10.	Death Prior to Payment. In the event that the Participant dies prior to payment, all RSUs shall become fully vested and immediately payable to the legal
representative of the Participant’s estate or the person who acquires rights under this Notice by bequest or inheritance or by reason of the death of the Participant, subject to Section 11 below 

 

	11.	Participant’s Directorship. In consideration of this grant of RSUs, the Participant covenants with the Company that he or she shall remain a
Director for at least six (6) months from the Date of Grant. 

  

	12.	Transfer of RSUs. Except as provided herein, all rights granted hereunder shall not be transferable other than by will or the laws of descent and
distribution. Any purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance of the RSUs that does not satisfy the requirements set forth hereunder shall be void and unenforceable against the Company.

  

	13.	Severability. In the event that any provision of this Notice shall be held illegal, invalid, or unenforceable for any reason, such provision shall be
fully severable and shall not affect the remaining provisions of this Notice, and this Notice shall be construed and enforced as if the illegal, invalid, or unenforceable provision had never been included herein. 

  
 3 

	14.	Certain Restrictions. By accepting the RSUs granted under this Notice, the Participant acknowledges that he or she will enter into such written
representations, warranties and agreements and execute such documents as the Company may reasonably request in order to comply with the terms of this Notice or the Plan, or securities laws or any other applicable laws, rules or regulations.

  

	15.	Recoupment. Notwithstanding any provision of this Notice to the contrary, the Committee may, in its sole discretion: 

 

	 	(a)	recoup from the Participant all or a portion of the Shares issued or cash paid under this Notice if the Company’s reported financial or operating results are
materially and negatively restated within five years of the grant or payment of such amounts; and 

  

	 	(b)	recoup from the Participant if, in the Committee’s judgment, the Participant engaged in conduct which was fraudulent, negligent or not in good faith, and which
disrupted, damaged, impaired or interfered with the business, reputation or Employees of the Company or its Affiliates or which caused a subsequent adjustment or restatement of the Company’s reported financial statements, all or a portion of
the Shares issued or cash paid under this Notice within five years of such conduct. 

 In addition, the RSUs are
subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder,
(ii) similar rules under the laws of any other jurisdiction and (iii) any policies adopted by the Company to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to the Participant.

 Any Shares subject to recoupment may be transferred to an employee benefit trust established in connection with the
Company’s adoption and assumption of the Plan, and the Participant agrees to execute any documents necessary to effectuate such transfer. 
  

	16.	Amendment and Termination. Except as otherwise provided in the Plan or this Notice, no amendment of this Notice that adversely affects the
Participant’s rights hereunder in any material respect or termination of this Notice shall be made by the Company without the written consent of the Participant. 

 

	17.	Data Privacy. The Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the
Participant’s personal data as described in this Notice and any other grant materials by the Company for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan.

 The Participant understands that the Company may hold certain personal information about the Participant,
including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, title, any shares or directorships held in the Company,
details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).

  
 4 

 The Participant understands that Data will be transferred to such share plan service
provider as may be selected by the Company, which is assisting the Company with the implementation, administration and management of the Plan. The recipients of Data may be located in the United States, the United Kingdom, or elsewhere, and the
recipients’ country may have different data privacy laws and protections than the Participant’s country. The Participant may request a list with the names and addresses of any potential recipients of Data by contacting the Company’s
[insert contact]. The Participant authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer
Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. Data will be held only as long as is necessary to implement, administer and manage the Participant’s
participation in the Plan. The Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without
cost, by contacting in writing the Company’s [insert contact]. Further, the Participant is providing his or her consents herein on a purely voluntary basis. The Participant’s refusal or withdrawal of his or her consent may affect the
Participant’s ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant may contact the Company’s [insert contact]. 

 

	18.	Code Section 409A; No Guarantee of Tax Consequences. This award of RSUs is intended to comply with Code Section 409A and the provisions hereof
shall be interpreted and administered consistently with such intent. The Company makes no commitment or guarantee to the Participant that any federal or state tax treatment will apply or be available to any person eligible for benefits under this
Notice. 

  

	19.	Binding Effect. This Notice shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under the
Participant. 

  

	20.	Governing Law. This Notice shall be governed by, and construed in accordance with, the laws of the England and Wales, without regard to conflict of laws
principles. 

  

	21.	Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the
RSUs and on any Shares issued under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be
necessary to accomplish the foregoing. 

  

	22.	Waiver. The Participant acknowledges that a waiver by the Company of breach of any provision of this Notice shall not operate or be construed as a waiver
of any other provision of this Notice, or of any subsequent breach by the Participant or any other participant in the Plan. 

  
 5 

 By signing below, the Participant agrees to the terms and conditions of the grant of RSUs as set forth in
this Notice. 
  

			
	  

	[Name]	 	[Date]

  
 6Form of Share Appreciation Right Notice

 Exhibit 10.8 
 2009 ROWAN COMPANIES, INC. INCENTIVE PLAN 
 (as Amended and Restated and
as Assumed and Adopted by 
 Rowan Companies plc, Effective May 4, 2012) 

SHARE APPRECIATION RIGHT NOTICE 
  

	1.	Grant of SAR. Rowan Companies plc, a public limited company incorporated under English law (the “Company”), has assumed and adopted the 2009
Rowan Companies, Inc. Incentive Plan, as amended and restated (the “Plan”). To carry out the purposes of the Plan, and subject to the conditions described in this Notice and the Plan, the Company hereby grants to you (the
“Participant”), effective as of [insert date] (the “Grant Date”), a share appreciation right (“SAR”) with respect to
                Shares. All capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan; the Plan is incorporated herein by
reference as a part of this Notice. 

  

	2.	Exercise Price. The exercise price of Shares purchased pursuant to the exercise of this SAR shall be
$        per Share. 

  

	3.	Exercise of SAR. This SAR shall be exercisable in the manner described below for one-third of the aggregate number of Shares subject to the SAR on and
after the first anniversary of the Grant Date and an additional one-third on and after each of the second and third anniversaries of the Grant Date; provided, however, a SAR may be exercised only prior to its expiration date and, except as otherwise
provided below, only while the Participant remains an Employee of the Company or an Affiliate. This SAR shall not be exercisable in any event after the expiration of ten years from the Grant Date hereof. The SAR will terminate and cease to be
exercisable upon the Participant’s termination of Employment with the Company and its Affiliates, except that: 

  

	 	(a)	If the Participant’s Employment terminates by reason of Retirement, the Participant may exercise this SAR at any time during the period of five years following the
date of such termination, but only as to the number of Shares that the Participant was entitled to purchase hereunder as of the date his or her Employment so terminates, plus such additional number of Shares, if any, that the Committee, in its sole
discretion, determines may be purchased pursuant to the SAR as of such Retirement. 

  

	 	(b)	If the Participant dies within the five-year period following the date of the Participant’s termination of Employment by reason of Retirement, the legal
representative of the Participant’s estate, or the person who acquires this SAR by bequest or inheritance or otherwise by reason of the death of the Participant, may exercise this SAR at any time during the period of two years following the
date of the Participant’s death, but only as to the number of Shares the Participant was entitled to purchase hereunder as of the date the Participant’s Employment terminated by reason of Retirement. 

 

	 	(c)	If the Participant’s Employment terminates by reason of Disability, the Participant may exercise this SAR in full at any time during the period of five years
following the date of such termination, but only as to the number of Shares that the Participant was entitled to purchase hereunder as of the date his or her Employment so terminates, plus such additional number of Shares, if any, that the
Committee, in its sole discretion, may be purchased pursuant to the SAR as of such Disability. 

	 	(d)	If the Participant dies while an Employee or within the five-year period following the date of the Participant’s termination of Employment by reason of Disability,
the legal representative of the Participant’s estate, or the person who acquires this SAR by bequest or inheritance or by reason of the death of the Participant, may exercise this SAR in full at any time during the period of two years following
the date of the Participant’s death. 

  

	 	(e)	If the Participant’s Employment terminates other than by reason of Retirement, Disability, or death, this SAR (to the extent vested as of the date of termination
and not exercised prior thereto) may be exercised during the 90 days following the date the Participant’s Employment so terminates and shall terminate thereafter. 

 

	4.	Exercise. Subject to the limitations set forth herein and in the Plan, this SAR may be exercised by written notice provided to the Company, and may only
be exercised with respect to a number of Shares with respect to which the SAR is then exercisable. Upon exercise of the SAR, the product of the number of the Shares as to which the SAR is exercised multiplied by the excess of the Fair Market Value
(determined in accordance with the terms of the Plan) over the Exercise Price shall become payable to the Participant in Shares, or, in the sole discretion of the Committee, in cash. Such Share issuance or single lump-sum cash payment shall be made
as soon as practicable after the date of exercise, but no later than 45 days thereafter. Notwithstanding anything to the contrary contained herein, the Participant agrees that he or she will not exercise the SAR granted pursuant hereto, and that the
Company will not be obligated to issue any Shares pursuant to this Notice, if the exercise of the SAR or the issuance of such Shares would constitute a violation by the Participant or by the Company of any provision of any law or regulation of any
governmental authority or any securities exchange or transaction quotation system. 

  

	5.	Retirement. For purposes of this Notice, “Retirement” of an Employee shall have occurred if, as of the Employee’s date of termination of
Employment, the Employee is a minimum of 60 years old and has satisfied the requirements for normal retirement pursuant to the policies of the Company in place at the time of termination. 

Determination of the date of termination of Employment by reason of Retirement and the satisfaction of the requirements for Retirement
shall be based on such evidence as the Committee may require and a determination by the Committee of such date of termination and satisfaction shall be final and controlling on all interested parties. 

 

	6.	Disability. For purposes of this Notice, “Disability” means the Participant is, by reason of any medically determinable physical or mental
impairment that can be expected to result in death or to last for a continuous period of not less than 12 months, receiving disability benefits under the applicable disability plan of the Company (or of an Affiliate). 

Determination of the date of termination of Employment by reason of Disability and the satisfaction of the requirements for Disability
shall be based on such evidence as the Committee may require and a determination by the Committee of such date of termination and satisfaction shall be final and controlling on all interested parties. 

 

	7.	 Employment Relationship. For purposes of this Notice and the SAR, the Participant shall be considered to be in the Employment of the
Company or an Affiliate as long as the Participant is actively providing services to the Company or an Affiliate. In the event the Participant ceases to be in the Employment of the Company or an Affiliate (for any reason whatsoever, whether or not
later found to be invalid or in breach of employment laws in the jurisdiction where the Participant 

  
 2 

	 	
is employed or the terms of the Participant’s employment agreement, if any), unless otherwise provided in this Notice or determined by the Company, the Participant’s right to vest in
the SAR under the Plan, if any, will terminate effective as of the date the Participant is no longer actively providing services and will not be extended by any notice period (e.g., the Participant’s period of active service would not
include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if
any); furthermore, the period of time during which the Participant has the right to exercise the SAR after termination of Employment, if any, will be measured from the date that the Participant is no longer actively providing services and will not
be extended by any notice period. 

 Any question as to whether and when there has been a termination of such
Employment shall be based on such evidence as the Committee may require and a determination by the Committee as to the date of such termination shall be final and controlling on all interested parties. 

 

	8.	Responsibility for Taxes. The Participant acknowledges that, regardless of any action by the Company or, if different, the Participant’s employer
(the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally
applicable to the Participant (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Participant further acknowledges that the Company
and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the SAR, including, but not limited to, the grant or exercise of the SAR, the issuance of Shares
upon exercise of the SAR, the subsequent sale of Shares acquired pursuant to such issuance and the receipt of any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the SAR to
reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction between the date of grant and the date of any
relevant taxable or tax withholding event, as applicable, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one
jurisdiction. 

 Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to
make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion to satisfy the
obligations with regard to all Tax-Related Items by one or a combination of the following: 
  

	 	(a)	withholding from the Participant’s wages or other cash compensation paid to the Participant by the Company and/or the Employer; 

 

	 	(b)	withholding from proceeds of the sale of Shares acquired upon exercise of the SAR either through a voluntary sale or through a mandatory sale arranged by the Company
(on the Participant’s behalf pursuant to this authorization without further consent); 

  

	 	(c)	selling or transferring to the employee benefit trust established in connection with the Company’s adoption and assumption of the Plan a number of Shares that
would otherwise be issued upon exercise of the SAR; or 

  
 3 

	 	(d)	withholding in Shares to be issued upon exercise of the SAR, provided, however, that if the Participant is a Section 16 officer of the Company under the Exchange
Act, the Participant may elect the method of withholding from alternatives (a) – (d) herein in advance of any relevant withholding event, and in the absence of the Participant’s timely election, the Company will withhold in
Shares upon the relevant withholding event. 

 Depending on the withholding method, the Company may withhold or
account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates in which case the Participant will receive a refund of any over-withheld amount in
cash and will have no entitlement to the equivalent in Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the
exercised portion of the SAR, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items. 
 The Participant agrees to pay to the Company or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the
Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the
Participant’s obligations in connection with the Tax-Related Items. 
 For Participants subject to tax in the United
Kingdom, if payment or withholding of the income tax due in connection with the SAR is not made within ninety (90) days of any event giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the U.K.
Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income tax shall constitute a loan owed by the Participant to the Employer, effective on the Due Date. The loan will bear interest at the
then-current official rate of Her Majesty’s Revenue and Customs (“HMRC”), it will be immediately due and repayable, and the Company or the Employer may recover it at any time thereafter by any of the means referred to herein or
otherwise permitted under the Plan. Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the Participant shall not be eligible for a loan
to cover the income tax due as described above. In the event the Participant is such a director or executive officer and the income tax due is not collected from or paid by the Participant by the Due Date, the amount of any uncollected income tax
will constitute a benefit to the Participant on which additional income tax and national insurance contributions (“NICs”) will be payable. The Company or the Employer may recover any such additional income tax and NICs at any time
thereafter by any of the means referred to herein or otherwise permitted under the Plan. The Participant will also be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment
regime. 
  

	9.	Reorganization of the Company. The existence of this Notice shall not affect in any way the right or power of the Company or its shareholders
to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; any merger or consolidation of the Company; any issuance of bonds, debentures, preferred or
prior preference shares ahead of or affecting the Shares or the rights thereof; the dissolution or liquidation of the Company; any sale or transfer of all or any part of its assets or business; or any other corporate act or proceeding, whether of a
similar character or otherwise. 

  

	10.	 Recapitalization Events. In the event of share dividends, spin-offs of assets or other extraordinary dividends, share splits,
combinations of shares, recapitalizations, mergers, 

  
 4 

	 	
consolidations, reorganizations, liquidations, issuances of rights or warrants and similar transactions or events involving the Company (“Recapitalization Events”), then for all
purposes references herein to Shares shall mean and include all securities or other property (other than cash) that holders of Shares are entitled to receive in respect of Shares by reason of each successive Recapitalization Event, and the exercise
price of the SAR shall be adjusted as deemed necessary or appropriate in the sole discretion of the Committee to prevent enlargement or dilution of the Participant’s rights under this Notice. 

 

	11.	Status of Shares. The Company intends to register for issuance under the Securities Act of 1933, as amended (the “Act”), the Shares acquirable
upon exercise of this SAR and to keep such registration effective throughout the period that this SAR is exercisable. In the absence of such effective registration or an available exemption from registration under the Act, issuance of Shares
acquirable upon exercise of the SAR will be delayed until registration of such Shares is effective or an exemption from registration under the Act is available. In the event exemption from registration under the Act is available upon an exercise of
this SAR, the Participant (or the person permitted to exercise this SAR in the event of the Participant’s Disability or death), if requested by the Company to do so, will execute and deliver to the Company in writing an agreement containing
such provisions as the Company may require assuring compliance with applicable securities laws. The Company shall incur no liability to the Participant for failure to register the Shares or maintain the registration. 

The Shares which the Participant may acquire by exercising this SAR will not be sold or otherwise disposed of in any manner that would
constitute a violation of any applicable securities laws, whether federal or state. The Participant is hereby notified (i) that the certificates or other representation of the Shares purchased under this SAR may bear such legend or legends as
the Committee deems appropriate in order to assure compliance with applicable securities laws, (ii) that the Company may refuse to register the transfer of the Shares purchased under this SAR on the share transfer records of the Company if such
proposed transfer would in the opinion of counsel satisfactory to the Company constitute a violation of any applicable securities law and (iii) that the Company may give related instructions to its transfer agent, if any, to stop registration
of the transfer of such Shares. 
  

	12.	Transfer of SAR. Except as provided herein, all rights granted hereunder shall not be transferable other than by will or the laws of descent and
distribution and shall be exercisable during the Participant’s lifetime only by the Participant or, in the case of the Participant’s death, the legal representative of the Participant’s estate or the person who acquires this SAR by
bequest or inheritance or by reason of the death of the Participant, or in the case of the Participant’s Disability, by the Participant’s guardian (if applicable). Any purported assignment, alienation, pledge, attachment, sale, transfer or
encumbrance of this SAR that does not satisfy the requirements set forth hereunder shall be void and unenforceable against the Company. 

  

	13.	Certain Restrictions. By accepting the SAR granted under this Notice, the Participant acknowledges that he will enter into such written
representations, warranties and Notices and execute such documents as the Company may reasonably request in order to comply with the terms of this Notice or the Plan, or securities laws or any other applicable laws, rules or regulations.

  

	14.	Recoupment. Notwithstanding any provision of this Notice to the contrary, the Committee may, in its sole discretion: 

  
 5 

	 	(a)	recoup from the Participant all or a portion of the Shares issued or cash paid under this Notice if the Company’s reported financial or operating results are
materially and negatively restated within five years of the issuance or payment of such amounts and may cancel any portion of the SAR not yet exercised (whether or not vested); and 

 

	 	(b)	recoup from the Participant if, in the Committee’s judgment, the Participant engaged in conduct which was fraudulent, negligent or not in good faith, and which
disrupted, damaged, impaired or interfered with the business, reputation or Employees of the Company or its Affiliates or which caused a subsequent adjustment or restatement of the Company’s reported financial statements, all or a portion of
the Shares issued or cash paid under this Notice within five years of such conduct and may cancel any portion of the SAR not yet exercised (whether or not vested). 

In addition, the SAR is subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder, (ii) similar rules under the laws of any other jurisdiction and (iii) any policies adopted by the Company to
implement such requirements, all to the extent determined by the Company in its discretion to be applicable to the Participant. 

Any Shares subject to recoupment may be transferred to the employee benefit trust established in connection with the Company’s
adoption and assumption of the Plan, and the Participant agrees to execute any documents necessary to effectuate such transfer. 
  

	15.	Shareholder Rights. Prior to exercise and receipt of any underlying Shares, a Participant shall have no rights of a shareholder with respect to the
Shares subject to the SAR. 

  

	16.	Code Section 409A; No Guarantee of Tax Consequences. This award of the SAR is intended to be exempt from Code Section 409A and the
provisions hereof shall be interpreted and administered consistently with such intent. The Company makes no commitment or guarantee to the Participant that any federal or state tax treatment will apply or be available to any person eligible for
benefits under this Notice. 

  

	17.	Data Privacy. The Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the
Participant’s personal data as described in this Notice and any other grant materials by and among the Company, the Employer and any Affiliates for the exclusive purpose of implementing, administering and managing the Participant’s
participation in the Plan. 

 The Participant understands that the Company, the Employer and any Affiliates may
hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job
title, any shares or directorships held in the Company, details of any SAR or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the exclusive purpose of implementing,
administering and managing the Plan (“Data”). 
 The Participant understands that Data will be transferred to such
share plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The recipients of Data may be located in the United States or elsewhere,
and the recipients’ country (e.g., the United States) may 

  
 6 

 
have different data privacy laws and protections than the Participant’s country. The Participant may request a list with the names and addresses of any potential recipients of Data by
contacting his or her human resources representative. The Participant authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to
receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. Data will be held only as long as is necessary to implement,
administer and manage the Participant’s participation in the Plan. The Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing his or her human resources representative. Further, the Participant is providing his or her consents herein on a purely voluntary basis. If the Participant does not
consent, or if the Participant later seeks to revoke his or her consent, his or her Employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing the
Participant’s consent is that the Company would not be able to grant the SAR or other equity awards to the Participant or administer or maintain such awards. Therefore, the Participant’s refusal or withdrawal of his or her consent may
affect the Participant’s ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant may contact his or her human resources representative.

  

	18.	Electronic Delivery and Participation. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation
in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third
party designated by the Company. 

  

	19.	Nature of Grant. In accepting the SAR, the Participant acknowledges, understands and agrees that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended,
suspended or terminated by the Company at any time, to the extent permitted by the Plan; 
 (b) the grant of the
SAR is voluntary and occasional and does not create any contractual or other right to receive future grants of share appreciation rights, or benefits in lieu of share appreciation rights, even if share appreciation rights have been granted in the
past; 
 (c) all decisions with respect to future share appreciation rights or other grants, if any, will be at
the sole discretion of the Company. 
 (d) the grant of the SAR and the Participant’s participation in the
Plan shall not create a right to Employment or be interpreted as forming an Employment or service contract with the Company, the Employer or any Affiliate and shall not interfere with the ability of the Company, the Employer or any Affiliate, as
applicable, to terminate the Participant’s Employment relationship (if any); 
 (e) the Participant is
voluntarily participating in the Plan; 
 (f) the SAR and the Shares subject to the SAR are not intended to
replace any pension rights or compensation; 

  
 7 

 (g) the SAR and the Shares subject to the SAR are not part of normal or
expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long service awards, pension or retirement or welfare benefits or similar payments; 

(h) the future value of the underlying Shares is unknown and cannot be predicted with certainty; 

(i) no claim or entitlement to compensation or damages shall arise from forfeiture of the SAR resulting from the
termination of Participant’s Employment or other service relationship with the Company or the Employer (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant
is employed or the terms of the Participant’s employment agreement, if any), and in consideration of the grant of the SAR to which the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim
against the Company, its Affiliates or the Employer, waives his or her ability, if any, to bring any such claim, and releases the Company, its Affiliates and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is
allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or
withdrawal of such claim; 
 (j) unless otherwise provided in the Plan or by the Company in its discretion, the
SAR and the benefits evidenced by this Notice do not create any entitlement to have the SAR or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate
transaction affecting the Shares; and 
 (k) the following provisions apply only if the Participant is employed
outside the United States: 
 (i) the SAR and the Shares subject to the SAR are not part of normal or expected
compensation or salary for any purpose; and 
 (ii) neither the Company, the Employer nor any Affiliate shall be
liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the Shares or of any amounts due to the Participant pursuant to the exercise of the SAR or the
subsequent sale of any Shares acquired upon exercise. 
  

	20.	No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the
Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her
participation in the Plan before taking any action related to the Plan. 

  

	21.	Amendment and Termination. Except as otherwise provided in the Plan or this Notice, no amendment of this Notice that adversely affects the
Participant’s rights hereunder in any material respect or termination of this Notice shall be made by the Company without the written consent of the Participant. 

 

	22.	Binding Effect. This Notice shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under the
Participant. 

  
 8 

	23.	Governing Law. This Notice shall be governed by, and construed in accordance with, the laws of England and Wales, without regard to conflict of laws
principles. 

  

	24.	Severability. In the event that any provision of this Notice shall be held illegal, invalid, or unenforceable for any reason, such provision
shall be fully severable and shall not affect the remaining provisions of this Notice, and this Notice shall be construed and enforced as if the illegal, invalid or unenforceable provision had never been included herein. 

 

	25.	Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the
SAR and on any Shares issued under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be
necessary to accomplish the foregoing. 

  

	26.	Waiver. A waiver by the Company of breach of any provision of this Notice shall not operate or be construed as a waiver of any other provision of this
Notice, or of any subsequent breach by the Participant or any other Participants. 

 By signing below, the Participant agrees to
the terms and conditions of the SAR as set forth in this Notice. 
  

			
	  

	[Name]	 	[Date]

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}]]