Document:

EX-10.3

 Exhibit 10.3 
 EXECUTION VERSION 
 $775,000,000 

OFFSHORE GROUP INVESTMENT LIMITED 
 7.125% Senior Secured First Lien Notes due 2023 
 REGISTRATION RIGHTS
AGREEMENT 
 March 28, 2013 
 CITIGROUP GLOBAL MARKETS INC. 
 JEFFERIES LLC 

As Representatives of the 
 Initial Purchasers listed in 
 Schedule I hereto 

c/o Citigroup Global Markets Inc. 
 388 Greenwich
Street 
 New York, New York 10013 

Ladies and Gentlemen: 

Offshore Group Investment Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the
“Company”), is issuing and selling to the several initial purchasers listed in Schedule I hereto (the “Initial Purchasers”), upon the terms set forth in the Purchase Agreement dated March 21, 2013, by
and among the Company, the Guarantors named therein and the Initial Purchasers (the “Purchase Agreement”), $775,000,000 aggregate principal amount of 7.125% Senior Secured First Lien Notes due 2023 (the “Notes”). As
an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and the Guarantors listed in the signature pages hereto agree with the Initial Purchasers, for the benefit of the Holders (as defined below) of the Notes
(including, without limitation, the Initial Purchaser), as follows: 
  

	1.	Definitions 

Capitalized terms that are used herein without definition and are defined in the Purchase Agreement shall have the respective meanings
ascribed to them in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 

Additional Interest: See Section 4(a). 
 Advice: See Section 5(v). 
 Agreement: This Registration Rights
Agreement, dated as of the Closing Date, between the Company and the Initial Purchasers. 
 Applicable Period: See
Section 2(e). 
 Board of Directors: See Section 5(v)(ii). 

Business Day: A day that is not a Saturday, a Sunday or a day on which banking institutions in the City of New York are authorized
or required by law or executive order to be closed. 
 Closing Date: March 28, 2013. 

 Collateral Agreements: Shall have the meaning set forth in the Indenture. 

Company: See the introductory paragraph to this Agreement. 

day: Unless otherwise expressly provided, a calendar day. 

Effectiveness Date: The 150th day after the Closing Date. 
 Effectiveness Period: See Section 3(a). 
 Exchange Act: The
Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 Exchange
Notes: 7.125% Senior Secured First Lien Notes due 2023, identical in all material respects to the Notes, including the Guarantees endorsed thereon, except for references to series and restrictive legends and to Additional Interest. 

Exchange Offer: See Section 2(a). 
 Exchange Registration Statement: See Section 2(a). 
 Filing Date: The 60th day after the Closing Date. 
 FINRA: Financial Industry Regulatory
Authority. 
 Guarantee: Shall have the meaning set forth in the Indenture. 

Guarantor: Parent and each subsidiary of the Company or Parent that guarantees the obligations of the Company under the Notes and
Indenture. 
 Holder: Any beneficial holder of Registrable Notes. 

Indemnified Party: See Section 7(c). 
 Indemnifying Party: See Section 7(c). 
 Indenture: The
Indenture, dated as of March 28, 2013, by and among the Company, the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in
accordance with the terms hereof. 
 Initial Purchasers: See the introductory paragraph to this Agreement. 

Initial Shelf Registration: See Section 3(a). 
 Inspectors: See Section 5(n). 
 Interest Payment Date: Shall
have the meaning set forth in the Indenture. 
 Lien: Shall have the meaning set forth in the Indenture. 

Losses: See Section 7(a). 

  
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 Maximum Contribution Amount: See Section 7(d). 

Notes: See the introductory paragraph to this Agreement. 
 Parent: Vantage Drilling Company, an exempted company incorporated with limited liability under the laws of the Cayman Islands. 

Participating Broker-Dealer: See Section 2(e). 
 Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated association, union, business association, firm, government or agency
or political subdivision thereof, or other legal entity. 
 Private Exchange: See Section 2(f). 

Private Exchange Notes: See Section 2(f). 
 Prospectus: The prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Notes covered by
such Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

Purchase Agreement: See the introductory paragraph to this Agreement. 

Records: See Section 5(n). 
 Registrable Notes: Notes and Private Exchange Notes; provided, however, that a Note or Private Exchange Note, as applicable, shall cease to be a Registrable Note upon the earliest to occur
of the following: (i) in the circumstances contemplated by Section 2(a), the Note has been exchanged for an Exchange Note in an Exchange Offer as contemplated in Section 2(a); (ii) in the circumstances contemplated by
Section 3, a Shelf Registration registering such Note or Private Exchange Note, as applicable, under the Securities Act has been declared or becomes effective and such Note or Private Exchange Note, as applicable, has been sold or otherwise
transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration; (iii) such Note or Private Exchange Note, as applicable, is actually sold by the holder thereof pursuant to Rule 144 under
circumstances in which any legend borne by such Note or Private Exchange Note, as applicable, relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; or
(iv) such Note or Private Exchange Note, as applicable, shall cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise). 
 Registration Default: See Section 4(a). 
 Registration
Statement: Any registration statement of the Company and the Guarantors filed with the SEC under the Securities Act (including, but not limited to, the Exchange Registration Statement, the Shelf Registration and any subsequent Shelf
Registration) that covers any of the Registrable Notes pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all
material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

  
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 Requesting Participating Broker-Dealer: See Section 2(e). 

Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other
than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer or such securities being
free of the registration and prospectus delivery requirements of the Securities Act. 
 Rule 144A: Rule 144A promulgated
under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC. 
 Rule 415: Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 

Rule 430A: Rule 430A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 
 SEC: The Securities and Exchange Commission. 

Securities: The Notes, the Exchange Notes and the Private Exchange Notes. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 Shelf Filing Date: See Section 3(a). 
 Shelf Notice: See Section 2(j). 
 Shelf Registration: See
Section 3(b). 
 Subsequent Shelf Registration: See Section 3(b). 

Suspension Period: See Section 5(v). 
 TIA: The Trust Indenture Act of 1939, as amended. 
 Trustee: The
trustee under the Indenture and, if existent, the trustee under any indenture governing the Exchange Notes and Private Exchange Notes (if any). 
 Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to the public. 

 

	2.	Exchange Offer 

  

	 	(a)	 Parent and the Company shall (and shall cause each other Guarantor to) (i) prepare and file with the SEC promptly after the date hereof, but in no
event later than the Filing Date, a registration statement (the “Exchange Registration Statement”) on an appropriate form under the Securities Act with respect to an offer (the “Exchange Offer”) to the Holders of
Notes to issue and deliver to such Holders, in exchange for the Notes, a like 

  
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principal amount of Exchange Notes, (ii) use their commercially reasonable efforts to cause the Exchange Registration Statement to become effective as promptly as practicable after the
filing thereof, but in no event later than the Effectiveness Date, (iii) use their commercially reasonable efforts to keep the Exchange Registration Statement effective until the consummation of the Exchange Offer in accordance with its terms,
and (iv) commence the Exchange Offer and use their commercially reasonable efforts to issue on or prior to 30 days after the date on which the Exchange Registration Statement is declared effective, Exchange Notes in exchange for all Notes
tendered prior thereto in the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that (i) the Exchange Offer does not violate any law or applicable rule, regulation or interpretation of the staff of the SEC,
(ii) no action, suit or proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Company to proceed with the Exchange Offer, and no material adverse
development shall have occurred in any existing action, suit or proceeding with respect to the Company and (iii) all governmental approvals shall have been obtained, which approvals the Company reasonably deems necessary for the consummation of
the Exchange Offer. 

  

	 	(b)	The Exchange Notes shall be issued under, and entitled to the benefits of, (i) the Indenture or a trust indenture that is identical to the Indenture (other than
such changes as are necessary to comply with any requirements of the SEC to effect or maintain the qualifications thereof under the TIA) and (ii) the Collateral Agreements. 

 

	 	(c)	Interest on the Exchange Notes and Private Exchange Notes will accrue from the last interest payment due date on which interest was paid on the Notes surrendered in
exchange therefor or, if no interest has been paid on the Notes, from the date of original issue of the Notes. Each Exchange Note and Private Exchange Note shall bear interest at the rate set forth thereon; provided, that interest with
respect to the period prior to the issuance thereof shall accrue at the rate or rates borne by the Notes from time to time during such period. 

  

	 	(d)	The Company may require each Holder as a condition to participation in the Exchange Offer to represent (i) that any Exchange Notes received by it will be acquired
in the ordinary course of its business, (ii) that at the time of the commencement and consummation of the Exchange Offer, and at no time since the Issue Date, such Holder has not entered into any arrangement or understanding with any Person to
participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) that if such Holder is an “affiliate” of any of the Parent, the Company or
any Guarantor within the meaning of Rule 405 of the Securities Act, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable to it, (iv) if such Holder is not a broker-dealer, that
it is not engaged in, and does not intend to engage in, the distribution of the Notes, (v) if such Holder is a Participating Broker-Dealer, that it will deliver a Prospectus in connection with any resale of the Exchange Notes and otherwise
comply with the applicable provisions of the Securities Act, (vi) such Holder has full power and authority to transfer the Notes in exchange for the Exchange Notes and that the Company will acquire good and unencumbered title thereto free and
clear of any liens, restrictions, charges or encumbrances and not subject to any adverse claims; and (vii) such Holder is not a broker-dealer that acquired Notes directly from the Company. Each Holder shall be required to make such other
representations as may be reasonably necessary under applicable rules, regulations and interpretations of the SEC for the Exchange Registration Statement to be declared effective. 

  
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	 	(e)	Parent and the Company shall (and shall cause each other Guarantor to) include within the Prospectus contained in the Exchange Registration Statement a section entitled
“Plan of Distribution” reasonably acceptable to the Initial Purchasers which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of
any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer for its own account in exchange for Notes that were acquired by it as a result of
market-making or other trading activity (a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies, in the judgment of the Initial
Purchasers, represent the prevailing views of the staff of the SEC. Such “Plan of Distribution” section shall also allow, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons
subject to the prospectus delivery requirements of the Securities Act, including, to the extent so permitted, all Participating Broker-Dealers, and include a statement describing the manner in which Participating Broker-Dealers may resell the
Exchange Notes. In light of the foregoing, if requested by a Participating Broker-Dealer (a “Requesting Participating Broker-Dealer”), the Company and the Guarantors shall use their commercially reasonable efforts to keep the
Exchange Registration Statement effective for a period not to exceed 120 days after the date on which the Exchange Registration Statement is declared effective and to amend and supplement the Prospectus contained therein, in order to permit such
Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such Persons must comply with such requirements in order to resell the Exchange Notes (the
“Applicable Period”), or such earlier date as all Requesting Participating Broker-Dealers shall have notified the Company in writing that such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the
Exchange Offer. Upon consummation of the Exchange Offer in accordance with this Section 2, the Company shall have no further registration obligations other than the Company’s continuing registration obligations with respect to
(i) Private Exchange Notes, (ii) Exchange Notes held by Participating Broker-Dealers and (iii) Notes or Exchange Notes as to which clauses (j)(v)(A) or (B) of this Section 2 apply. 

 

	 	(f)	 If, upon consummation of the Exchange Offer, the Initial Purchasers hold any Notes acquired by them and having the status of an unsold allotment in the
initial distribution, the Company (upon the written request from the Initial Purchasers) shall, simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to the Initial Purchasers, in exchange (the
“Private Exchange”) for the Notes held by the Initial Purchasers, a like principal amount of senior secured notes that are identical to the Exchange Notes except for the existence of restrictions on transfer thereof under the
Securities Act and securities laws of the several states of the United States and the inclusion of a legend to that effect (the “Private Exchange Notes”) (and which are issued pursuant to the same indenture as the Exchange Notes).
The Private Exchange Notes shall bear the same CUSIP number as the Exchange Notes. The Private Exchange shall not be subject to any conditions, other than that (i) the Private Exchange does not violate any law or applicable rule, regulation or
interpretation of the staff of the SEC, (ii) no action, suit or proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Company to proceed with the Private
Exchange, and no material adverse development shall have 

  
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occurred in any existing action, suit or proceeding with respect to the Company and (iii) all governmental approvals shall have been obtained, which approvals the Company reasonably deems
necessary for the consummation of the Private Exchange. 

  

	 	(g)	In connection with the Exchange Offer, Parent and the Company shall (and shall cause each other Guarantor to): 

 

	 	(i)	mail, or cause to be mailed, to each Holder a copy of the Prospectus forming part of the Exchange Registration Statement, together with an appropriate letter of
transmittal that is an exhibit to the Exchange Registration Statement, and any related documents; 

  

	 	(ii)	keep the Exchange Offer open for not less than 30 days after the date notice thereof is mailed to the Holders (or longer if required by applicable law)

  

	 	(iii)	utilize the services of a depository for the Exchange Offer with an address in the Borough of Manhattan, the City of New York, which may be the Trustee or an affiliate
thereof; 

  

	 	(iv)	permit Holders to withdraw tendered Registrable Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer
shall remain open; and 

  

	 	(v)	otherwise comply in all material respects with all applicable laws. 

  

	 	(h)	As soon as practicable after the close of the Exchange Offer or the Private Exchange, as the case may be, the Company shall (and shall cause each Guarantor to):

  

	 	(i)	accept for exchange all Registrable Notes validly tendered pursuant to the Exchange Offer or the Private Exchange, as the case may be, and not validly withdrawn;

  

	 	(ii)	deliver to the Trustee for cancellation all Registrable Notes so accepted for exchange; and 

 

	 	(iii)	cause the Trustee to authenticate and deliver promptly to each Holder tendering such Registrable Notes, Exchange Notes or Private Exchange Notes, as the case may be,
equal in principal amount to the Notes of such Holder so accepted for exchange. 

  

	 	(i)	The Exchange Notes and the Private Exchange Notes may be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the
Indenture (other than such changes as are necessary to comply with any requirements of the SEC to effect or maintain the qualification thereof under the TIA), which in either event will provide that the Exchange Notes will not be subject to the
transfer restrictions set forth in the Indenture, that the Private Exchange Notes will be subject to the transfer restrictions set forth in the Indenture, and that the Exchange Notes, the Private Exchange Notes and the Notes, if any, will be deemed
one class of security (subject to the provisions of the Indenture) and entitled to participate in all the security granted by the Company pursuant to the Collateral Agreements and in any Guarantee on an equal and ratable basis.

  
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	 	(j)	If: (i) prior to the consummation of the Exchange Offer, (A) the Exchange Notes would not, upon receipt, be tradeable by the Holders thereof without
restriction under the Securities Act and the Exchange Act and without material restrictions under applicable Blue Sky or state securities laws, or (B) the interests of the Holders under this Agreement, taken as a whole, would be materially
adversely affected by the consummation of the Exchange Offer; (ii) applicable interpretations of the staff of the SEC would not permit the consummation of the Exchange Offer prior to the Effectiveness Date; (iii) subsequent to the
consummation of the Private Exchange, any Holder of Private Exchange Notes so requests; (iv) the Exchange Offer is not consummated within 300 days of the Closing Date for any reason; or (v) in the case of (A) any Holder not permitted
by applicable law or SEC policy to participate in the Exchange Offer, (B) any Holder participating in the Exchange Offer that receives Exchange Notes that may not be sold without restriction under state and federal securities laws (other than
due solely to the status of such Holder as an affiliate of the Company within the meaning of the Securities Act) or (C) any broker-dealer that holds Notes acquired directly from the Company or any of its affiliates and, in each such case
contemplated by this clause (v), such Holder notifies the Company within six months of consummation of the Exchange Offer, then the Company shall promptly (and in any event within five Business Days) deliver to the Holders (or in the case of an
occurrence of any event described in clause (v) of this Section 2(i), to any such Holder) and the Trustee notice thereof (the “Shelf Notice”) and shall as promptly as possible thereafter (but in no event later than the
Shelf Filing Date) file an Initial Shelf Registration pursuant to Section 3. 

  

	3.	Shelf Registration 

If a Shelf Notice is delivered pursuant to Section 2(j), then this Section 3 shall apply to all Registrable Notes. Otherwise,
upon consummation of the Exchange Offer in accordance with Section 2, the provisions of Section 3 shall apply solely with respect to (i) Notes held by any Holder thereof not permitted to participate in the Exchange Offer,
(ii) Notes held by any broker-dealer that acquired such Notes directly from the Company or any of its affiliates and (iii) Exchange Notes that are not freely tradeable as contemplated by Section 2(j)(v) hereof, provided in each
case that the relevant Holder has duly notified the Company within six months of the Exchange Offer as required by Section 2(j)(v). 
  

	 	(a)	 Initial Shelf Registration. Parent and the Company shall (and shall cause each other Guarantor to), as promptly as practicable, file with the
SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the “Initial Shelf Registration”). If Parent and the Company (and any other Guarantor) have
not yet filed an Exchange Registration Statement, Parent and the Company shall (and shall cause each other Guarantor to) file with the SEC the Initial Shelf Registration on or prior to the 30th day following the Shelf Notice (the “Shelf Filing Date”) and shall use their reasonable best efforts
to cause such Initial Shelf Registration to be declared effective under the Securities Act on or prior to the
90th day following the Shelf Filing Date. The Initial
Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners reasonably designated by them (including, without limitation, one or more
underwritten offerings). Parent, the Company and the other Guarantors shall not permit any securities other than the Registrable Notes to be included in any Shelf Registration. Parent and the Company shall (and shall cause each other Guarantor to)
use their reasonable best efforts to keep the Initial Shelf Registration continuously effective under the Securities Act until the date which is two years from the Closing Date (subject

  
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to extension pursuant to Section 5(v)) (the “Effectiveness Period”), or such shorter period ending when (i) all Registrable Notes covered by the Initial Shelf
Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration (ii) a Subsequent Shelf Registration covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration or
an earlier Subsequent Shelf Registration has been declared effective under the Securities Act or (iii) there cease to be any outstanding Registrable Notes. 

 

	 	(b)	Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration (as defined below) ceases to be effective for any reason
at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), Parent and the Company shall (and shall cause each other Guarantor to) use their commercially reasonable efforts to obtain
the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend such Shelf Registration in a manner to obtain the withdrawal of the order suspending the
effectiveness thereof, or file (and cause each Guarantor to file) an additional “shelf” Registration Statement pursuant to Rule 415 covering all of the Registrable Notes (a “Subsequent Shelf Registration”). If a Subsequent
Shelf Registration is filed, Parent and the Company shall (and shall cause each other Guarantor to) use their commercially reasonable efforts to cause the Subsequent Shelf Registration to be declared effective as soon as practicable after such
filing and to keep such Subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration or any Subsequent Shelf
Registration was previously continuously effective. As used herein the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registrations. 

 

	 	(c)	Supplements and Amendments. Parent and the Company shall promptly supplement and amend any Shelf Registration if required by the rules, regulations or
instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested in writing by the Holders of a majority in aggregate principal amount of the Registrable Notes covered
by such Shelf Registration or by any underwriter of such Registrable Notes. 

  

	 	(d)	Provision of Information. No Holder of Registrable Notes shall be entitled to include any of its Registrable Notes in any Shelf Registration pursuant to this
Agreement unless such Holder furnishes to the Company and the Trustee in writing, within 20 days after receipt of a written request therefor, such information as the Company and the Trustee after conferring with counsel with regard to information
relating to Holders that would be required by the SEC to be included in such Shelf Registration or Prospectus included therein, may reasonably request for inclusion in any Shelf Registration or Prospectus included therein, and no such Holder shall
be entitled to Additional Interest pursuant to Section 4 hereof unless and until such Holder shall have provided such information. 

  

	4.	Additional Interest 

  

	 	(a)	The Company and the Guarantors agree, jointly and severally, that if: 

  

	 	(i)	Parent, the Company and the other Guarantors fail to file the Exchange Registration Statement with the SEC on or prior to the 120th day after the Closing Date;

  
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	 	(ii)	Parent, the Company and the other Guarantors fail to file the Initial Shelf Registration with the SEC on or prior to the Shelf Filing Date; 

 

	 	(iii)	the Exchange Registration Statement is not declared effective on or prior to the Effectiveness Date or the Initial Shelf Registration is not declared effective on or
prior to the 90th day after the Filing Date, in each case, if that day is not a Business Day, the next day that is a Business Day; 

  

	 	(iv)	Parent, the Company and the other Guarantors fail to consummate the Exchange Offer on or prior to the 30th Business Day following the date on which the Exchange
Registration Statement is declared effective; or 

  

	 	(v)	the Exchange Registration Statement or the Initial Shelf Registration is declared effective but thereafter ceases to be effective or usable in connection with the
resales of Registrable Notes during the Applicable Period, 

 (each such event referred to in clauses
(i) through (v) a “Registration Default”), the Company will pay additional cash interest (“Additional Interest”) to each holder of Registrable Notes. The rate of Additional Interest will be 0.25% per
annum on the outstanding principal amount of Registrable Notes for the first 90-day period immediately following the occurrence of a Registration Default, increasing by an additional 0.25% per annum on the outstanding principal amount of
Registrable Notes with respect to each subsequent 90-day period up to a maximum amount of additional interest of 1.00% per annum on the outstanding principal amount of Registrable Notes, from and including the date on which any such
Registration Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured or (2) the date on which all the Registrable Notes otherwise become freely transferable by Holders other
than affiliates of the Company without further registration under the Securities Act. 
  

	 	(b)	The Company will pay such Additional Interest on regular Interest Payment Dates in the same manner as other interest is paid on the Notes. Such Additional Interest will
be in addition to any other interest payable from time to time with respect to the Notes. All Additional Interest will be paid by the Company and the Guarantors on the next scheduled interest payment date to The Depository Trust Company or its
nominee by wire transfer of immediately available funds or by federal funds check and to Holders of Certificated Notes by wire transfer to the accounts specified by them or by mailing checks to their registered addresses if no such accounts have
been specified. 

  

	 	(c)	Notwithstanding the foregoing, (1) the amount of Additional Interest payable shall not increase more than by the foregoing rates because more than one Registration
Default has occurred and is pending and (2) a Holder of Notes or Exchange Notes who is not entitled to the benefits of the Shelf Registration (i.e., such Holder has not elected to include information) shall not be entitled to Additional
Interest with respect to a Registration Default that pertains to the Shelf Registration. 

  

	 	(d)	 So long as Registrable Notes remain outstanding, the Company shall notify the Trustee within five Business Days after each and every date on which an
event occurs in respect of which Additional Interest is required to be paid. Any amounts of Additional Interest due pursuant to clauses (a)(i) through (a)(v) of this Section 4 will be payable in cash semi-annually on each Interest Payment Date,
commencing with the first such date 

  
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occurring after any such Additional Interest commences to accrue, to Holders to whom regular interest is payable on such Interest Payment Date with respect to Notes that are Registrable Notes.
The amount of Additional Interest for Registrable Notes will be determined by multiplying the applicable rate of Additional Interest by the aggregate principal amount of all such Registrable Notes outstanding on the Interest Payment Date following
such Registration Default in the case of the first such payment of Additional Interest with respect to a Registration Default (and thereafter at the next succeeding Interest Payment Date until the cure of such Registration Default), multiplied by a
fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month, the actual
number of days elapsed), and the denominator of which is 360. Such Additional Interest will be in addition to any other interest payable from time to time with respect to the Notes. 

 

	5.	Registration Procedures 

 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, Parent and the Company shall (and shall cause each other Guarantor to) effect such registrations to
permit the issuance or sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Company hereunder, Parent and
the Company shall (and shall cause each other Guarantor to): 
  

	 	(a)	Prepare and file with the SEC the Registration Statement or Registration Statements prescribed by Section 2 or 3 hereof, and use commercially reasonable efforts to
cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, before
filing any Registration Statement or Prospectus or any amendments or supplements thereto, Parent and the Company shall (and shall cause each other Guarantor to) furnish to and afford the Holders of the Registrable Notes covered by such Registration
Statement or each such Participating Broker-Dealer, as the case may be, its counsel (if such counsel is known to the Company) and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of
any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing or such later date as is reasonable under the circumstances). Parent, the Company and
each other Guarantor shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any
such Participating Broker-Dealer, as the case may be, its counsel, or the managing underwriters, if any, shall reasonably object in writing on a timely basis. 

 

	 	(b)	 Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration or Exchange Registration Statement, as the case
may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be, subject to any Delay Periods; cause the related Prospectus to be supplemented by any
Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply

  
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with the provisions of the Securities Act and the Exchange Act applicable to them with respect to the disposition of all Registrable Notes covered by such Registration Statement as so amended or
in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution set
forth in such Registration Statement or Prospectus, as so amended. 

  

	 	(c)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Company has received written notice that such
Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange Offer, notify the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any,
as promptly as possible, and, if requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any
post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Company, one conformed copy of such
Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the
effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the Securities
Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Company contained in any agreement (including any underwriting agreement)
contemplated by Section 5(m)(i) hereof cease to be true and correct in all material respects, (iv) of the receipt by Parent, the Company or any other Guarantor of any notification with respect to the suspension of the qualification or
exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of
any event, the existence of any condition or any information becoming known to Parent or the Company that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein
by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Company’s
determination that a post-effective amendment to a Registration Statement would be appropriate. 

  

	 	(d)	 If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who 

  
 12 

	 	
seeks to sell Exchange Notes during the Applicable Period, use commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of
any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such
order is issued, to use commercially reasonable efforts to obtain the withdrawal of any such order at the earliest practicable date. 

  

	 	(e)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and if reasonably requested by the managing underwriter or underwriters (if
any), the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration Statement or
Prospectus a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or any Participating Broker-Dealer, as the case may be (based upon advice of counsel), determine is
reasonably necessary to be included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated
in such prospectus supplement or post-effective amendment; provided, however, that neither the Company nor any Guarantor shall be required to take any action hereunder that would, in the written opinion of counsel to the Company and
the Guarantors, violate applicable laws. 

  

	 	(f)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, who so requests, its counsel and each managing underwriter, if any, at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each
post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 

 

	 	(g)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, its respective counsel, and the underwriters, if any, at the sole expense of the Company, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each
amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Company and each Guarantor hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with
the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 

  
 13 

	 	(h)	Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Registration Statement by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use commercially reasonable efforts to register or qualify such Registrable Notes or Exchange Notes, and to cooperate with the selling Holders of Registrable
Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and its respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or state Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the
managing underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Notes or Registrable Notes are offered other than through an underwritten offering, the Company agrees to use commercially
reasonable efforts to cause the Company’s counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification (or exemption
therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Exchange Notes or
Registrable Notes covered by the applicable Registration Statement; provided, however, that neither the Company nor any Guarantor shall be required to (A) qualify generally to do business in any jurisdiction where it is not then
so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction
where it is not then so subject. 

  

	 	(i)	If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or
underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The
Depository Trust Company and enable such Registrable Notes to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, or selling Holders may reasonably request in writing at least five Business Days
prior to any sale of such Registrable Notes. 

  

	 	(j)	Use commercially reasonable efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be registered with or approved by such
other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes or Exchange Notes, except as may be
required solely as a consequence of the nature of such selling Holder’s business, in which case Parent and the Company shall (and shall cause each other Guarantor to) cooperate in all reasonable respects with the filing of such Registration
Statement and the granting of such approvals; provided, however, that neither Company nor any Guarantor shall be required to (A) qualify generally to do business in any jurisdiction where they are not then so qualified,
(B) take any action that would subject them to general service of process in any such jurisdiction where they are not then so subject or (C) subject themselves to taxation in excess of a nominal dollar amount in any such jurisdiction where
they are not then so subject. 

  
 14 

	 	(k)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by Section 5(c)(v) or
5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the SEC, at the sole expense of the Company, a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the
Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and, if SEC review is required, use their commercially reasonable efforts
to cause such post-effective amendment to be declared effective as soon as possible. 

  

	 	(l)	Prior to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with certificates for the Registrable
Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide CUSIP numbers for the Registrable Notes. 

  

	 	(m)	 In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement as is
customary in underwritten offerings of debt securities similar to the Notes and take all such other actions as are customary in underwritten offerings and are reasonably requested by the managing underwriter or underwriters in order to expedite or
facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the business of the Company and its
subsidiaries, as then conducted (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case,
in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) use commercially reasonable efforts
to obtain the written opinions of counsel to the Company and the Guarantors and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the
matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) use commercially reasonable efforts to obtain “cold
comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Company and the Guarantors (and, if necessary, any
other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated by reference in the
Registration Statement), addressed to each of the underwriters, such 

  
 15 

	 	
letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings; and (iv) cause the
underwriting agreement to contain indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of
Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section; provided that neither Company nor any Guarantor shall be
required to provide indemnification to any underwriter selected in accordance with the provisions of Section 9 hereof with respect to information relating to such underwriter furnished in writing to the Company by or on behalf of such
underwriter expressly for inclusion in such Registration Statement. The above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 

 

	 	(n)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Registrable
Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or
each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours and upon reasonable written notice, all financial and
other records, pertinent corporate documents and instruments of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector
shall agree in writing that it will keep the Records confidential and that it will not disclose, or use in connection with any market transactions in violation of any applicable securities laws, any Records (i) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction,
(iii) disclosure of such information is necessary or advisable in the opinion of counsel for an Inspector in connection with any Action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and
arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreements, or any transactions contemplated hereby or thereby or arising hereunder or thereunder or (iv) the information in such Records has been made
generally available to the public; provided, however, that (i) each Inspector shall agree to use commercially reasonable efforts to provide advance written notice to the Company of the potential disclosure of any information by
such Inspector pursuant to clause (i), (ii) or (iii) of this sentence to permit the Company to obtain a protective order (or waive the provisions of this paragraph (n)) and (ii) each such Inspector shall take such actions as are
reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector.

  
 16 

	 	(o)	Provide an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in
Section 2(b) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any
such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use
commercially reasonable efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable such indenture to be so qualified in a timely
manner. 

  

	 	(p)	Comply in all material respects with all applicable rules and regulations of the SEC and make generally available to the Company’s security holders earnings
statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end
of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and
(ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month periods consistent
with the requirements of Rule 158. 

  

	 	(q)	If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed
by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange for the Exchange Notes or the
Private Exchange Notes, as the case may be; provided that in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 

  

	 	(r)	Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable
Notes and their respective counsel in connection with any filings required to be made with FINRA. 

  

	 	(s)	Use commercially reasonable efforts to take all other steps reasonably necessary or advisable to effect the registration of the Exchange Notes and/or Registrable Notes
covered by a Registration Statement contemplated hereby. 

  

	 	(t)	 The Company may require each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to furnish to the Company
such information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Company may, from time to time, reasonably request. The Company may exclude from such registration the Registrable Notes of any seller so
long as such seller fails to furnish such information within a reasonable time (which shall in no event exceed 30 days from the date of receipt of such request by the seller) after receiving such request and in the event of such an exclusion,
neither the Company nor any Guarantor shall have any further obligation under this Agreement (including, without limitation, the obligations under Section 4) with respect to such seller or any subsequent Holder of such

  
 17 

	 	
Registrable Notes. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make any
information previously furnished to the Company by such seller not materially misleading. 

  

	 	(u)	If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such Holder shall have the right to
require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the
investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Holder by name
or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the applicable Registration Statement filed or prepared subsequent to the
time that such reference ceases to be required. 

  

	 	(v)	Each Holder of Registrable Notes agrees by acquisition of such Registrable Notes that there may be delays in its use of a Shelf Registration due to a Suspension Period.
In connection with a Suspension Period, upon actual receipt of any notice from the Company: 

  

	 	(i)	that the Prospectus would, in the reasonable judgment of Parent, contain a material misstatement or omission as a result of an event that has occurred and is
continuing; 

  

	 	(ii)	the majority of the independent members of the Board of Directors of Parent (the “Board of Directors”) shall have determined in good faith that:

  

	 	(A)	the offer or sale of any Registrable Notes would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger,
tender offer, business combination, corporate reorganization or other significant transaction involving Parent or the Company, 

  

	 	(B)	after the advice of counsel, the sale of Registrable Notes pursuant to the Registration Statement would require disclosure of non-public material information not
otherwise required to be disclosed under applicable law, and 

  

	 	(C)	(x) Parent has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on
Parent or Parent’s ability to consummate such transaction, or (z) renders Parent or the Company unable to comply with SEC requirements, in each case under circumstances that would make it impractical or inadvisable to cause the
Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or 

 

	 	(iii)	 the majority of the independent members of the Board of Directors of Parent shall have determined in good faith, after the advice of counsel, that it
is required 

  
 18 

	 	
by law, rule or regulation or that it is in the best interests of Parent or the Company to supplement the Registration Statement or file a post-effective amendment to the Registration Statement
in order to incorporate information into the Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the prospectus
included in the Registration Statement any facts or events arising after the effective date of the Registration Statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represent a fundamental change in the
information set forth therein; or (3) including in the prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to
such information, 

 then Parent or the Company may delay the filing or the effectiveness of the Shelf Registration
(if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the Shelf Registration, in all cases, for a period (a “Suspension Period”) expiring upon the
earliest to occur of (x) in the case of the immediately preceding clauses (i), (ii) and (iii) the date of such Holder’s receipt of the copies of the supplemented or amended Prospectus, and (y) receipt of notice in writing
(the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto, provided that (1) any such Suspension Period may not exceed 45
days in any 90 day period and (2) there shall be no more than 60 days of Suspension Periods in any 12 month period. 
 In
the event of any Suspension Period pursuant to clause (ii) or (iii) of the preceding paragraph, notice shall be given as soon as practicable after the Board of Directors of Parent makes such a determination of the need for a Suspension
Period and shall state, to the extent practicable, an estimate of the duration of such Suspension Period and shall advise the recipient thereof of the agreement of such Holder provided in the next succeeding sentence. Each Holder, by his acceptance
of any Registrable Notes, agrees that during any Suspension Period, each Holder will keep such notice confidential and will discontinue disposition of such Registrable Notes covered by such Registration Statement or Prospectus. 

 

	6.	Registration Expenses 

  

	 	(a)	 All fees and expenses incident to the performance of or compliance with this Agreement by the Company and the Guarantors shall be borne by the Company
and the Guarantors, whether or not the Exchange Offer or a Shelf Registration is filed or becomes effective, including, without limitation, (i) all registration and filing fees, including, without limitation, (A) fees with respect to
filings required to be made with FINRA in connection with any underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws as provided in Section 5(h) hereof (including, without limitation,
reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such
jurisdictions (x) where the Holders are located, in the case of the Exchange Notes, or (y) as provided in Section 5(h), in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the
Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing Prospectuses if the printing 

  
 19 

	 	
of Prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any
Registration Statement or by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses incurred in connection with the performance of their obligations hereunder,
(iv) fees and disbursements of counsel for the Company, the Guarantors and, subject to 6(b), the Holders, (v) fees and disbursements of all independent certified public accountants referred to in Section 6 (including, without
limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) rating agency fees and the fees and expenses incurred in connection with the listing of the Securities to be
registered on any securities exchange, (vii) Securities Act liability insurance, if the Company and the Guarantors desire such insurance, (viii) fees and expenses of all other Persons retained by the Company and the Guarantors,
(ix) fees and expenses of any “qualified independent underwriter” or other independent appraiser participating in an offering pursuant to Section 3 of Schedule E to the By-laws of FINRA, but only where the need for such a
“qualified independent underwriter” arises due to a relationship with the Company and the Guarantors, (x) internal expenses of the Company and the Guarantors (including, without limitation, all salaries and expenses of officers and
employees of the Company or the Guarantors performing legal or accounting duties), (xi) the expense of any annual audit, (xii) the fees and expenses of the Trustee and the Exchange Agent and (xiii) the expenses relating to printing,
word processing and distributing all Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding the foregoing or anything to the
contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on behalf of it. 

 

	 	(b)	The Company and the Guarantors shall reimburse the Holders for the reasonable fees and disbursements of not more than one counsel chosen by the Holders of a majority in
aggregate principal amount of the Registrable Notes to be included in any Registration Statement. The Company and the Guarantors shall pay all documentary, stamp, transfer or other transactional taxes attributable to the issuance or delivery of the
Exchange Notes or Private Exchange Notes in exchange for the Notes; provided that the Company shall not be required to pay taxes payable in respect of any transfer involved in the issuance or delivery of any Exchange Note or Private Exchange
Note in a name other than that of the Holder of the Note in respect of which such Exchange Note or Private Exchange Note is being issued. The Company and the Guarantors shall reimburse the Holders for fees and expenses (including reasonable fees and
expenses of counsel to the Holders) relating to any enforcement of any rights of the Holders under this Agreement. 

  

	7.	Indemnification 

  

	 	(a)	 Indemnification by the Company and the Guarantors. The Company and the Guarantors jointly and severally agree to indemnify and hold harmless
each Holder of Registrable Notes, Exchange Notes or Private Exchange Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls each such Holder (within the meaning of
Section 15 of the Securities Act or Section 20(a) of the Exchange Act) and the officers, directors and partners of each such Holder, Participating Broker-Dealer and controlling person, to the fullest extent lawful, from and against any and
all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees as provided in 

  
 20 

	 	
this Section 7) and expenses (including, without limitation, reasonable costs and expenses incurred in connection with investigating, preparing, pursuing or defending against any of the
foregoing) (collectively, “Losses”), as incurred, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, Prospectus or form of prospectus, or in any amendment or supplement thereto, or in any preliminary prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such Losses are caused by, arise out of or are based upon, information relating to such Holder or Participating Broker-Dealer and
furnished in writing to the Company and the Guarantors by such Holder or Participating Broker-Dealer or their counsel expressly for use therein. The foregoing indemnity with respect to any Prospectus shall not inure to the benefit of any Holder or
Participating Broker-Dealer from whom the Person asserting such Losses purchased Registrable Notes if (x) it is established in the related proceeding that such Holder or Participating Broker-Dealer failed to send or give a copy of the
Prospectus (as amended or supplemented if such amendment or supplement was furnished to such Holder or Participating Broker-Dealer prior to the written confirmation of such sale) to such Person with or prior to the written confirmation of such sale,
if required by applicable law, and (y) the untrue statement or omission or alleged untrue statement or omission was completely corrected in the Prospectus (as amended or supplemented if amended or supplemented as aforesaid) and such Prospectus
does not contain any other untrue statement or omission or alleged untrue statement or omission that was the subject matter of the related proceeding. This indemnity agreement will be in addition to any liability that the Company may otherwise have,
including, but not limited to, liability under this Agreement. The Company and the Guarantors also agree to indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution,
their officers, directors, agents and employees and each Person who controls such Persons (within the meaning of Section 5 of the Securities Act or Section 20(a) of the Exchange Act) to the same extent as provided above with respect to the
indemnification of the Holders or the Participating Broker-Dealer. 

  

	 	(b)	 Indemnification by Holder. In connection with any Registration Statement, Prospectus or form of prospectus, any amendment or supplement thereto,
or any preliminary prospectus in which a Holder is participating, such Holder shall furnish to the Company and the Guarantors in writing such information as the Company and the Guarantors reasonably request for use in connection with any
Registration Statement, Prospectus or form of prospectus, any amendment or supplement thereto, or any preliminary prospectus and shall indemnify and hold harmless the Company, the Guarantors, their respective directors and each Person, if any, who
controls the Company and the Guarantors (within the meaning of Section 15 of the Securities Act and Section 20(a) of the Exchange Act), and the directors, officers and partners of such controlling persons, to the fullest extent lawful,
from and against all Losses arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus or form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading to
the extent, but only to the extent, that such losses are finally judicially determined by a court of competent jurisdiction in a final, unappealable order to have resulted solely from an untrue statement

  
 21 

	 	
or alleged untrue statement of a material fact or omission or alleged omission of a material fact contained in or omitted from any information so furnished in writing by such Holder to the
Company and the Guarantors expressly for use therein. Notwithstanding the foregoing, in no event shall the liability of any selling Holder be greater in amount than such Holder’s Maximum Contribution Amount (as defined below).

  

	 	(c)	Conduct of Indemnification Proceedings. If any proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an
“Indemnified Party”), such Indemnified Party shall promptly notify the party or parties from which such indemnity is sought (the “Indemnifying Party” or “Indemnifying Parties”, as applicable) in
writing; but the omission to so notify the Indemnifying Party (i) will not relieve such Indemnifying Party from any liability under paragraph (a) or (b) above unless and only to the extent it is materially prejudiced as a result
thereof and (ii) will not, in any event, relieve the Indemnifying Party from any obligations to any Indemnified Party other than the indemnification obligation provided in paragraphs (a) and (b) above. 

The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party, within 20 Business Days after
receipt of written notice from such Indemnified Party of such proceeding, to assume, at its expense, the defense of any such proceeding; provided, that an Indemnified Party shall have the right to employ separate counsel in any such
proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or parties unless: (1) the Indemnifying Party has agreed to pay such fees and expenses; or
(2) the Indemnifying Party shall have failed promptly to assume the defense of such proceeding or shall have failed to employ counsel reasonably satisfactory to such Indemnified Party; or (3) the named parties to any such proceeding
(including any impleaded parties) include both such Indemnified Party and the Indemnifying Party or any of its affiliates or controlling persons, and such Indemnified Party shall have been advised by counsel that there may be one or more defenses
available to such Indemnified Party that are in addition to, or in conflict with, those defenses available to the Indemnifying Party or such affiliate or controlling person (in which case, if such Indemnified Party notifies the Indemnifying Parties
in writing that it elects to employ separate counsel at the expense of the Indemnifying Parties, the Indemnifying Parties shall not have the right to assume the defense and the reasonable fees and expenses of such counsel shall be at the expense of
the Indemnifying Party; it being understood, however, that, the Indemnifying Party shall not, in connection with any one such proceeding or separate but substantially similar or related proceedings in the same jurisdiction, arising out of the same
general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (together with appropriate local counsel) at any time for such Indemnified Party). 

No Indemnifying Party shall be liable for any settlement of any such proceeding effected without its written consent, which shall not be
unreasonably withheld, but if settled with its written consent, or if there be a final judgment for the plaintiff in any such proceeding, each Indemnifying Party jointly and severally agrees, subject to the exceptions and limitations set forth
above, to indemnify and hold harmless each Indemnified Party from and against any and all Losses by reason of such settlement or judgment. The Indemnifying Party shall not consent to the entry of any judgment or enter into any settlement unless such
judgment or settlement (i) includes as an unconditional term thereof the giving by the claimant or plaintiff to each Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from all liability in
respect of such proceeding for which such Indemnified Party would be entitled to indemnification hereunder (whether or not any Indemnified Party is a party thereto) and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Party. 

  
 22 

	 	(d)	Contribution. If the indemnification provided for in this Section 7 is unavailable to an Indemnified Party or is insufficient to hold such Indemnified Party
harmless for any Losses in respect of which this Section 7 would otherwise apply by its terms (other than by reason of exceptions provided in this Section 7), then each applicable Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall have a joint and several obligation to contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying
Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such statement or omission. The amount
paid or payable by an Indemnified Party as a result of any Losses shall be deemed to include any legal or other fees or expenses incurred by such party in connection with any proceeding, to the extent such party would have been indemnified for such
fees or expenses if the indemnification provided for in Section 7(a) or 7(b) was available to such party. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by
pro rata allocation or by other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 7(d), a selling Holder shall not
be required to contribute, in the aggregate, any amount in excess of such Holder’s Maximum Contribution Amount. A selling Holder’s “Maximum Contribution Amount” shall equal the excess of (i) the aggregate proceeds
received by such Holder pursuant to the sale of such Registrable Notes or Exchange Notes over (ii) the aggregate amount of damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations to contribute pursuant to this Section 7(d) are several in proportion to the respective principal amount of the Registrable Securities held by each Holder hereunder and not joint. The
Company’s and Guarantors’ obligations to contribute pursuant to this Section 7(d) are joint and several. 
 The
indemnity and contribution agreements contained in this Section 7 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 

 

	8.	Rules 144 and 144A 

  

	 	(a)	Parent and the Company covenant that they shall (a) file the reports required to be filed by them (if so required) under the Securities Act and the Exchange Act in
a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time Parent and the Company are not required to file such reports, they will, upon the written request of any Holder of Registrable Notes,
make publicly available other information necessary to permit sales pursuant to Rule 144 and 144A and (b) take such further action as any Holder may reasonably request in writing, all to the extent required from time to time to enable such
Holder to sell Registrable Notes without registration under the Securities Act pursuant to the exemptions provided by Rule 144 and Rule 144A. Upon the request of any Holder, Parent and the Company shall deliver to such Holder a written statement as
to whether they have complied with such information and requirements. 

  
 23 

	 	(b)	Availability of Rule 144 Not Excuse for Obligations under Section 2. The fact that holders of Registrable Notes may become eligible to sell such Registrable
Notes pursuant to Rule 144 shall not (1) cause such Notes to cease to be Registrable Notes or (2) excuse the Company’s and the Guarantors’ obligations set forth in Section 2 of this Agreement, including without limitation
the obligations in respect of an Exchange Offer, Shelf Registration and Additional Interest. 

  

	9.	Underwritten Registrations of Registrable Notes 

 If any of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the
offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering; provided, however, that such investment banker or investment bankers and manager or managers must
be reasonably acceptable to the Company. 
 No Holder of Registrable Notes may participate in any underwritten registration
hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
  

	10.	Miscellaneous 

  

	 	(a)	Remedies. In the event of a breach by either the Company or any of the Guarantors of any of their respective obligations under this Agreement, each Holder, in
addition to being entitled to exercise all rights provided herein, in the Indenture or, in the case of the Initial Purchasers, in the Purchase Agreement, or granted by law, including recovery of damages, will be entitled to specific performance of
its rights under this Agreement. The Company and the Guarantors agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by either the Company or any of the Guarantors of any of the provisions of
this Agreement and hereby further agree that, in the event of any action for specific performance in respect of such breach, Parent and the Company shall (and shall cause each Guarantor to) waive the defense that a remedy at law would be adequate.

  

	 	(b)	No Inconsistent Agreements. The Company and each of the Guarantors have not entered, as of the date hereof, and the Company and each of the Guarantors shall not
enter, after the date of this Agreement, into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Securities in this Agreement or otherwise conflicts with the provisions hereof. The
Company and each of the Guarantors have not entered and will not enter into any agreement with respect to any of its securities that will grant to any Person piggy-back rights with respect to a Registration Statement. 

 

	 	(c)	Adjustments Affecting Registrable Notes. Neither the Company nor any Guarantor shall, directly or indirectly, take any action with respect to the Registrable
Notes as a class that would adversely affect the ability of the Holders to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 

  
 24 

	 	(d)	Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions
hereof may not be given, otherwise than with the prior written consent of the Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes in circumstances that would adversely affect any Holders of
Registrable Notes; provided, however, that Section 7 and this Section 10(d) may not be amended, modified or supplemented without the prior written consent of each Holder. Notwithstanding the foregoing, a waiver or consent to
depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being tendered pursuant to the Exchange Offer or sold pursuant to a Notes Registration Statement
and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the Registrable Notes being tendered or
being sold by such Holders pursuant to such Notes Registration Statement. 

  

	 	(e)	Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, registered first-class mail,
next-day air courier or telecopier: 

  

	 	(i)	if to a Holder of Securities or to any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set
forth on the records of the registrar of the Notes, with a copy in like manner to Citigroup Global Markets Inc. and Jefferies LLC, on behalf of the Initial Purchasers, as follows: 

Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 

Facsimile: (212) 816-7912 
 Attention: General Counsel 
 Jefferies LLC 

520 Madison Avenue 
 New York, New York 10022 
 Facsimile: (646) 619-4437 

Attention: General Counsel 
 with a copy to: 
 Jones Day 

222 East 41st Street 
 New York, New York 10017 
 Facsimile: (212) 755-7306 

Attention: Alexander A. Gendzier, Esq. 
  

	 	(ii)	if to the Initial Purchasers, at the address specified in Section 10(e)(i); 

 

	 	(iii)	if to the Company or any Guarantor, as follows: 

 c/o Vantage Drilling Company 
 777 Post Oak Blvd., Suite 800 

Houston, Texas 77056 
 Facsimile: (281) 404-4700 
 Attention: Douglas Smith, Chief Financial Officer

  
 25 

 with a copy to: 
 Fulbright & Jaworski L.L.P. 
 Fulbright Tower 

1301 McKinney, Suite 5100 
 Houston, Texas 77010 
 Facsimile: (713) 651-5246 

Attention: Joshua P. Agrons, Esq. 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five business days after being deposited in the United States mail, postage
prepaid, if mailed, one business day after being deposited in the United States mail, postage prepaid, if mailed; one business day after being timely delivered to a next-day air courier guaranteeing overnight delivery; and when receipt is
acknowledged by the addressee, if telecopied. 
 Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee under the Indenture at the address specified in such Indenture. 
  

	 	(f)	Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, the Holders
and the Participating Broker-Dealers including, without limitation and without the need for an express assignment, subsequent Holders of Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a
successor or assign of a Holder unless and to the extent such successor or assign holds Registrable Notes. 

  

	 	(g)	Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

  

	 	(h)	Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  

	 	(i)	 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE COMPANY AND EACH
GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITS AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. THE COMPANY AND EACH GUARANTOR IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT
ANY 

  
 26 

	 	
SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE COMPANY AND EACH GUARANTOR IRREVOCABLY CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY
DO SO UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE COMPANY AT ITS SAID ADDRESS, SUCH
SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR ANY
GUARANTOR IN ANY OTHER JURISDICTION. 

  

	 	(j)	Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to
find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

 

	 	(k)	Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Securities is required hereunder,
Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

  

	 	(l)	Third Party Beneficiaries. Holders and Participating Broker-Dealers are intended third party beneficiaries of this Agreement and this Agreement may be enforced
by such Persons. 

  

	 	(m)	Entire Agreement. This Agreement, together with the Purchase Agreement, the Indenture and the Collateral Agreements, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understanding,
correspondence, conversations and memoranda between the Initial Purchasers on the one hand and the Company and the Guarantors on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest
or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

  
 27 

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

					
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	VANTAGE DRILLING COMPANY, as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	VANTAGE HOLDING HUNGARY KFT, as Guarantor
		
	By:	 	 /s/ Mark Howell

		 	Name:	 	Mark Howell
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Julia Varga

		 	Name:	 	Julia Varga
		 	Title:	 	Managing Director
	
	 VANTAGE DRILLING NETHERLANDS BV, as Guarantor

		
	By:	 	 /s/ Linda J. Ibrahim

		 	Name:	 	Linda Jovana Ibrahim
		 	Title:	 	Managing Director A
		
	By:	 	 /s/ TMF Management B.V.

		 	Name:	 	TMF Management B.V.
		 	Title:	 	Managing Director B
		
	By:	 	 /s/ TMF Management B.V.

		 	Name:	 	TMF Management B.V.
		 	Title:	 	Managing Director B

  

[Registration Rights Agreement] 

 
					
	P2021 RIG CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 VANTAGE INTERNATIONAL MANAGEMENT CO., as Guarantor

		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	VANTAGE DRILLER I CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	VANTAGE DRILLER II CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	VANTAGE DRILLER III CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	VANTAGE DRILLER IV CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

[Registration Rights Agreement] 

 
					
	SAPPHIRE DRILLER COMPANY, as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	EMERALD DRILLER COMPANY, as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	P2020 RIG CO., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 VANTAGE HOLDINGS MALAYSIA I CO., as Guarantor

		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 VANTAGE DRILLING (MALAYSIA) I SDN. BHD., as Guarantor

		
	By:	 	 /s/ Ronald J. Nelson

		 	Name:	 	Ronald J. Nelson
		 	Title:	 	Director
	
	VANTAGE DRILLING LABUAN I LTD., as Guarantor
		
	By:	 	 /s/ Ronald J. Nelson

		 	Name:	 	Ronald J. Nelson
		 	Title:	 	Director

  

[Registration Rights Agreement] 

 
					
	VANTAGE DEEPWATER COMPANY, as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 VANTAGE DEEPWATER DRILLING, INC., as Guarantor

		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 VANTAGE HOLDINGS CYPRUS ODC LIMITED, as Guarantor

		
	By:	 	 /s/ Mark Howell

		 	Name:	 	Mark Howell
		 	Title:	 	Director
	
	 VANTAGE DRILLING POLAND – LUXEMBOURG BRANCH., as Guarantor

		
	By:	 	 /s/ Ian Foulis

		 	Name:	 	Ian Foulis
		 	Title:	 	Branch Manager
	
	 DRAGONQUEST HOLDINGS COMPANY, as Guarantor

		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer
	
	TUNGSTEN EXPLORER COMPANY., as Guarantor
		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

[Registration Rights Agreement] 

 
					
	 VANTAGE DELAWARE HOLDINGS, LLC, as Guarantor

		
	By:	 	 /s/ Douglas G. Smith

		 	Name:	 	Douglas G. Smith
		 	Title:	 	Vice President and Treasurer
	
	 PT. VANTAGE DRILLING COMPANY INDONESIA., as Guarantor

		
	By:	 	 /s/ David Tait

		 	Name:	 	David Tait
		 	Title:	 	Director

  

[Registration Rights Agreement] 

 
					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

	
	as Trustee
		
	By:	 	 /s/ John C. Stohlmann

		 	Name:	 	John C. Stohlmann
		 	Title:	 	Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

	
	as Noteholder Collateral Agent
		
	By:	 	 /s/ John C. Stohlmann

		 	Name:	 	John C. Stohlmann
		 	Title:	 	Chief Financial Officer and Treasurer

  

[Registration Rights Agreement] 

			
	ACCEPTED AND AGREED TO:
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Christopher Abatz

	Name:	 	Christopher Abatz
	Title:	 	Managing Director
	
	JEFFERIES LLC
		
	By:	 	 /s/ Craig Zaph

	Name:	 	Craig Zaph
	Title:	 	Managing Director

  

[Registration Rights Agreement] 

 SCHEDULE I 
 INITIAL PURCHASERS 
 Citigroup Global Markets Inc. 

Jefferies LLC 

Credit Suisse Securities (USA) LLC 
 Deutsche Bank Securities Inc. 
 Merrill Lynch, Pierce, Fenner & Smith
Incorporated 
 RBC Capital Markets, LLC 
 CIS Capital Markets LLC 
 FBR Capital Markets & Co. 

Global Hunter Securities, LLC 
 J.P. Morgan Securities LLC 
 Johnson Rice & Company L.L.C. 

Pareto Securities AS 
 RS Platou Markets ASEX-10.1

 Exhibit 10.1 
 BRE PROPERTIES, INC. 

RESTRICTED STOCK 
 AWARD AGREEMENT 
 This Restricted Stock Award
Agreement (this “Agreement”), dated as of «Month_and_Day_of_Grant», «Year_of_Grant» (the “Grant Date”), is entered into by and between BRE Properties, Inc., a Maryland Corporation (the
“Company”), and «Name» (“Employee”). 
 BACKGROUND 

The Company and Employee have entered into an «Employment_Agreement» (the “Employment Agreement”), which
provides that, at the discretion of the Compensation Committee of the Board of Directors of the Company (“Committee”), Employee is eligible to receive long term incentive awards. 

The Company has established the 1999 BRE Stock Incentive Plan, as amended (the “Plan”), to provide, among other things,
for the grant of long-term incentive Awards in the form of Shares. 
 The Committee has determined that Employee be granted an
Award under this Agreement in the form of Shares in accordance with the Plan and on the terms and conditions and subject to the restrictions stated below which shall lapse to the extent the applicable service conditions or performance conditions
have been satisfied and become fully vested as provided herein. 
 AGREEMENT 

The parties to this Agreement, intending to be legally bound, agree as follows: 

1. Terms of Plan. All capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed
thereto in the Plan. Employee confirms and acknowledges that Employee has received and reviewed a copy of the Plan and the Information Statement with respect to the Plan. Employee and the Company agree that the terms and conditions of the Plan are
incorporated in this Agreement by this reference. 
 2. Main Grant of Shares. Subject to the terms and conditions of this
Agreement and of the Plan, including without limitation the vesting provisions set forth in Sections 3, 4 and 5, the Company hereby grants to Employee three separate grants totaling «Main_Grant_Alpha» («Main_Grant_Numeric»)
Shares under the Plan which number of Shares shall be subject to adjustment pursuant to Sections 10 and 11. The Shares shall be deemed “Restricted Shares” under the Plan. Shares shall not include Reserve Performance Shares (as
defined in Section 4.4(a) below) unless and until granted in accordance with Section 4.4(a). The three separate grants are made up of the following: 
 2.1. Time Vesting Share. A grant of «Time_Vest_Alpha» («Time_Vest_Numeric») Shares (the “Time Vesting Shares”) which will vest as provided in Section 3.

 2.2. Performance Shares ST. A grant of «Performance_Grant_ST_alpha»
(«Performance_Grant_ST_numeric») Shares (the “Performance Shares ST”) which will vest as provided in Section 4. 
 2.3. Performance Shares LT. A grant of «Performance_Grant_LT_alpha» («Performance_Grant_LT_numeric») Shares (the “Performance Shares LT”) which will vest as
provided in Section 4 and which consist of: 
 (a) «Performance_Grant_MC_alpha»
(«Performance_Grant_MC_numeric») Shares hereinafter called MC Shares; and 
 (b)
«Performance_Grant_PB_alpha» («Performance_Grant_PB_numeric») Shares hereinafter called PB Shares. 

3. Time Vesting of Shares. The Time Vesting Shares shall, subject to Employee’s continuous employment with the Company
through the applicable vesting date, vest ratably over five (5) years from the Grant Date, twenty percent (20%) on each anniversary of the Grant Date. 
 4. Performance Shares. 
 4.1. Definitions. For the purposes of this
Agreement the following terms shall have the following meaning: 
 (a) “Aggregate Vesting Contribution LT”
shall mean the sum of the Vesting Contribution for each of the Goals LT. 
 (b) “Aggregate Vesting Contribution
ST” shall mean the sum of the Vesting Contribution for each of the Goals ST. 
 (c) “Core FFO” shall
mean BRE’s core funds from operations as reported by BRE for the year ended December 31, «xxYear_of_Grant_Numeric» as adjusted for the timing of the sale of Summerwind (or a replacement sale), other non-budgeted capital events,
and any other adjustments as determined by the Committee necessary to make Core FFO as determined for the year ended December 31, «xxYear_of_Grant_Numeric» comparable to core funds from operations per the original budget for such
year. 
 (d) “Forward Multiple” shall mean with respect to BRE or any member of the Peer Group, the consensus
funds from operations for the year after the LT Determination Date as published by First Call (or, if First Call is no longer publishing such information, as published by another source providing similar information as reasonably selected by the
Committee) as of the LT Determination Date divided by the Stock Price as of the LT Determination Date. 

  
 2 

 (e) “G&A” shall mean the general and administrative expenses of BRE as
reported by BRE for the year ended December 31, «xxYear_of_Grant_Numeric» as adjusted for expenses required to be included in general and administrative expenses that relate to non-budgeted capital events and any other adjustments
as determined by the Committee necessary to make G&A as determined for the year ended December 31, «xxYear_of_Grant_Numeric» comparable to general and administrative expenses per the original budget for such year. 

(f) “Goal” shall mean any of the Goals LT or Goals ST. 

(g) “Goals LT” shall mean the performance goals for Relative TSR/Peer Group, Forward Multiple, and NAV Premium, set
forth on Exhibit A. 
 (h) “Goals ST” shall mean the performance goals for Core FFO to Budget and
G&A/Revenue set forth on Exhibit A. 
 (i) “Good Cause” shall have the meaning set forth in the
Employment Agreement. 
 (j) “Good Reason” shall have the meaning set forth in the Employment Agreement.

 (k) “Maximum” shall mean, with respect to a Goal, the performance metric associated with that Goal under
the column labeled “Maximum” on Exhibit A. 
 (l) “NAV Premium” shall mean, with respect to
BRE or any member of the Peer Group, the average of the premium or discount to NAV of the research firms of Citigroup, ISI and GreenStreet (or if one of those no longer covers BRE or a member of the Peer Group, then with respect to that particular
entity, another top rated research firm as reasonably selected by the Committee) as published in their analysis dated closest to and after the LT Determination Date. 
 (m) “Peer Group” shall mean Apartment Investment and Management Company, AvalonBay Communities, Inc., Camden Property Trust, Colonial Properties Trust, Inc., Essex Property Trust, Inc.,
Equity Residential, Home Properties, Inc., Mid-America Apartment Communities, Inc., Post Properties, Inc., and UDR, Inc., provided that, if the stock of any one or more of such entities is no longer publically traded during the Performance Period
then such entity or entities shall be dropped from the Peer Group. 
 (n) “Peer Group Total Return” shall mean
the sum of the Shareholder Return for each of the members of the Peer Group during the Performance Period by (ii) the number of entities in the Peer Group during the Performance Period. . 

(o) “Performance Period” shall mean, for all Goals LT other than Relative TSR/Peer Group, the period of time from
January 1, «Year_of_Grant» to and including December 31, «Year_4» unless an earlier date for the end of the Performance Period is determined pursuant to any other provision of this Agreement and for Relative
TSR/Peer Group shall mean the period from March 1, «Year_of_Grant» to and including December 31, «Year_4» unless an earlier date for the end of the Performance Period is determined pursuant to any other provision of
this Agreement. 

  
 3 

 (p) “LT Determination Date” shall mean December 31,
«Year_4». 
 (q) “Retirement Conditions” shall mean for any Employee that the Employee has
satisfied all of the following: 
 (i) Employee’s employment with the Company terminates as a result of
retirement on or after Employee has reached the Retirement Age; 
 (ii) Employee has provided the Committee with
not less than 12 months’ advance written notice of his or her retirement date; and 
 (iii) Employee has
been in continuous employment with the Company from the date on which the notice in (ii) above was given until the date on which Employee’s retirement has occurred and such retirement shall not have occurred sooner than the date specified
in such notice. 
 For purposes of clarity, if Employee’s employment with the Company terminates for any reason prior to the retirement
date specified in the notice in (ii) above, the Retirement Conditions shall not have been met. 
 (r) “Relative
TSR/Peer Group” shall mean the percentage of the Company’s total Shareholder Return during the Performance Period to the Peer Group Total Return during the Performance Period. 

(s) “Reserve Contribution” s shall mean, for any particular Goal, if the Goal achieved as of the relevant determination
date for such Goal is 
 (i) less than or equal to the Target, then zero, 

(ii) greater than the Target and less than or equal to the Maximum, then the product of (x) the Weighting Factor of
such Goal multiplied by (y) the proportion that the Goal achieved as of the Performance Vesting Date is between the Target and the Maximum, or 
 (iii) greater than the Maximum, then the Weighting Factor of such Goal. 
 (t)
“Revenue” shall mean the operating revenue of BRE as reported by BRE. 
 (u) “Shareholder
Return” shall mean, for any period, the percentage increase in value to a shareholder if such shareholder had acquired the common stock in the applicable entity at the Stock Price on the first day of the Performance Period, reinvested any
dividends paid on such stock at the Stock Price on the ex-dividend date and sold the stock on the last day of the Performance Period at the Stock Price, all in accordance with the methodology used to compute the RMS Total Return, provided if such
methodology changes then the method of determining Shareholder Return shall be modified to match such methodology as closely as possible. 

  
 4 

 (v) “ST Determination Date” shall mean December 31,
«Year_of_Grant». 
 (w) “Stock Price” shall mean, for a given day, with respect to BRE, the
closing price of a Share as of the end of such day and, with respect to a member of the Peer Group, the closing price for the common stock or other most widely and regularly traded equity interest in such member of the Peer Group as of the end of
such day. 
 (x) “Target” shall mean, with respect to a Goal, the performance metric associated with that Goal
under the column labeled “Target” on Exhibit A. 
 (y) “Threshold” shall mean, with respect
to a Goal, the performance metric associated with that Goal under the column labeled “Threshold” on Exhibit A. 
 (z) “Vesting Contribution” shall mean (i) for any particular LT Goal, if the Goal achieved as of the LT Determination Date and (ii) for any particular ST Goal, the Goal achieved
as of the ST Determination Date is 
 (i) less than the Threshold, then zero, 

(ii) greater than or equal to the Threshold and less than the Target, then the product of (x) the Weighting Factor of
such Goal multiplied by (y) the sum of (i) 50% plus (ii) the product of (A) the proportion that the Goal achieved as of the Performance Vesting Date is between the Threshold and the Target multiplied by
(B) 50%, 
 (iii) greater than or equal to the Target, then the Weighting Factor of such Goal. 

(aa) “Weighting Factor” shall mean, with respect to a Goal, the percentage associated with that Goal under the column
labeled “Weighting Factor” on Exhibit A. 
 4.2. Vesting of Performance Shares ST. 

(a) The Performance Shares ST shall, subject to Sections 5 and 6, vest on each anniversary of the Grant Date provided that Employee has
not terminated employment with the Company before the date on which such Shares are vesting. The number of Performance Shares ST that vest on each such date shall be equal to twenty five percent (25%) of the Performance Shares ST multiplied by
the Aggregate Vesting Contribution ST, 
 (b) The Vesting Contribution shall be determined for each of the Goals ST as of the
ST Determination Date as soon as all of the information reasonably necessary for determining the Vesting Contribution is available. If any of the information reasonably necessary for determining the Vesting Contribution is not available through the
end of the year in 

  
 5 

 
which the ST Determination Date occurs and is not expected to be available within 60 days of the ST Determination Date, then, with respect to such year (and only for that information that is not
available), the year to date information available through the most recent quarter shall, if appropriate, be annualized and applied to the computations required by this Section 4 as though such information represented the information for the
full year. 
 (c) The Committee shall have sole responsibility for determining and shall certify the computation of the Vesting
Contribution for each Goal and the amount of Performance Shares ST that shall vest pursuant to this Section 4.2. 
 4.3.
Vesting of Performance Shares LT. 
 (a) The Performance Shares LT shall, subject to Sections 5 and 6, vest on the fourth
anniversary and fifth anniversary of the Grant Date provided that Employee has not terminated employment with the Company before date on which such Shares are vesting. The number of Performance Shares LT that vest on each such date shall be equal to
fifty percent (50%) of the Performance Shares LT multiplied by the Aggregate Vesting Contribution LT. 
 (b) The Vesting
Contribution for each of the Goals LT shall be determined as of the LT Determination Date as soon as all of the information reasonably necessary for determining the Vesting Contribution is available. If any of the information reasonably necessary
for determining the Vesting Contribution is not available through the end of the relevant Performance Period prior to the year in which the Performance Vesting Date occurs and is not expected to be available within 60 days of the LT Determination
Date, then, with respect to such year (and only for that information that is not available), the year to date information available through the most recent quarter shall, if appropriate, be annualized and applied to the computations required by this
Section 4 as though such information represented the information for the full year ending with the end of the Performance Period for such Goal. 
 (c) The Committee shall have sole responsibility for determining and shall certify the computation of the Vesting Contribution for each Goal and the amount of Performance Shares LT that shall vest
pursuant to this Section 4.3. 
 4.4. Grant and Issuance of Reserve Performance Shares. 

(a) The Committee has reserved for issuance to Employee up to «Reserved_Shares_Alpha» («Rserved_Shares_Numeric»)
Shares (the “Reserve Performance Shares”) in the event a Goal exceeds Target (as adjusted for any stock splits, stock dividends, reclassifications or similar events) to be granted and issued to Employee pursuant to this
Section 4.4. If pursuant to the Committee’s determination pursuant to Section 4.2 it is determined that any Goal ST achieved as of the ST Determination Date or, any Goal LT achieved as of the LT Determination Date is greater than the
Target for such Goal, then the Committee shall grant, as soon as practicable after the date such determination is finalized to Employee a number of the Reserve Performance Shares equal to the product of (x) the sum of the Reserve Contribution
for each Goal multiplied by (y) the number of Reserve Performance Shares multiplied by (z) with respect to a Goal ST, the ST Percentage (as defined below) and with respect to a Goal LT, the LT Percentage (as defined below).
The “ST Percentage” shall equal the percentage obtained by 

  
 6 

 
dividing (i) the Performance Shares ST by (ii) the sum of Performance Shares ST plus Performance Shares LT. The “LT Percentage” shall equal one hundred percent
(100%) minus the ST Percentage. The Reserve Performance Shares to be granted pursuant to this Section 4.4(a) based upon any Goal ST exceeding Target shall vest twenty-five percent (25%) on the first anniversary of the Grant Date and
twenty-five percent (25%) on each anniversary thereafter until all such Shares have vested, but only if Employee has not terminated employment with the Company before such anniversary of the Grant Date with respect to Shares that would vest on
or after such termination of employment. All such Reserve Performance Shares granted based upon any Goal ST exceeding target shall, upon grant, be treated for all purposes the same as Performance Shares ST, including vesting upon termination or
retirement, payment of dividends, restriction on transfer and legends on any certificates issued for such shares. The Reserve Performance Shares to be granted pursuant to this Section 4.4(a) based upon any Goal LT exceeding Target shall vest
fifty percent (50%) on the fourth anniversary of the Grant Date and fifty percent (50%) on the fifth anniversary of the Grant Date, but only if Employee has not terminated employment with the Company before such anniversary of the Grant
Date with respect to Shares that would vest on or after such termination of employment. All such Reserve Performance Shares granted based upon any Goal LT exceeding target shall, upon grant be treated for all purposes the same as Performance Shares
LT, including vesting upon termination or retirement, payment of dividends, restriction on transfer and legends on any certificates issued for such shares. 
 (b) If Employee shall be entitled to receive any Reserve Performance Shares, then the Company shall, promptly after such shares vest issue to Employee a stock certificate (or identify issuance in book
entry form) representing the number of Reserve Performance Shares determined in accordance with Section 4.4(a) (the “Reserve Certificate”). The Reserve Certificate (or book entry as the case may be) shall not have endorsed
thereon, or be subject to, the legend set forth in Section 7 and the Company shall not retain or otherwise escrow or withhold the Reserve Certificate from Employee pursuant to this Agreement. 

(c) Employee shall have no rights as a shareholder (including voting rights or rights to dividends) with respect to any Reserve
Performance Shares until such time as they are granted pursuant to Section 4.4(a). 
 4.5. Limitation on Total Value of
MC Shares. In determining the total Performance Shares LT and Reserve Performance Shares to be issued, if the value (computed as hereinafter described, the “Computed MC Value”) of the number of Performance Shares LT that would vest
based upon the Vesting Contribution of the Relative TSR/Peer Group plus the number of Reserve Performance Shares granted based upon the Reserve Contribution of the Relative TSR/Peer Group as of the end of the Performance Period (such resulting sum,
the “Provisional MC Shares”) exceeds three times the value (determined as hereinafter described, the “Maximum MC Value”) of the MC Shares as of the Grant Date, then the number of Performance Shares LT and/or Reserve Performance
Shares shall be reduced by a number of Shares equal to (i) the Computed MC Value minus the Maximum MC Value divided by (ii) the Stock Price on the LT Determination Date. The Computed MC Value shall be the result obtained by multiplying the
number of Provisional MC Shares by the Stock Price on the LT Determination Date and the Maximum MC Value shall be the result obtained by multiplying the MC Shares by three times the Stock Price on the Grant Date. 

  
 7 

 4.6. Recoupment. If Employee’s Employment Agreement, as of the date of any
restatement, provides for recoupment of any previously paid compensation related to a restatement, then all Shares received pursuant to this Agreement shall be subject to such recoupment as provided in any policy adopted by Company to comply with
applicable laws, regulations or requirement of the stock exchange(s) upon which Company’s securities are listed and shall not be fully and finally earned for purposes of federal and state wage and hour laws until the applicable recoupment
period has expired. 
 5. Vesting of Shares Upon Change in Employment Status. 

5.1. Termination Without Cause, Resignation With Good Reason, Retirement, or Upon Death or Disability.  

(a) Notwithstanding Sections 3 and 4, if prior to the last date on which any Shares granted could vest, Employee’s employment with
the Company is terminated by Employee due to Good Reason or by the Company for other than Good Cause, or due to death or Disability, then effective as of the date of such termination: 

(i) if such termination occurs before the LT Determination Date, the number of Performance Shares LT that shall vest
pursuant to Section 4 and the number of Reserve Performance Shares that will be issued based upon the Goals LT will be computed in accordance with Section 4 using as the LT Determination Date, the last day of the quarter ending on or
before the Employee’s termination or retirement date and multiplying the number of Shares that would thereby vest by a fraction the numerator of which is the number of whole quarters between January 1, “Year_of_Grant” and the
date of such termination and the denominator of which is sixteen (16); 
 (ii) if such termination occurs before
the ST Determination Date, the number of Performance Shares ST that shall vest pursuant to Section 4 and the number of Reserve Performance Shares that will be issued based upon the Goals ST will be computed in accordance with Section 4
using as the ST Determination Date, the last day of the quarter ending on or before the Employee’s termination or retirement date and multiplying the number of Shares that would thereby vest by a fraction the numerator of which is the number of
whole quarters between January 1, “Year_of_Grant” and the date of such termination and the denominator of which is four (4); 
 (iii) only if (i) or (ii) applies the number of Earned Dividend Shares relating to such subsection (i) or (ii) as the case may be, that vest will equal the number determined pursuant
to Section 10 using the Vesting Contributions as computed in (i) and/or (ii) whichever are applicable, 
 (iv) all unvested Time Vesting Shares shall vest; 
 (v) if the
termination occurs on or after the ST Determination Date, all unvested Performance Shares ST (and any unvested Reserve Performance Shares treated in the same manner as Performance Shares ST as provided in Section 4.4(a)) and the unvested Earned
Dividend Shares issued based upon the Performance Shares ST shall vest; and 

  
 8 

 (vi) if the termination occurs on or after the LT Determination Date, all
unvested Performance Shares LT (and any unvested Reserve Performance Shares treated in the same manner as Performance Shares LT as provided in Section 4.4(a)) and the unvested Earned Dividend Shares issued based upon the Performance Shares LT
shall vest. 
 (b) Notwithstanding Sections 3 and 4, if prior to the last date on which any Shares granted could vest,
Employee’s employment with the Company is terminated by Employee due to his/her retirement on or after the Retirement Age (as defined in the Plan), then effective as of the date of such termination: 

(i) if such termination occurs before the LT Determination Date, the number of Performance Shares LT that shall vest
pursuant to Section 4 and the number of Reserve Performance Shares that will be issued based upon the Goals LT will be computed in accordance with Section 4 using as the LT Determination Date, the last day of the quarter ending on or
before the Employee’s termination date and multiplying the number of Shares that would thereby vest by a fraction the numerator of which is equal to the sum of (A) the number of whole quarters between January 1,
“Year_of_Grant” and the date of such termination plus (B) the product of the number of whole quarters between the retirement date and December 31, “3 Years After Year_of_Grant” multiplied by the “Retirement Vesting
Percentage” (as defined in Section 5.3) and the denominator of which is sixteen (16); 
 (ii) if such
termination occurs before the ST Determination Date, the number of Performance Shares ST that shall vest pursuant to Section 4 and the number of Reserve Performance Shares that will be issued based upon the Goals ST will be computed in
accordance with Section 4 using as the ST Determination Date, the last day of the quarter ending on or before the Employee’s termination or retirement date and multiplying the number of Shares that would thereby vest by a fraction the
numerator of which is equal to the sum of (A) the number of whole quarters between January 1, “Year_of_Grant” and the date of such termination plus (B) the product of the number of whole quarters between the retirement date
and December 31, “ Year_of_Grant” multiplied by the Retirement Vesting Percentage and the denominator of which is four (4); 
 (iii) only if (i) or (ii) applies the number of Earned Dividend Shares relating to such subsection (i) or (ii) as the case may be, that vest will equal the number determined pursuant
to Section 10 using the Vesting Contributions as computed in (i) and/or (ii) whichever are applicable, 
 (iv) all unvested Time Vesting Shares multiplied by the Retirement Vesting Percentage shall vest; 

  
 9 

 (v) if the termination occurs on or after the ST Determination Date, all
unvested Performance Shares ST (and any unvested Reserve Performance Shares treated in the same manner as Performance Shares ST as provided in Section 4.4(a)) and the unvested Earned Dividend Shares issued based upon the Performance Shares ST
shall vest; and 
 (vi) if the termination occurs on or after the LT Determination Date, all unvested Performance
Shares LT (and any unvested Reserve Performance Shares treated in the same manner as Performance Shares LT as provided in Section 4.4(a)) and the unvested Earned Dividend Shares issued based upon the Performance Shares LT shall vest.

 5.2. Termination for Cause or Resignation Without Good Reason. Notwithstanding Sections 3 and 4, if Employee’s
employment with the Company is terminated by the Company for Good Cause or Employee resigns without Good Reason prior to the Performance Vesting Date, all of the then-unvested Shares and any right to any Reserve Performance Shares shall be forfeited
by Employee, ownership of all such unvested Shares shall transfer back to the Company and Employee shall have no further rights with respect to any of such unvested Shares or any Reserve Performance Shares. 

5.3. Retirement Vesting Percentage. The Retirement Vesting Percentage shall mean the percentage determined pursuant to the
following table as adjusted as indicated thereafter: 
  

			
	 Age at Retirement
	  	Retirement Vesting Percentage
	 55
	  	0%
	 56
	  	20%
	 57
	  	40%
	 58
	  	60%
	 59
	  	80%
	 60 and higher
	  	100%

 provided, however, that if Employee’s age at retirement is between the yearly increments set forth in the table
above, the Retirement Vesting Percentage shall be increased based on the number of full months of the Employee’s age between the yearly increments at the rate of 1.667% for each such full month (the result rounded to the nearest one
one-hundredth of a percent). For example, if the Employee’s age at retirement is 58 years and 6 months, the Retirement Vesting Percentage will be 70%; if the Employee’s age at retirement is 58 years and 8 months, the Retirement Vesting
Percentage will be 73.34%. 
 5.4. Termination Following a Change of Control. If within 12 months after the effective
date of a Change of Control (as defined in the Employment Agreement) Employee’s employment with (i) the Company, (ii) an affiliate of the Company (as such term is defined in the Exchange Act) or (iii) such entity that the Company
has merged or consolidated with or an affiliate (as such term is defined in the Exchange Act) of such entity (such entity or affiliate in (i), (ii) or (iii), the “Continuing Employer”) is terminated by Employee for Good Reason
or by 

  
 10 

 
the Continuing Employer without Good Cause, then, notwithstanding Sections 3, 4 and 10, 100% of the then-unvested Shares (including unvested Time Vesting Shares, Performance Shares LT and
Performance Shares ST), all Reserve Performance Shares that are to be treated the same as Performance Shares ST and all Earned Dividend Shares that would have been issued as of such date had such date been the date for issuing Earned Dividend Shares
with respect to either Performance Shares LT or Performance Shares ST shall automatically vest on the date of such termination of employment, provided, however, that, if prior to such termination the Shares shall have been exchanged or
converted into the right to receive other securities, cash or property, whether pursuant to a merger, consolidation or sale of all or substantially all of the assets of the Company (a “Conversion Event”), then each Share that could
vest pursuant to this Section 5.4 shall immediately after such Conversion Event represent the right to receive such other securities, cash or property that Employee would have received or been entitled to had such Shares been outstanding
immediately prior to such Conversion Event. Employee and Company agree that any termination of Employee’s Employment Agreement with the Company attendant to any Change in Control in which Employee is, in connection with such Change in Control,
hired as an employee of a Continuing Employer and retains substantially the same economic rights as contained in this Agreement shall not be deemed a termination of Employee’s Employment Agreement with a Continuing Employer for purposes of this
Section 5.4 unless Employee resigns following the Change of Control for Good Reason. 
 6. Restrictions Period. The
period of time between the Grant Date and the date Shares become vested is referred to herein as the “Restriction Period.” Until a Share becomes vested in accordance with Section 3, 4 or 5, neither such Share nor any beneficial
interest therein shall be sold, transferred, assigned, pledged, encumbered or otherwise disposed of in any way at any time (including, without limitation, by operation of law) other than (i) to the Company or its assignees or (ii), after
written notice to the Company identifying the transferee to the reasonable satisfaction of the Company, to an intervivos or testamentary trust for the benefit of the Employee and/or the Employee’s spouse during the Employee’s life or to
such other person or persons (individually or as trustee or trustees of a trust), for estate planning or gifting purposes, as the Committee may specifically approve. Any permitted transferee of Shares or any interest therein shall be required as a
condition of such transfer to agree in writing, in form satisfactory to the Company, that it shall receive and hold such Share or interest subject to the provisions of this Agreement, including but not limited to the forfeiture provisions hereof.
For purposes of this Agreement, the term “Employee” shall include such a permitted transferee when appropriate in settlement thereof. Company shall have no obligation to deliver Shares until the tax withholding obligations of the Company
have been satisfied by Employee. 
 7. Legend. All certificates representing any Shares which are not vested shall have
endorsed thereon during the Restriction Period the following legend: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION. 

  
 11 

 8. Retention of Certificate. The certificate or certificates evidencing any of the
unvested Shares shall be deposited with the Secretary of the Company. The Shares may also be held in a restricted book entry account in the name of Employee. Such certificates or such book entry shares are to be held by the Company until termination
of the Restriction Period, when they shall be released by the Company to Employee, provided that, if the number of the Shares ultimately vested in Employee as of the Vesting Determination Date is different than the Grant Amount, then the
certificate originally issued shall be cancelled and a new certificate representing the number of the Shares that have vested in Employee shall be delivered to Employee and all of the unvested Shares outstanding immediately after the Vesting
Determination Date shall be forfeited by Employee, ownership of all such unvested Shares shall transfer back to the Company and Employee shall have no further rights with respect to any of such unvested Shares. 

9. Employee Shareholder Rights. During the Restriction Period, Employees who are in continuous service with the Company shall have
all of the rights of a shareholder with respect to unvested Shares except that Employee shall have no right to transfer the Shares other than to the limited extent set forth in Section 6 and the right to receive dividends with respect to the
Performance Shares shall be modified and subject to vesting as provided in Section 10. Employee shall have the right (i) to vote all Shares other than, prior to the ST Determination Date, the Earned Dividend Shares issued based upon the
Performance Shares ST and, prior to the Performance Vesting Date, Earned Dividend Shares issued based upon the Performance Shares LT and (ii) to receive dividends on (A) all Time Vesting Shares and, (B) from and after the ST
Determination Date, all Performance Shares ST, Reserved Performance Shares to be treated as Performance Shares ST and all Earned Dividend Shares issued with respect to the Performance Shares ST, and (C) from and after the Performance Vesting
Date, all Performance Shares LT, Reserved Performance Shares to be treated the same as Performance Shares LT and all Earned Dividend Shares issued with respect to Performance Shares LT such dividends to be paid on the date of payment of dividends as
declared by the Company (each a “Payment Date”), provided that the Employee’s employment with the Company has not terminated prior to the Payment Date. 
 10. Dividends on Performance Shares and Reserve Performance Shares. If the Company shall declare a cash dividend on Shares at any time during the Performance Period with respect to Performance
Shares LT, or prior to the ST Determination Date with respect to Performance Shares ST, then the Performance Shares LT or the Performance Shares ST, as the case may be, shall not receive such dividend; however, the number of Shares subject to this
Agreement shall be increased by and the Company shall issue to Employee (subject to Section 8) immediately after such dividend a number of Shares equal to (x) the amount of cash dividends that would otherwise have been payable with respect
to each Performance Share LT and Performance Shares ST granted to Employee pursuant to this Agreement, had they been vested and free of restrictions on the Payment Date divided by (y) the closing price of a Share on the applicable
Payment Date The number of incremental Shares which are so issued by virtue of this Section 10 (the “Earned Dividend Shares”) shall be treated separately from the Performance Shares LT prior to the LT Determination Date
and the Performance Shares ST prior to the ST Determination Date and are issuable in lieu of any cash dividend on the Performance Shares LT prior to the LT Determination Date and, prior to the ST Determination Date on the Performance Shares
ST. Earned Dividend Shares issued on the Performance Shares LT shall vest on the same dates and in the same percentage as the Performance Shares LT in an amount equal to the Aggregate Vesting Contribution LT, multiplied by (Y) the Earned
Dividend Shares issued on the 

  
 12 

 
Performance Shares LT. Earned Dividend Shares issued on the Performance Shares ST shall vest on the same dates and in the same percentages as the Performance Shares ST in an amount equal to
the Aggregate Vesting Contribution ST multiplied by (Y) the Earned Dividend Shares issued on the Performance Shares ST. If, at any time, it is determined that any Reserve Performance Shares are to be granted and/or issued, then Earned Dividend
Shares shall be granted and/or issued as though such Reserve Performance Shares were Performance Shares ST or Performance Shares LT, as the case may be and shall for all purposes be treated as Earned Dividend Shares granted and/or issued with
respect to Performance Shares ST or Performance Shares LT, as the case may be. Prior to (i) the ST Determination Date with respect to Earned Dividend Shares issued with respect to the Performance Shares ST and (ii) the LT Determination
Date with respect to Earned Dividend Shares issued with respect to the Performance Shares LT, no dividends shall be payable on Earned Dividend Shares, Employee shall have no right as a shareholder with respect to the Earned Dividend Shares nor shall
the provisions of this Section 10 relating to increasing the number of shares based upon dividend payments on the Performance Shares LT and Performance Shares ST apply to such Earned Dividend Shares. After the ST Determination Date with respect
to Earned Dividend Shares granted with respect to Performance Shares ST and Reserve Performance Shares granted based upon the Goals ST and After the LT Determination Date with respect to Earned Dividend Shares granted with respect to Performance
Shares LT and Reserve Performance Shares granted based upon the Goals LT shall be entitled to receive dividends and otherwise be treated as any other Shares granted pursuant to this Agreement. 

11. Changes in Capitalization. Awards shall be subject to adjustment as provided in Section 6.4 of the Plan. 

12. Taxes. Employee shall be liable for any and all taxes, including withholding taxes, arising out of the grant, issuance or
vesting of Shares or any grant or issuance of Reserve Performance Shares or Earned Dividend Shares hereunder. Employee in accordance with procedures, if any, as may be established from time to time by the Committee, all such withholding tax
obligation shall be satisfied by having the Company retain from Shares otherwise deliverable having a fair market value equal to the Company’s minimum withholding obligation. 

13. Fractional Shares. The Company shall not be required to deliver any fractional Shares that may vest or become issuable
pursuant to this Agreement or record or issue any fractional Share that may be issuable pursuant to Section 10 or 11. In lieu of any delivery, recordation or issuance of any such fractional Share, the Company shall, at such time as such
fractional Share would otherwise be deliverable, subject to recording or issuable, pay to Employee an amount in cash (rounded to the nearest whole cent) equal to product of (x) the Stock Price at such time multiplied by (y) the
fraction of a Share to which Employee would otherwise be entitled. 
 14. Miscellaneous. 

14.1. 83(b) Election. Employee understands that Section 83(a) of the Code, taxes as ordinary income the fair market value of
the Shares as of the date that such Shares vest in accordance with this Agreement. Employee understands that Employee may elect to be taxed 

  
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at the time that Shares are granted, rather than when and as vesting occurs, by filing an election under Section 83(b) (an “83(b) Election”) of the Code with the Internal Revenue
Service within thirty (30) days from the date of the grant of the Shares. Employee understands that, if an 83(b) Election is made, an additional copy of such 83(b) Election is required to be filed with his/her federal income tax return for the
calendar year in which the grant occurs and must also provide a copy to the Company. Employee acknowledges and understands that it is the Employee’s sole decision, obligation, and responsibility whether or not to file such 83(b) Election, and
neither the Company nor the Company’s legal or financial advisors shall have any obligation or responsibility with respect to such filing nor shall the Company or the Company’s legal or financial advisors have any obligation or
responsibility with respect to the Employee’s decision to make or not make an 83(b) election. Employee further acknowledges that the Company has directed the Employee to seek independent advice regarding the applicable provisions of the Code,
the income tax laws of any municipality, or state in which the Employee may reside. 
 14.2. Transfers in Violation of
Restrictions. The Company shall not be required (i) to transfer on its books any Shares which shall have been sold or transferred in violation of any of the provisions set forth in this Agreement, or (ii) to treat as owner of such
shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such shares shall have been so transferred. 
 14.3. Further Assurances. The parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement. 

14.4. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon
delivery to Employee at such Employee’s address then on file with the Company. 
 14.5. No Employment Guarantee.
Neither the Plan nor this Agreement nor any provisions under either shall be construed so as to grant Employee any right to remain in the employ of the Company and neither alters Employee’s at-will status. 

14.6. Arbitration. This Agreement shall be governed by the arbitration provisions of the Employment Agreement, including the
provision relating to recovery of reasonable attorneys’ fees, costs, and expense. 
 [Remainder of Page Intentionally
Left Blank] 

  
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 14.7. Entire Agreement. This Agreement, including the Plan, and the Employment
Agreement constitute the entire agreement of the parties with respect to the subject matter hereof. 
 14.8. Acknowledgement
Regarding SOX Section 304. If Employee is the Chief Executive Officer, President or Chief Financial Officer, Employee acknowledges that the Shares that may vest, the Reserve Performance Shares that may be granted pursuant to this Agreement
and the Earned Dividend Shares may be subject to forfeiture or Employee may be required to reimburse the Company for the value of such Shares, Reserve Performance Shares, or Earned Dividend Shares, if applicable, pursuant to Section 304 of the
Sarbanes-Oxley Act of 2002, if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under federal securities law.

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

 

					
	BRE PROPERTIES, INC.	 		 	EMPLOYEE
			
	 	 		 	 
	«Signature»	 		 	«Name»
	«Title»	 		 	

  
 15 

 EXHIBIT A 

GOALS AND PERFORMANCE METRICS

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