Document:

Form of Restructuring Support Agreement, dated March 13, 2012

 Exhibit 10.1 
 EXECUTION VERSION 
 RESTRUCTURING SUPPORT AGREEMENT 

This RESTRUCTURING SUPPORT AGREEMENT (as may be amended, supplemented or otherwise modified as provided herein, the
“RSA”), dated as of March 13, 2012, is by and between Penson Worldwide Inc. (the “Company”), a corporation duly organized and existing under the laws of the State of Delaware, Penson Financial Services, Inc.
(“PFSI”), and each of their respective subsidiaries and any successors thereto (collectively with the Company and PFSI, the “Company Parties”) and the holders set forth on the signature pages hereto of the
(i) 12.5% senior second lien secured notes due 2017 (the “Senior Secured Notes”) issued under the Indenture, dated as of May 6, 2010 (as amended, supplemented, or modified from time to time, the “Secured Notes
Indenture”), by and between the Company, as issuer, certain guarantors thereunder, and U.S. Bank National Association, as Indenture Trustee, in the aggregate principal amount of $200,000,000.00; (ii) 8.00% senior convertible notes due
2014 (the “Convertible Notes”) issued under the Indenture, dated as of June 3, 2009 (as amended, supplemented, or modified from time to time, the “Convertible Notes Indenture”), by and between the Company, as
issuer, and U.S. Bank National Association, as Indenture Trustee, in the aggregate principal amount of $60,000,000; and (iii) subordinated unsecured note due June 25, 2015 (as amended, supplemented, or modified from time to time, the
“Broadridge Seller Note”) payable by the Company to Broadridge Financial Solutions, Inc. (together with its subsidiaries and affiliates, “Broadridge”), in the original principal amount of $20,578,155 (collectively,
the “Initial Exchanging Holders” and each holder of the Senior Secured Notes, the Convertible Notes and Broadridge Seller Note generally referred to as a “Noteholder” and collectively, as the
“Noteholders”). The Initial Exchanging Holders, the Company Parties, and each other Noteholder that becomes a party hereto in accordance with the terms hereof (collectively with the Initial Exchanging Holders, the “Exchanging
Holders”) shall be referred to herein individually as a “Party” and, collectively, as the “Parties.” Capitalized terms not herein defined shall have the meanings set forth in the Restructuring Term Sheet
(as defined below). References herein to percentage of Exchanging Holders refer to the principal amount of the Notes held by such Exchanging Holders. 
 RECITALS 
 WHEREAS, prior to the date hereof, representatives
of the Company Parties and certain Exchanging Holders have discussed consummating a financial restructuring (the “Restructuring”) of the Company Parties’ consolidated indebtedness and other obligations on principal terms
consistent with those set forth in this RSA and the Restructuring Term Sheet, attached hereto as Exhibit A and expressly incorporated by reference herein and made a part of this RSA as if fully set forth herein (as it may be amended,
supplemented or otherwise modified as provided herein, the “Restructuring Term Sheet”); 
 WHEREAS, the
Restructuring contemplates an out-of-court exchange offer consisting of an issuance of (i) up to $100 million of New First Lien Notes (as defined below) and at least $100 million of Series A Senior Preferred Stock (as defined below) in

 
exchange for $200 million of the outstanding Senior Secured Notes, (ii) $5 million of New First Lien Notes (as defined below), $20 million of Series A Senior Preferred Stock (as defined
below), $35 million of Series B Preferred Stock (as defined below) and shares of common stock of the Company (“Common Stock”) representing 51.6% of the aggregate outstanding Common Stock in exchange for $60 million of the
outstanding Convertible Notes, (iii) shares of Common Stock representing 9.9% of the aggregate outstanding Common Stock in exchange for the Broadridge Seller Note, and (iv) such other transactions related to the Restructuring as set forth
in the Restructuring Term Sheet; 
 WHEREAS, the Parties have engaged in good faith negotiations with the objective of
reaching an agreement with respect to the Restructuring. Each Party has reviewed or has had the opportunity to review this RSA and the Restructuring Term Sheet with the assistance of professional legal advisors of its own choosing; 

WHEREAS, subject to the execution of the Definitive Documentation (as defined below), the following sets forth the agreement among
the Parties concerning their support, subject to the terms and conditions hereof and thereof and in the Restructuring Term Sheet, to implement the Restructuring. In the event the terms and conditions as set forth in the Restructuring Term Sheet and
this RSA are inconsistent, the terms and conditions contained in the Restructuring Term Sheet shall control. 

AGREEMENT 
 NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Party,
intending to be legally bound hereby, agrees as follows: 
  

	1.	Definitions. The following terms shall have the following definitions: 

 “Affiliate” means, with respect to any Person, any other Person which directly or indirectly controls, or is under common control with, or is controlled by, such Person. As used in this
definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean, with respect to any Person, the possession, directly or indirectly, of
power to direct or cause the direction of management or policies (whether through ownership of securities or partnership, limited liability company or other ownership interests, by contract or otherwise) of such Person. 

“Affiliated Transferee” means with respect to the Exchanging Holder, any entity that, as of the date an Exchanging Holder
becomes a Party to this RSA, is an Affiliate of such Exchanging Holder and, as of the date of any transfer of such Exchanging Holder’s notes to such Affiliate, continues to be an Affiliate of that Exchanging Holder. 

  
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 “Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C.
§§ 101–1532. 
 “Broadridge” has the meaning in the preamble hereof. 

“Broadridge Seller Note” has the meaning in the preamble hereof. 

“Business Day” means any day other than Saturday, Sunday and any day that is a legal holiday or a day on which the New
York Stock Exchange and banking institutions in New York, New York are authorized by law or other governmental action to close. 
 “Common Stock” has the meaning set forth in the recitals hereof. 

“Company” has the meaning set forth in the preamble hereof. 

“Company Parties” has the meaning set forth in the preamble hereof. 

“Confidentiality Agreement” means the separate confidentiality agreements between each Exchanging Holder, the Company
and/or PFSI. 
 “Consent Solicitation” means the proposed solicitation of consents from Noteholders in
connection with the Exchange Offer to amend certain covenants, events of default, and related provisions of the Secured Notes Indenture and/or Convertible Notes Indenture, as applicable, and as described in the Restructuring Term Sheet. 

“Controlled Affiliate” means, with respect to any Noteholder, any other person that is controlled by such Noteholder or
that serves as investment adviser for such Noteholder. 
 “Convertible Notes Indenture” has the meaning set
forth in the preamble herein. 
 “Critical Dates” has the meaning set forth in Section 5.8 hereof.

 “Definitive Documentation” means this RSA and such other documentation relating to the Restructuring, Consent
Solicitation, and Exchange Offer as is necessary to consummate the Restructuring, including the modifications to the Broadridge Master Services Agreement and schedules thereto provided for in Exhibit A to the Restructuring Term Sheet, (i) all
on the same economic terms set forth in the Restructuring Term Sheet and (ii) otherwise in all material respects consistent with the terms set forth in the Restructuring Term Sheet and reasonably acceptable to the Company Parties, the Requisite
Exchanging Holders and Broadridge. 
 “Effective Date” means the date on which the Exchange Offer is completed
and the transactions described herein are consummated. 

  
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 “Exchange Offer” means the proposed tender offer of (i) the Senior
Secured Notes in exchange for up to $100 million in aggregate principal amount of the New First Lien Notes and at least $100 million in Series A Senior Preferred Stock (with such amounts subject to adjustment), and (ii) Convertible Notes in
exchange for $5 million of the New First Lien Notes, $20 million of Series A Senior Preferred Stock, $35 million of Series B Preferred Stock and shares of Common Stock of the Company representing 51.6% of the Common Stock of the Company, as provided
for and on the terms set forth in the Restructuring Term Sheet and, as applicable, the Consent Solicitation. 

“Exchanging Holder” means a Noteholder that becomes a party to the RSA. 

“Exchanging Holders” has the meaning set forth in the preamble hereof. 

“Indenture Trustee” means the indenture trustee to the Senior Secured Notes or Convertible Notes, as applicable.

 “Initial Exchanging Holders” has the meaning set forth in the preamble hereof. 

“Launch Date” means the date on which the Company shall commence the Exchange Offer, which shall be at least twenty
(20) Business Days prior to the anticipated Effective Date. 
 “Material Adverse Change” means, when used
with respect to a person, except as publicly disclosed to the Exchanging Holders prior to the date hereof, any change, effect, event or occurrence that, individually or in the aggregate, has had or would reasonably be expected to have a material
adverse effect on (i) the business, financial condition, or operations of the Company and PFSI (or any respective successor thereto) and their consolidated subsidiaries, (ii) the assets, liabilities, properties, results of operations or
condition (financial or otherwise) of the Company and PFSI and their consolidated subsidiaries or (iii) the financial or other ability of the Company to perform its obligations hereunder, provided, however, that anything disclosed
in the Company’s Form 10-K for 2011 shall not be considered a MAC unless the Exchanging Holders so notify the Company within five (5) business days of the release thereof. 

“New First Lien Notes” means up to $105 million in aggregate principal amount of newly-issued senior secured notes issued
in connection with the Exchange Offer on terms set forth in the Restructuring Term Sheet. 
 “Noteholder(s)” has
the meaning set forth in the preamble hereof. 
 “Party” or “Parties” has the meaning set
forth in the preamble hereto. 
 “Person” means an individual, a partnership, a joint venture, a limited
liability company, a corporation, a trust, an unincorporated organization, a group or any legal entity or association. 

  
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 “PFSI” has the meaning set forth in the preamble hereto. 

“Requisite Exchanging Holders” means, collectively, (i) the Requisite Secured Exchanging Holders, and (ii) the
Requisite Convertible Exchanging Holders. 
 “Requisite Convertible Exchanging Holders” means holders of the
Convertible Notes who collectively hold not less than 50% of the principal amount of the Convertible Notes. 
 “Requisite
Secured Exchanging Holders” means holders of the Senior Secured Notes who collectively hold not less than 50% of the principal amount of the Senior Secured Notes. 
 “Restructuring Term Sheet” has the meaning set forth in the recitals hereto. 
 “Restructuring” has the meaning set forth in the recitals hereto. 

“Securities Act” means Securities Act of 1933, as amended. 

“Secured Notes Indenture” has the meaning set forth in the preamble herein. 

“Series A Senior Preferred Stock” means Series A senior preferred stock issued by the Company in connection with the
Restructuring on terms set forth in the Restructuring Term Sheet. 
 “Series B Preferred Stock” means Series B
preferred stock issued by the Company in connection with the Restructuring on terms set forth in the Restructuring Term Sheet. 

“Termination Date” has the meaning set forth in Section 5.8 hereof. 

“Termination Event” has the meaning set forth in Section 5 hereof. 

“Transfer” has the meaning set forth in Section 3(b). 
 2. Effectuating the Restructuring. As long as a Termination Event has not occurred, subject to (i) the terms and conditions of this RSA and (ii) the terms and conditions set forth in the
Restructuring Term Sheet, the Parties shall use their commercially reasonable efforts to: 
  

	 	(a)	effectuate and consummate the Restructuring on the terms described in this RSA and the Restructuring Term Sheet; 

 

	 	(b)	implement the Exchange Offer and the Consent Solicitation; 

  

	 	(c)	obtain all necessary approvals and consents for the Restructuring from all requisite governmental authorities and third parties; 

  
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	 	(d)	complete each of the other transactions as contemplated by the Restructuring Term Sheet; and 

 

	 	(e)	take no actions inconsistent with this RSA, the Restructuring Term Sheet, and any other Definitive Documentation or the expeditious consummation of the Restructuring.

 Without limiting any other provision hereof, as long as a Termination Event has not occurred, each Party hereby
agrees to negotiate and cooperate in good faith in respect of all matters concerning the implementation and consummation of the Restructuring. Furthermore, as long as a Termination Event has not occurred, each Party shall take such action (including
executing and delivering any Definitive Documentation and making and filing any required regulatory filings) as may be reasonably necessary to carry out the purposes and intent of this RSA. 
 3. Agreements of Exchanging Holders. Subject to (i) the terms and conditions of this RSA and (ii) the terms and conditions set forth in the Restructuring Term Sheet, as applicable,
each Exchanging Holder agrees that: 
  

	 	(a)	as long as a Termination Event (as defined herein) has not occurred or has occurred but has been duly waived in accordance with the terms hereof, so long as it is the
legal owner, beneficial owner and/or the investment advisor or manager of or with power and/or authority to bind any Noteholder, (x) it shall (and shall cause each of its Controlled Affiliates, subsidiaries, representatives, agents and
employees to) use its commercially reasonable efforts to support the Restructuring and (i) for Noteholders other than Broadridge, to validly tender and not withdraw such tender in the Exchange Offer of all Senior Secured Notes and/or
Convertible Notes, as applicable, as to which it is the legal owner, beneficial owner or otherwise has the power and/or authority to bind any Noteholder; (ii) for Noteholders other than Broadridge, to deliver consents with respect to all such
Senior Secured Notes and/or Convertible Notes, as applicable, in the Consent Solicitation if consistent with the terms set forth in the Restructuring Term Sheet; and (iii) take no actions inconsistent with the RSA, the Restructuring Term Sheet,
and any other related documents or the expeditious consummation of the Restructuring and (y) Broadridge shall cancel and discharge the Broadridge Seller Note; 

 

	 	(b)	 as long as a Termination Event (as defined herein) has not occurred or has occurred but has been duly waived in accordance with the terms hereof, it
shall not (and shall cause each of its Controlled Affiliates, subsidiaries, representatives, agents, and employees not to) sell, transfer or assign, or grant, issue or sell any option, right to acquire, voting participation or other interest in
(each, a “Transfer”) any Senior Secured Notes, Convertible Notes or the Broadridge Seller Note, as applicable, unless the following criteria are met: (i) the transferor Exchanging Holder notifies Paul, Weiss, Rifkind,
Wharton & Garrison LLP (“Paul, Weiss”) of 

  
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the Transfer and the principal amount of Senior Secured Notes or Convertible Notes, as applicable, to be transferred thereby; and (ii) the transferee party first agrees in writing to be
subject to the terms and conditions of the RSA as an “Exchanging Holder,” and executes a counterpart signature page to the RSA. Any Transfer that does not comply with the foregoing shall be deemed void ab initio. This RSA shall in no way
be construed to preclude the Exchanging Holders from acquiring additional Senior Secured Notes or Convertible Notes, as applicable, provided that any such additional Senior Secured Notes or Convertible Notes, as applicable, shall
automatically be deemed to be subject to the terms of the RSA. In addition, for so long as the RSA has not been terminated in accordance with its terms, an Exchanging Holder may offer, sell or otherwise transfer any or all of its Senior Secured
Notes and/or Convertible Notes to any Affiliated Transferee, who shall be automatically deemed bound by this RSA as an Exchanging Holder; provided, however, Paul, Weiss shall be provided prompt notice of any such offer, sale, or
transfer; provided further that if any Exchanging Holder sells or otherwise transfers all of its notes in accordance with this subsection (b) such that it is no longer a Noteholder, such Exchanging Holder shall no longer have any
obligations hereunder. 
  

	 	(c)	as long as a Termination Event (defined herein) has not occurred or has occurred but has been duly waived in accordance with the terms hereof, Broadridge shall not
transfer, pledge, convert or otherwise alter its legal and economic interest in the Broadridge Seller Note (except in accordance with the terms of this RSA and the Restructuring Term Sheet); 

 

	 	(d)	all Definitive Documentation shall be in form and substance acceptable to the Company Parties in their reasonable discretion; and 

 

	 	(e)	 as long as a Termination Event (as defined herein) has not occurred or has occurred but has been duly waived in accordance with the terms hereof,
(i) if an Exchanging Holder is a holder of the Senior Secured Notes, it shall not (a) direct the Indenture Trustee under the Secured Notes Indenture to pursue any right, remedy or claim (including, without limitation, the acceleration of
any obligation owing in respect of the Senior Secured Notes) for a default of payment obligations under the Secured Notes Indenture against the Company or the guarantors thereunder or its or their respective property or interest in property or
(b) initiate, or have initiated on its behalf, any litigation or proceeding of any kind with respect to a default of payment obligations under the Secured Notes Indenture and the Senior Secured Notes other than to enforce this RSA; (ii) if
an Exchanging Holder is a holder of the Convertible Notes, it shall not (a) direct the Indenture Trustee under the Convertible Notes Indenture to pursue any right, remedy or claim (including, without limitation, the acceleration of any
obligation owing in respect of the Convertible Notes) for a default of payment obligations under the 

  
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Convertible Notes Indenture against the Company or the guarantors thereunder or its or their respective property or interest in property or (b) initiate, or have initiated on its behalf, any
litigation or proceeding of any kind with respect to a default of payment obligations under the Convertible Notes Indenture and the Convertible Notes other than to enforce this RSA; and (iii) to the extent an Exchanging Holder is a holder of
the Broadridge Seller Note, it shall not (a) pursue any right, remedy or claim under the Broadridge Seller Note (including, without limitation, the acceleration of any obligation owing in respect of the Broadridge Seller Note) against the
Company or the guarantors thereunder or its or their respective property or interest in property or (b) initiate, or have initiated on its behalf, any litigation or proceeding of any kind with respect to the obligations under the Broadridge
Seller Note other than to enforce this RSA. 
  

	 	(f)	Notwithstanding anything else in this agreement, except with respect to any current or threatened potential default of payment obligations, no Exchanging Holder waives,
releases or otherwise compromises any rights, claims or causes of action it may have against any person or entity under or related to the Secured Notes Indenture, the Senior Secured Notes, the Convertible Notes Indenture, the Convertible Notes, or
otherwise. 

 4. Agreement of the Company. Subject to (i) the terms and conditions of this RSA and (ii) the terms
and conditions set forth in the Restructuring Term Sheet, as applicable, the Company Parties, until execution of Definitive Documentation: 
  

	 	(a)	agree to use commercially reasonable efforts to (i) support and complete the Restructuring and all other actions contemplated in connection therewith,
(ii) take any and all necessary and appropriate actions in furtherance of the Restructuring, (iii) obtain any and all required regulatory approvals and third-party approvals for the Restructuring, and (iv) not take any actions
inconsistent with this RSA, the Restructuring Term Sheet and any other related documents executed by the Company or the expeditious consummation of the Restructuring. 

 

	 	(b)	shall not, directly or indirectly, seek, solicit, negotiate, support or engage in any discussions relating to, or enter into any agreements relating to, any alternative
proposal other than the Restructuring, nor shall the Company Parties solicit or direct any person or entity, including, without limitation, any member of the Company’s board of directors or any holder of equity in the Company, to undertake any
of the foregoing. 

  

	 	(c)	agree that all Definitive Documentation shall be consistent with, and approved in accordance with, the Restructuring Term Sheet and in form and substance acceptable to
the Requisite Secured Exchanging Holders and/or the Requisite Convertible Exchanging Holders, as applicable, each in their reasonable discretion. 

  
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	 	(d)	agree to pay all reasonable and documented fees and expenses of (i) Fried, Frank, Harris, Shriver & Jacobson LLP and Alvarez & Marsal, advisors
to certain holders of Senior Secured Notes and (ii) Sidley Austin LLP and Macquarie Capital (USA) Inc., advisors to certain holders of Convertible Notes, in each case in accordance with the terms of their existing engagement or fee letters.

  

	 	(e)	shall not modify or amend any of the organizational documents of the Company except as required in connection with any existing obligations under equity-based employee
compensation plans; 

  

	 	(f)	shall not issue, or authorize the issuance of, any equity securities of the Company except securities issued in the ordinary course pursuant to existing equity-based
compensation plans; 

  

	 	(g)	shall not split, combine, redeem or reclassify, or purchase or otherwise acquire any equity securities of the Company, as applicable; 

 

	 	(h)	shall not declare or pay any non-cash dividend or make any non-cash distribution in respect of any equity securities; 

 

	 	(i)	shall not incur or suffer to exist any indebtedness except for working capital borrowings incurred by the Company in the ordinary course of business and consistent with
past practice; 

  

	 	(j)	shall not divest, sell, lease, transfer, assign, or otherwise dispose of, or encumber any assets of the Company, other than the sales of products or services in the
ordinary course of business and consistent with past practice or previously disclosed sales of foreign or related assets; 

  

	 	(k)	shall not amend, modify or terminate any material contract, other than in the ordinary course of business, except for any amendments, modifications or terminations to
achieve cost savings; 

  

	 	(l)	shall not make any material change in the rate of compensation, commission, bonus, or other direct or indirect remuneration payable, or agree to pay, conditionally or
otherwise, any bonus, incentive, retention, change in control payment or other compensation, retirement, welfare, fringe or severance benefit or vacation pay, to or in respect of any employee, officer or director of the Company, except in the
ordinary course of business and consistent with past practice and in connection with the replacement of the chief financial officer, provided that the terms of such replacement have been disclosed to the Requisite Exchanging Holders ;

  
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	 	(m)	shall not enter into or adopt any material employee benefit plan or employment or severance agreement, or amend any material employee benefit plan, except to the extent
required by Law or the terms of the applicable plan; 

  

	 	(n)	shall not authorize, agree, resolve or consent to any of the foregoing; 

  

	 	(o)	shall (A) obtain (i) the waiver of any shareholder vote requirement under NASDAQ Listing Rule 5365 in accordance with Paragraph (f) thereof and
(ii) a determination from NASDAQ, Inc. that NASDAQ Listing Rule 5640 and related Policy IM-5640 shall not be applicable to the issuance of the Series A Senior Preferred Stock as contemplated under this RSA and the Restructuring Term Sheet or
(B) delist from NASDAQ, Inc.; 

  

	 	(p)	shall notify the Requisite Exchanging Holders immediately in writing of any breach of its obligations under the RSA or the Restructuring Term Sheet; and

  

	 	(q)	agree that any Exchanging Holder that sells or otherwise transfers all of its notes in accordance with Section 3(b) hereof such that it is no longer a Noteholder
shall no longer have any obligations hereunder. 

  

	5.	Termination. 

 Subject to
Sections 5.8 and 5.10, this RSA may be terminated upon written notice of the occurrence of any of the following events by any Party electing to terminate to the other Parties (each a “Termination Event”): 

5.1 by the Requisite Secured Exchanging Holders, the Requisite Convertible Exchanging Holders or Broadridge: 

 

	 	(a)	if the Company Parties shall have breached any of their obligations under the RSA or the Restructuring Term Sheet as set forth herein in any material respect, which
breach remains uncured for a period of two (2) business days after the receipt of written notice of such breach from the Requisite Secured Exchanging Holders, the Requisite Convertible Exchanging Holders and/or Broadridge;

  

	 	(b)	if any conditions in the RSA or Restructuring Term Sheet are not satisfied when required to be satisfied, or become incapable of being satisfied, in the reasonable
discretion of the Requisite Secured Exchanging Holders, the Requisite Convertible Exchanging Holders, and/or Broadridge, as applicable, which conditions remain unsatisfied for a period of two (2) business days after the receipt of written
notice thereof from the Requisite Secured Exchanging Holders, the Requisite Convertible Exchanging Holders and/or Broadridge; 

  
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	 	(c)	if the Definitive Documentation does not materially conform in all respects to the Restructuring Term Sheet unless otherwise agreed by the Requisite Secured Exchanging
Holders, the Requisite Convertible Exchanging Holders, and Broadridge, as applicable; 

  

	 	(d)	if the Company fails to launch the Exchange Offer, on terms and conditions described herein and in the Restructuring Term Sheet, by May 14, 2012;

  

	 	(e)	if the Company fails to consummate the Exchange Offer, on terms and conditions described herein and in the Restructuring Term Sheet, by June 29, 2012;

  

	 	(f)	if the Indenture Trustee under the Secured Notes Indentures or Convertible Notes Indenture, as applicable, objects in any respect to or takes action that could
adversely affect the consummation of any of the transactions contemplated by the Restructuring and takes action that challenges the validity or effectiveness of the procedures used by the Company in the making of the Exchange Offer or the Consent
Solicitation; 

  

	 	(g)	if a Material Adverse Change occurs; 

  

	 	(h)	if PFSI or any other regulated entity controlled by PWI (indirectly or otherwise) should be required to send “notice” pursuant to any provision of Securities
Exchange Act Rule 17a-11 and in accordance with paragraph (g) thereof, pursuant to U.S. Commodity Futures Trading Commission Regulation 1.12 or any similar securities regulations to which PFSI or any other regulated entity controlled by PWI
(indirectly or otherwise) is subject; 

  

	 	(i)	if any court of competent jurisdiction or other competent governmental or regulatory authority shall have issued an order making illegal or otherwise restricting,
preventing, or prohibiting the Restructuring in a material way that cannot be reasonably remedied by the Parties. 

  

	 	5.2	by the Company Parties: 

  

	 	(a)	if an Exchanging Holder or Broadridge shall have breached any of its material obligations under the RSA or the Restructuring Term Sheet as set forth herein or therein
in any material respect, which breach remains uncured for a period of ten (10) business days after the receipt of written notice of such breach from the Company; provided that the Termination Event arising as a result of such breach
shall apply only to such Exchanging Holder and this RSA shall otherwise remain in full force and effect, so long as the Requisite Exchanging Holders and Broadridge have not breached the RSA, with respect to the Company Parties, Broadridge and all
other Exchanging Holders; 

  
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	 	(b)	if an Exchanging Holder or Broadridge has failed to comply with its obligations in Section 3(a) of this RSA; 

 

	 	(c)	if any court of competent jurisdiction or other competent governmental or regulatory authority shall have issued an order making illegal or otherwise restricting,
preventing, or prohibiting the Restructuring in a material way that cannot be reasonably remedied by the Parties; or 

  

	 	(d)	if the Board of Directors of the Company determine in good faith that, after consultation with its financial advisors and upon advice of its outside legal counsel,
continued performance under this RSA would be inconsistent with the exercise of fiduciary duties under applicable law; or 

 5.3 by the Requisite Secured Exchanging Holders or Broadridge, if the Requisite Convertible Exchanging Holders shall have breached any of their material obligations under the RSA or the Restructuring Term
Sheet as set forth herein or therein that would have a material adverse effect on the Requisite Secured Exchanging Holders or the consummation of the Restructuring, which breach remains uncured for a period of ten (10) Business Days after the
receipt of written notice of such breach from the Requisite Secured Exchanging Holders and/or Broadridge. 
 5.4 by the
Requisite Convertible Exchanging Holders or Broadridge, if the Requisite Secured Exchanging Holders shall have breached any of their material obligations under the RSA or the Restructuring Term Sheet as set forth herein or therein that would have a
material adverse effect on the Requisite Convertible Exchanging Holders or the consummation of the Restructuring, which breach remains uncured for a period of ten (10) Business Days after the receipt of written notice of such breach from the
Requisite Convertible Exchanging Holders and/or Broadridge. 
 5.5 by the Requisite Secured Exchanging Holders and/or Requisite
Convertible Exchanging Holders, if Broadridge shall have breached any of its material obligations under the RSA or the Restructuring Term Sheet as set forth herein or therein that would have a material adverse effect on the Requisite Secured
Exchanging Holders or the Requisite Convertible Exchanging Holders, as applicable, or the consummation of the Restructuring, which breach remains uncured for a period of ten (10) Business Days after the receipt of written notice of such breach
from the Requisite Secured Exchanging Holders and/or Requisite Convertible Exchanging Holders. 
 5.6 by the mutual consent of
the Requisite Exchanging Holders, Broadridge and the Company Parties for any reason. 
 5.7 by any Noteholder that is an
Exchanging Holder if the transactions contemplated by the Restructuring, including the structure of the Exchange Offer and the receipt of the resulting securities being offered in the Exchange Offer, could result in regulatory requirements or
filings (disclosure or otherwise) or cause other legal, regulatory or compliance requirements, restrictions, obligations or issues with respect to such Noteholder that are not acceptable or otherwise not satisfactory to such Noteholder

  
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in its sole and absolute discretion; provided that such Noteholder and the Parties have used commercially reasonable efforts to avoid any such applicable requirements, filings,
restrictions, obligations or other issues by proposing to the Parties modified series, classes or terms of the securities the Noteholder is to be offered in the Exchange Offer prior to asserting a Termination Event under this Section 5.7;
provided, further that such Noteholder is not under any obligation by reason of this RSA to make, seek or receive any filings, notifications, consents, determinations, authorizations, permits, approvals, licenses or the like with or
provide any documentation or information to any regulatory or self-regulatory bodies having jurisdiction over the Company Parties or the Noteholder; provided that such termination shall apply only to such Exchanging Holder and this RSA shall
otherwise remain in full force and effect with respect to the Company Parties, Broadridge and all other Exchanging Holders. 

5.8 The date on which this RSA is terminated in accordance with the foregoing Section 5.1, 5.2, 5.3, 5.4, 5.5, 5.6 or 5.7 and
Section 5.9 or 5.10 hereof shall be referred to as the “Termination Date”. Notwithstanding any provision in this RSA to the contrary, upon written consent of the Requisite Exchanging Holders, each of the dates set forth in
section 5.1 (d) and (e) (the “Critical Dates”) may be extended prior to or upon such date and such later dates agreed to in lieu thereof and shall be of the same force and effect as the dates provided herein. 

5.9 This RSA shall terminate automatically in the event any cases under the Bankruptcy Code or the Securities Investor Protection Act
(“SIPA”) are commenced by or against the Company or PFSI (or any other domestic affiliate thereof, as applicable) in any jurisdiction, and solely in the event of an involuntary filing against the Company or PFSI or a proceeding
under SIPA, such involuntary case or proceeding is not dismissed within fifteen (15) days of filing. 
 5.10 If a
Termination Event occurs, this RSA shall terminate automatically unless the Requisite Exchanging Holders and Broadridge provide the Company written notice within three (3) Business Days (such 3 Business Day period to start on the day such
Termination Event occurs, if such day is a Business Day, and on the first Business Day after the day such Termination Event occurs, if such day is not a Business Day) that such Termination Event has been waived, cured, modified or the time to
perform the requirements herein extended, provided that such action will not effect any Noteholder asserting a Termination Event under Section 5.7 hereof, and this RSA shall be terminated and such Termination Event may not be waived as
to such Noteholder, and such Noteholder shall have no remaining obligations hereunder. 
 5.11 In the event the Requisite
Secured Exchanging Holders, the Requisite Convertible Exchanging Holders, Broadridge or any other Party to this RSA assert that a Termination Event has occurred, any Party may seek expedited relief with a court of competent jurisdiction, challenging
such assertion, and no Party to this RSA shall be permitted to challenge such request for expedited relief. 

  
 13 

 6. Good Faith Cooperation; Further Assurances; Transaction Documents. As long as a Termination Event
has not occurred, the Exchanging Holders and the Company hereby covenant and agree to negotiate in good faith the Definitive Documentation, each of which shall (i) contain the same economic terms as, and other terms consistent in all material
respects with, the terms set forth in the Restructuring Term Sheet, (ii) except as otherwise provided for herein, be in form and substance acceptable in all respects to each Party in its reasonable discretion; and (iii) be consistent with
this RSA and the Restructuring Term Sheet in all respects. 
 7. Effectiveness. This RSA will be effective and binding upon the Company
and the undersigned Exchanging Holders as of the date on which: (i) the Company shall have executed and delivered counterpart signature pages of this RSA to counsel to the Exchanging Holders, (ii) the Requisite Secured Exchanging Holders
and the Requisite Convertible Exchanging Holders shall have executed and delivered counterpart signature pages of this RSA to counsel to the Company, and (iii) Broadridge shall have executed and delivered counterpart signature pages of this RSA
to counsel to the Company and to counsel to the Exchanging Holders. 
 8. Representations and Warranties. Each Party hereby represents
and warrants to the other Parties that the following statements are true and correct as of the date hereof: 
  

	 	(a)	it has all requisite corporate, partnership, limited liability company, or similar authority to enter into this RSA and carry out the transactions contemplated hereby
and perform its obligations contemplated hereunder; and the execution and delivery of this RSA and the performance of such Party’s obligations hereunder have been duly authorized by all necessary corporate, partnership, limited liability
company, or other similar action on its part; 

  

	 	(b)	the execution, delivery, and performance by such Party of this RSA does not and shall not (i) violate (A) any provision of law, rule, or regulation applicable
to it or any of its subsidiaries or (B) its charter or bylaws (or other similar governing documents) or those of any of its subsidiaries or (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both)
a default under any material contractual obligation to which it or any of its subsidiaries is a party; 

  

	 	(c)	except as otherwise provided herein or in the Restructuring Term Sheet and except for any filings required to be made with the Securities and Exchange Commission or
other securities regulatory authorities under applicable securities laws, the execution, delivery, and performance by such Party of this RSA does not and shall not require any registration or filing with, consent or approval of, notice to, or other
action to, with or by, any federal, state, or governmental authority or regulatory body; 

  

	 	(d)	this RSA is the legally valid and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability or a ruling of a court of competent jurisdiction; and

  
 14 

	 	(e)	If such Party is an Exchanging Holder, and subject to any limitations set forth in its signature page’s listing of owned securities (e.g., held in total return
swap), such Exchanging Holder, as of the date of this RSA: 

  

	 	(i)	is the beneficial owner of the principal amount of the Senior Secured Notes, Convertible Notes and/or Broadridge Seller Note, as applicable, set forth on the signature
page hereto, or is the nominee, investment manager, or advisor for one or more beneficial holders thereof, and has voting power or authority or discretion with respect to, the Senior Secured Notes, Convertible Notes and/or Broadridge Seller Note, as
applicable, including, without limitation, to vote, exchange, assign, and transfer such notes; 

  

	 	(ii)	holds its notes free and clear, other than pursuant to this RSA, of any claim, equity, option, proxy, voting restriction, right of first refusal, or other limitation on
disposition or encumbrances of any kind that could adversely affect in any way such Exchanging Holder’s performance of its obligations contained in this RSA at the time such obligations are required to be performed (except that a non-material
portion of Notes may be on loan); and 

  

	 	(iii)	(A) has such knowledge and experience in financial and business matters of this type that it is capable of evaluating the merits and risks of entering into this
Restructuring Support Agreement and of making an informed investment decision, and has conducted an independent review and analysis of the business and affairs of the Company that it considers sufficient and reasonable for purposes of entering into
this Agreement and (B) is an “accredited investor” (as defined by Rule 501 of the Securities Act of 1933, as amended). 

 9. Access. At all times prior to the Launch Date, the Exchanging Holders and their advisors shall have, upon reasonable advance notice and subject to the Confidentiality Agreement or, if such
Exchanging Holder is not a party to the Confidentiality Agreement, after entry into a confidentiality agreement in form and substance satisfactory to the Company, complete and timely access to the Company Parties’ books and records, as well as
the Company Parties’ management and professional advisors, for the purpose of completing due diligence and negotiating the Definitive Documentation. At all times following the Launch Date and prior to the Effective Date, each of Exchanging
Holders and their advisors shall have, upon reasonable advance notice and subject to the Confidentiality Agreement or, if such Exchanging Holder is not a party to the Confidentiality Agreement, after entry into a confidentiality agreement in form
and 

  
 15 

 
substance satisfactory to the Company Parties, complete and timely access to the Company Parties’ books and records, as well as the Company Parties’ management and professional
advisors, for the purpose of conducting reasonable due diligence and negotiating the Definitive Documentation. 
 10. Entire Agreement.
This RSA, including any exhibits, schedules and annexes hereto constitutes the entire agreement of the Company Parties and the Exchanging Holders with respect to the subject matter of this RSA, and supersedes all other prior negotiations, agreements
and understandings, whether written or oral, among the Parties with respect to the subject matter of this RSA, other than the Confidentiality Agreement which remains unaltered. 
 11. Reservation of Rights. Except as expressly provided in section 3(e) of this RSA, nothing herein is intended to, or does, in any manner waive, limit, impair or restrict the ability of each Party
to pursue, protect and preserve its rights, remedies, and interests, including, without limitation, its claims against other Parties or parties or their respective Affiliates. Nothing herein shall be deemed an admission of any kind. Nothing
contained herein effects a modification of the Parties’ or the Indenture Trustee’s rights under the Senior Secured Notes or Convertible Notes, as applicable, the Secured Notes Indenture, the Convertible Notes Indentures or Broadridge
Seller Note or other documents and agreements unless and until the Effective Date has occurred and only then as set forth in the Definitive Documentation. If the transactions contemplated herein are not consummated, or if this RSA terminates for any
reason prior to the Effective Date, the Parties fully reserve any and all of their rights. 
 12. No Waiver. This RSA and the
Restructuring Term Sheet are part of a proposed settlement of matters that could otherwise be the subject of litigation among the Parties hereto. If the transactions contemplated herein are not consummated, or following the occurrence of the
Termination Date, if applicable, nothing shall be construed herein as a waiver by any Party of any or all of such Party’s rights and the Parties expressly reserve any and all of their respective rights. Pursuant to Federal Rule of Evidence 408
and any other applicable rules of evidence, this RSA and all negotiations relating hereto shall not be admissible into evidence in any proceeding other than a proceeding to enforce its terms. 
 13. Counterparts. This RSA may be executed in one or more counterparts, each of which, when so executed, shall constitute the same instrument and the counterparts may be delivered personally or by
electronic mail in portable document format (.pdf). 
 14. Amendments. Except as otherwise provided herein or in the Restructuring Term
Sheet, this RSA, the Restructuring Term Sheet, the Exchange Offer and the Definitive Documentation may not be modified, amended or supplemented, or any provisions herein or therein waived without the prior written consent of the Requisite Secured
Exchanging Holders, the Requisite Convertible Exchanging Holders and Broadridge (and may be modified, amended or supplemented with such consent). 

  
 16 

 15. No Assignment. Subject to the terms and conditions of any valid Transfer hereunder, this RSA
shall not be assigned by any party hereto without the prior written consent of the Exchanging Holders. 
 16. Headings. The headings of
the sections, paragraphs and subsections of this RSA are inserted for convenience only and shall not affect the interpretation hereof. 
 17.
Relationship Among Parties. It is understood and agreed that any Exchanging Holder may trade in the notes or other debt or equity securities of the Company without the consent of the Company or any Exchanging Holder, subject to applicable
securities laws and Section 3(b) hereof. No Party shall have any responsibility for any such trading by any other entity by virtue of this RSA. No prior history, pattern or practice of sharing confidences among or between Parties shall
in any way affect or negate this understanding and agreement. For the avoidance of doubt, (i) the execution of this RSA by any Exchanging Holder shall not create, or be deemed to create, any fiduciary or other duties (actual or implied) to any
other Exchanging Holder, or other party other than as expressly set forth in this RSA and (ii) no Exchanging Holder shall be responsible for, or have any obligation with respect to, any duties or obligations of any other Exchanging Holder or
other party under the RSA. 
 18. Specific Performance. It is understood and agreed by the Parties that money damages would be an
insufficient remedy for any breach of this RSA by any Party and each non-breaching Party shall be entitled to seek specific performance and injunctive or other equitable relief as a remedy of any such breach, including, without limitation, an order
of a court of competent jurisdiction requiring any Party to comply promptly with any of its obligations hereunder. 
 19. Survival.
Notwithstanding (i) any Transfer of the notes in accordance with Section 3(b) of this RSA or (ii) the termination of this RSA in accordance with its terms, only Sections 11, 12, 13, 15, 17, 22 and 23 and this Section 19 shall
survive such Transfer and/or termination and shall continue in full force and effect for the benefit of the Exchanging Holder in accordance with the terms hereof. 
 20. Governing Law. This RSA shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to such state’s choice of law provisions which would
require the application of the law of any other jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of New York and of the United States of
America in each case located in New York County for any action arising out of or relating to this RSA or the Restructuring Term Sheet and the transactions contemplated hereby and thereby (and agrees not to commence any action relating hereto or
thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to its address set forth in Section 21 shall be effective service of process for any action brought against it
in any such court. 

  
 17 

 21. Notices. All notices, requests and other communications hereunder must be in writing and will be
deemed to have been duly given only if delivered personally or by electronic mail format (.pdf) with first class mail confirmation to the Parties at the following addresses or email addresses: 

 

			
		 	 If to any of the Company Parties:
  

Penson Worldwide, Inc.
 Andrew Koslow,
Esq.
 1700 Pacific Avenue, Suite 1400

Dallas, TX 75201
  
 E-mail: akoslow@penson.com
  

with a copy to (which shall not constitute notice):
  

Andrew Rosenberg, Esq.
 Paul, Weiss, Rifkind,
Wharton & Garrison LLP
 1285 Avenue of the Americas
 New York, New York 10019
  

E-mail: arosenberg@paulweiss.com
  

If to the Requisite Secured Exchanging Holders:
  

To the addresses and email addresses set forth on the signature pages hereto.

 
 with a copy to (which shall not constitute notice):

 
 Brad Eric Scheler, Esq.
 Fried, Frank, Harris, Shriver & Jacobson LLP
 One New York Plaza

New York, New York 10004
  
 E-mail: Brad.Eric.Scheler@friedfrank.com
  
 If to the Requisite Convertible Exchanging Holders:
  
 To the addresses and email addresses set forth on the signature pages hereto.

 

  
 18 

			
		 	 with a copy to (which shall not constitute notice):
  

Bojan Guzina, Esq.
 Sidley Austin LLP

One South Dearborn
 Chicago, IL 60603

 
 Email: BGuzina@sidley.com

 
 If to Broadridge:

 
 To the addresses and email addresses set forth on the signature pages
hereto.
  
 with a copy to (which shall not constitute notice):

 
 Adam D. Amsterdam
 Broadridge Financial Solutions, Inc.
 1981 Marcus Avenue

Lake Success, NY 11042
 E-mail: Adam.
Amsterdam@broadridge.com
  
 Stephen D. Lerner

Squire Sanders (US) LLP
 221 E. Fourth Street,
Suite 2900
 Cincinnati, OH 45202-4095

E-mail: Stephen.Lerner@squiresanders.com

 or such other address or email address as such party may hereafter specify by like notice to the other parties hereto.
All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5 P.M. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any
such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

22. No Third-Party Beneficiaries. The terms and provisions of this RSA are intended solely for the benefit of the Parties and their respective
successors and permitted assigns, and it is not the intention of the Parties to confer third-party beneficiary rights upon any other Person. 

23. Public Disclosure. Except as otherwise required by any law, rule, order or regulation, the Company Parties shall not (a) use the name of
the Exchanging Holder or its manager, advisor, or Affiliates in any press release without the Exchanging Holder’s prior written consent or (b) disclose holdings of the Exchanging Holder to any Person; provided, however, that
the Company Parties shall be permitted to disclose at any time the aggregate principal amount of and aggregate percentage of notes held by the 

  
 19 

 
Exchanging Holders. The Exchanging Holders shall not use the name of the Company Parties in any press release without the Company’s prior written consent. Nothing contained herein shall be
deemed to waive, amend or modify the terms of any confidentiality or non-disclosure agreement between the Company and any Exchanging Holder. 

  
 20 

 IN WITNESS WHEREOF, the Parties hereto have caused their duly authorized officers to execute
and deliver this RSA as of the date first above written. 
  

			
	PENSON WORLDWIDE, INC.
		
	By:	 	 
		 	 Name:

Title:

  

			
	PENSON FINANCIAL SERVICES, INC.
		
	By:	 	 
		 	 Name:

Title:

  

			
	SAI HOLDINGS, INC.
		
	By:	 	 
		 	 Name:

Title:

  

			
	PENSON HOLDINGS, INC.
		
	By:	 	 
		 	 Name:

Title:

 Signature Page to Restructuring Support Agreement 

  
 21 

 
					
	 EXCHANGING HOLDER:
  

[INSERT NAME OF EXCHANGING HOLDER ]

		
	 By:
	 	 
			
		 	 Name:
	 	 
			
		 	 Title:
	 	 
			
		 	 Address:
	 	 
	
	Amount of Senior Secured Notes and/or Convertible Notes Held by Exchanging Holder:
		
	 $
	 	 

 Signature Page to Restructuring Support Agreement 

  
 22 

 
					
	BROADRIDGE FINANCIAL SOLUTIONS, INC.
		
	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 
			
		 	Address:	 	 

  

					
	RIDGE CLEARING & OUTSOURCING SOLUTIONS, INC.
		
	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 
			
		 	Address:	 	 
		 		 	

 Signature Page to Restructuring Support Agreement 

  
 23 

 EXHIBIT A 

Restructuring Term Sheet 

 PENSON WORLDWIDE, INC. 

FINANCIAL RESTRUCTURING 
 SUMMARY OF INITIAL PRINCIPAL TERMS 
 March 13, 2012 

This non-binding indicative term sheet (the “Term Sheet”) sets forth certain principal terms and conditions of a proposed restructuring
(the “Restructuring”) of the outstanding indebtedness and equity of Penson Worldwide, Inc. (“PWI”) and its subsidiaries and affiliates (collectively, the “Company”) pursuant to an out-of-court
exchange offer (the “Exchange Offer”). 
 This Term Sheet shall be governed by Rule 408 of the Federal Rules of Evidence and
any and all similar and applicable rules and statutory provisions governing the non-admissibility of settlement discussion. Nothing herein and nothing contemplated by or resulting from any of the transactions contemplated herein will prejudice or
act as waiver of any claims, causes of action or defenses the Company, the parties hereto or any third-party may have relating to the Company. The proposed terms and conditions set forth in this Term Sheet are intended merely as an outline of
certain material terms of a financial restructuring and are provided for discussion purposes only and do not constitute an offer, agreement or binding commitment by or on behalf of any party. This Term Sheet does not include descriptions of all of
the terms, conditions and other provisions that would be contained in definitive documentation relating to a financial restructuring and is not intended to limit the scope of discussion and negotiation of any matters not inconsistent with the
specific matters set forth herein. In addition, this Term Sheet is subject to tax and accounting review. This Term Sheet is not a binding obligation to consummate a financial restructuring. Any such obligation will be created only by definitive
agreements, the provisions of which will supersede this Term Sheet, and any obligation to support and pursue a transaction on the terms set forth in this Term Sheet, will be created only by a related support agreement pursuant to the terms of such
support agreement. 
 I. Treatment of Company’s Debt and Equity and Terms of Exchange Offer 

 

			
		
	Revolver:	  	The Company, the Majority Secured Noteholders (as defined below) and the Majority Convertible Noteholders (as defined below) will mutually agree on whether to repay in full any
remaining outstanding amounts due under the Second Amended and Restated Credit Agreement among PWI and Regions Bank (the “Credit Agreement”) and terminate the Credit Agreement. If the Credit Agreement’s terms prevent
consummation of the Restructuring on the terms set forth in this Term Sheet without lender consent, then the Credit Agreement will be terminated and the amounts outstanding will be repaid in full.

  
 1 

			
		
	Senior Secured
Notes:	  	 The 12.5% Senior Second Lien Secured Notes due 2017 issued by PWI (the “Secured Notes”) will be exchanged for a
combination of (i) new first lien senior secured notes in the aggregate principal amount of up to $100 million, with an interest rate of 12.5% payable in kind (the “New First Lien Notes”)1, and (ii) $100 million of newly issued
Series A senior preferred stock (the “Series A Senior Preferred Stock”).2
  
 The New First Lien Notes will mature on April 1, 2017, and will have typical first-lien covenants and provisions, including, without limitation, lien maintenance covenants, mandatory prepayments in
the event of asset sales and capital raises, and limitations on the incurrence of debt without the consent of the majority of the holders of the New First Lien Notes, unless the proceeds of such debt are used to pay down the New First Lien Notes,
and a change of control put.
  
 The Series A Senior Preferred Stock will have
voting rights as set forth in footnote 3 below,3 a 12.5% cumulative dividend accruing semi-annually (PIK), and a senior liquidation preference over all other equity securities of the Company due on the fifth anniversary of the closing of the
Exchange Offer (the “Fifth Anniversary”), payable prior to any distributions on the Series B Preferred Stock or the Common Stock (each defined below). The Series A Senior Preferred Stock will have specific governance rights, and be
non-convertible.
  
 All terms of the New First Lien Notes and the Series A
Senior Preferred Stock shall be reasonably acceptable to the Company and the holders of a majority in principal amount of the Secured Notes (the “Majority Secured Noteholders”).

  

	1 	 To the extent any holders of the Secured Notes fail to exchange their Secured Notes, the liens securing the New First Lien Notes will be senior to the
liens securing the outstanding Secured Notes. 

	2 	 At the election of the Majority Secured Noteholders and in their sole and absolute discretion, the split between the $100 million in New First Lien
Notes and $100 million of Series A Senior Preferred Stock may be adjusted; provided that the aggregate amount of the New First Lien Notes and Series A Senior Preferred Stock exchanged for the Secured Notes is $200 million and the aggregate amount of
the New First Lien Notes exchanged for the Secured Notes does not exceed $100 million. The structure of the Exchange Offer and the resulting Series A Senior Preferred Stock will be in compliance with the applicable legal and regulatory requirements
and any compliance procedures of each of the Majority Secured Noteholders and is subject to adjustments as determined by each Majority Secured Noteholder, in its sole and absolute discretion, as to the treatment and securities each Majority Secured
Noteholder is to receive in the Restructuring. For example, if it is determined by any of the Majority Secured Noteholders that entering into any transaction or agreement as part of the Restructuring would cause it to incur additional legal,
compliance or regulatory requirements, restrictions, obligations or other issues that are unacceptable to such holder in its sole and absolute discretion, such holder may choose to receive non-voting securities in whole or in part instead of voting
securities, such as “Non-Voting Series A Preferred Stock” that has otherwise similar terms and conditions to the voting securities it would otherwise receive in the Exchange Offer. For the avoidance of doubt, any such adjustments that are
inconsistent with the terms of the Term Sheet and that would otherwise have an adverse impact on the holders of the Convertible Notes must be reasonably acceptable to the Majority Convertible Noteholders. 

			
		
	Convertible
Notes:	  	 The 8% Convertible Notes due 2014 issued by PWI (the “Convertible Notes”) will be exchanged for (i) $5 million in
aggregate principal amount of the New First Lien Notes, (ii) $20 million of Series A Senior Preferred Stock and (iii) a combination of $35 million of newly issued Series B preferred stock, which Series B will be junior to the Series A Senior
Preferred Stock in all respects, and which will be non-voting other than Delaware law minimum requirements and other than as set forth herein (the “Series B Preferred Stock”), and newly issued shares of common stock representing
51.6% of the outstanding shares of common stock of PWI upon consummation of the Exchange Offer (the “Common Stock”). The holders of the Series B Preferred Stock will have the right to vote as a separate series on (i) the election of
the director(s) that such holders are entitled to elect pursuant to the “Governance” section below and (ii) any amendments to the terms of the Series B Preferred Stock, which shall require the vote of holders of a majority of the
outstanding Series B Preferred Stock solely to the extent Section 242(b) of the DGCL requires (which vote limitation terminates upon the full redemption of Series A Senior Preferred Stock). In addition, as to any matter that is not presented to the
holders of Series B Preferred on a series basis after the full redemption of the Series A Senior Preferred Stock, the holders of the Series B Preferred shall be entitled to vote together as a single class with the holders of Common Stock and shall
have 75% of the total vote.
  
 The Series B Preferred Stock will have a 12.5%
cumulative dividend accruing semi-annually (PIK), a perpetual junior liquidating preference to the Series A Senior Preferred Stock and be non-convertible. All other terms of the Series B Preferred Stock shall be reasonably acceptable to the Company
and holders of a majority in principal amount of the Convertible Notes (the “Majority Convertible Noteholders”); there shall be no financial covenants in the Series B Preferred Stock that are more restrictive than those contained in
the Series A Preferred Stock.

  

	3 	 Specifically, Series A Senior Preferred Stock will (i) vote on a majority basis as to its own Series A as to any matter as to which holders of
such series are entitled to vote separately as a series, and (ii) except (x) as set forth under the “Convertible Notes” section below and (y) where a separate vote of any other class or series is required by law, as to any
matter on which one or more such other class or series of stock are entitled to vote, vote together with the holders of any such class or series in a manner where a majority of the holders of Series A have 80% of the total vote.

			
		
	Broadridge
Note:	  	 The Broadridge Seller Note will be exchanged for newly issued shares representing 9.9% of the Common Stock and the Broadridge Seller
Note will be cancelled and discharged.
  
 Broadridge Financial Solutions,
Inc. (together with its subsidiaries and affiliates, “Broadridge”) will not receive any additional Common Stock in connection with the reverse stock split and the total amount of Common Stock Broadridge will receive in connection
with the Restructuring shall not exceed 9.9%.

		
	Existing
Equity:	  	After consummation of the Exchange Offer, the Company will seek to effect a reverse stock split as mutually agreed with the Majority Secured Noteholders and Majority Convertible
Noteholders.
		
	Subordinated
Debt at
PFSI:	  	SAI Holdings, Inc. and PWI subordinated debt at Penson Financial Services, Inc. (“PFSI”) may be subject to a standstill agreement (terms to be negotiated) as to
interest and debt payments or be converted into equity interests of PFSI, at the election of the Majority Secured Noteholders and the Company.
		
	Securities
Act:	  	The foregoing securities exchanges will be pursuant to Section 3(a)(9) of the Securities Act, to the extent possible, and otherwise, by a method that is reasonably acceptable to the
Company, the Majority of Secured Noteholders, and the Majority of Convertible Noteholders, such that the securities received in the Restructuring shall be freely tradeable.

 II. Other Terms of the Exchange Offer 

 

			
		
	Indenture
Amendments:	  	The indentures governing the Secured Notes and the Convertible Notes will be amended immediately prior to the Exchange Offer to the extent necessary to permit the transactions
contemplated in this Term Sheet. The terms of the amended indentures and the related consent solicitation shall be reasonably acceptable to the Company, the Majority Secured Noteholders and the Majority Convertible Noteholders.
		
	Shareholder
Vote:	  	None.

			
		
	Registration
Rights:	  	PWI will enter into a registration rights agreement for the Series A Senior Preferred Stock, the Series B Preferred Stock and the Common Stock, with each agreement on terms
reasonably acceptable to the Company, the Majority Secured Noteholders, the Majority Convertible Noteholders (solely with respect to the Series B Preferred Stock and Common Stock) and Broadridge (solely with respect to the Common
Stock).
		
	Chief
Turnaround
Officer:	  	Upon the commencement of the Exchange Offer, an interim management firm will be selected by the Company from two candidates identified by the Majority Secured Noteholders. Such firm
will be engaged by the Company as the Chief Turnaround Officer and will assist the Company in improving its operations on terms to be determined by the Majority Secured Noteholders.
		
	Governance:	  	Any current member of the Board of Directors of PWI will resign upon the request of the Majority Secured Noteholders and Majority Convertible Noteholders. Upon the consummation of
the Restructuring, the Board of Directors of PWI will consist of seven directors. Until the Series A Senior Preferred Stock has been redeemed in full, (i) holders of the Series A Senior Preferred Stock will be entitled to elect up to four directors,
(ii) holders of the Series B Preferred Stock will be entitled to elect one director, and (iii) holders of Common Stock will be entitled to elect two directors voting as set forth in clause (ii) of footnote 3, with one such generally elected director
being the Company’s Chief Executive Officer. After the Series A Preferred Stock has been redeemed in full, then, until the Series B Preferred Stock has been redeemed in full, holders of the Series B Preferred Stock will be entitled to elect up
to four directors and holders of Common Stock will be entitled to elect three directors.
		
	Other
Terms:	  	 In connection with its approval of the Restructuring and Exchange Offer, the Company’s Board of Directors will take necessary
actions to provide for approval under Section 203 of the DGCL.
 This Term Sheet sets forth certain but not all of the principal and other terms
of the Restructuring and Exchange Offer. The Restructuring and Exchange Offer will ultimately include certain other terms that are reasonably acceptable to the Company, the Majority Secured Noteholders, the Majority Convertible Noteholders and
Broadridge.
  
 Terms of a management incentive plan, if any, to be agreed
upon by the Chief Turnaround Officer and the newly appointed Board of Directors appointed after the closing of the Exchange Offer.

		
	Governing
Law:	  	New York.

 III. Assumptions and Conditions to Exchange Offer 

 

			
		
	Broadridge Financial
Solutions Inc.
Agreements:	  	The Master Services Agreement dated as of November 2, 2009 between the Company and Broadridge (the “MSA”) shall be modified, as set forth on Exhibit A
hereto.
		
	Delivery of Financial
Statements:	  	The Majority Secured Noteholders and the Majority Convertible Noteholders shall have received and be reasonably satisfied with the fiscal year end financial statements of the
Company for the fiscal year ended December 31, 2011, prepared in conformity with generally accepted auditing principles and audited and accompanied by a report and opinion of BDO Seidman LLP or other independent certified public accountant of
nationally recognized standing reasonably acceptable to the Majority Noteholders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like
qualification or exception or any qualification or exception as to the scope of such audit. The Majority Secured Noteholders and the Majority Convertible Noteholders shall also have received full and complete and updated monthly financial statements
through closing beginning with January 2012.
		
	Acceptance of
Exchange Offer:	  	At least 95% of the holders of the Secured Notes accept the terms of the Exchange Offer, subject to waiver by the Majority Secured Noteholders. At least 95% of the holders of
Convertible Notes accept the terms of the Exchange Offer. Holders who exchange into their respective exchange offers receive pro rata shares of the offered securities.
		
	Press Release:	  	All public statements by the Company (including press releases, Form 8-Ks or other statements) to be acceptable to the Majority Secured Noteholders, the Majority Convertible
Noteholders and Broadridge, subject to applicable law.
		
	Restructuring Support
Agreement	  	Notwithstanding anything to the contrary contained herein, this Term Sheet is subject to Section 4(c) of the Restructuring Support Agreement.

			
		
	Other Conditions
to Exchange
Offer:	  	 In addition to the foregoing, the Restructuring shall be subject to usual and customary and necessary conditions for a transaction of
this type, as well as other conditions reasonably satisfactory to the Majority Secured Noteholders, and, when applicable, the Majority Convertible Noteholders (to the extent such conditions would be inconsistent with the terms of the Term Sheet or
would otherwise have an adverse impact on the holders of the Convertible Notes) and Broadridge (to the extent such conditions would be inconsistent with the terms of the Term Sheet or would otherwise have an adverse impact on Broadridge), including,
without limitation,
  

•    All organizational documents of PWI shall be amended to be in form and substance
reasonably acceptable to the Majority Secured Noteholders and the Majority Convertible Noteholders, when applicable, and to effectuate a to-be-determined reverse stock split;

 
 •    The Exchange
Offer shall be structured to be tax efficient from a federal and state income tax perspective (to the Majority Secured Noteholders, the Majority Convertible Noteholders and to the Company, among other points) and shall be reasonably acceptable to
the Company, the Majority Secured Noteholders and Majority Convertible Noteholders;
  
 •    Except as otherwise provided herein, the terms, conditions and circumstances of any and all documents relating to the Exchange Offer, the Restructuring and the Company shall
be reasonably acceptable to the Majority Secured Noteholders, the Majority Convertible Noteholders and Broadridge in all respects and provided that if acceptable to the Majority Secured Noteholders, it will be deemed to be acceptable to the Majority
Convertible Noteholders unless it would be inconsistent with the terms of the Term Sheet or would otherwise have an adverse impact on the holders of Convertible Notes;
  

•    The Company shall have continued to engage in a good faith process with the
Majority Secured Noteholders, the Majority Convertible Noteholders and Broadridge, including the prompt payment of all fees and expenses of the legal and financial advisors to the Majority Secured Noteholders and the Majority Convertible
Noteholders, and all outstanding invoices of such advisors shall be paid in full prior to the close of the Exchange Offer;

			
		
		 	 •    All accounting treatment and other tax matters shall be resolved
to the satisfaction of the Company, the Majority Secured Noteholders and the Majority Convertible Noteholders only to the extent that any such treatment or resolution would be inconsistent with the terms of the Term Sheet or would otherwise have an
adverse impact on the holders of Convertible Notes;
  
 •    No material short-term lender counterparty shall have terminated its funding commitments to the Company;

 
 •    A Form 1017
that is reasonably acceptable to the Majority Secured Noteholders shall have been filed promptly and affirmatively processed and approved by FINRA; and
  

•    All requisite governmental or regulatory approvals for the Exchange Offer and the
Restructuring shall have been obtained and no governmental or regulatory authority shall have taken any action that could reasonably be expected to have a material adverse effect on the consummation of the Restructuring, including, without
limitation, the Financial Industry Regulatory Authority, Inc. and the Securities and Exchange Commission.

 EXHIBIT A 

Modifications to Broadridge Master Services Agreement 
 Broadridge and the Company shall enter into an amendment to the Master Services Agreement dated as of November 9, 2009 (“MSA”), in form and substance acceptable to the Company and
Broadridge and reasonably acceptable to the Majority Secured Noteholders and the Majority Convertible Noteholders, that provides for the following amendments: 
 1. Broadridge or its affiliates, as applicable, will continue to pay PWI or its affiliates, as applicable, the amounts provided in Section XIX of Schedule A to the MSA, in accordance with the terms of
that certain side letter agreement by and between the Company and Broadridge, dated as of March 13, 2012. 
 2. Inclusion of new services to
be provided by Broadridge to the Company under the MSA. Broadridge and the Company will identify functions currently performed by the Company that Broadridge can provide to the Company at material savings to the Company. Broadridge will provide
those services to the Company at its cost. Broadridge will absorb the training expense required to initiate such services. To avoid confusion, the amounts paid by the Company for such new services will not count towards fulfilling any existing
revenue commitments the Company has to Broadridge under the MSA, provided that such services are new services and not of the type described in paragraph 3 below that are to be provided by Broadridge under the existing terms of the MSA, as clarified
pursuant to paragraph 3. The Company can cancel these services at any time upon 30 days notice without any financial obligation. 
 3.
Clarification that certain types of services are available to the Company under the existing terms of the MSA and Schedules thereto. The Transferred Technology Services schedule to the MSA will be amended to make clear that certain additional
services discussed by the parties (“Additional Services”), including, without limitation, cost basis, systems administration, data base administration, trade upload support, QA, and Hosting, are available under the existing terms of
the MSA and Schedules thereto and will be provided by Broadridge to the Company without any increases in current monthly billing. A complete list of Additional Services shall be agreed upon between the parties.Purchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 PURCHASE AGREEMENT 

by and among 

Dragonquest Holdings Company 
 Vantage Drilling Company 
 and 

Valencia Drilling Corporation 
 Dated: March 20, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1.	 	 PURCHASE AND SALE
	  	 	1	  
	1.1  	 	 Shipbuilding Contract
	  	 	1	  
	1.2  	 	 Purchase Price
	  	 	2	  
	1.3  	 	 The Closing
	  	 	2	  
	1.4  	 	 Deliveries at the Closing
	  	 	2	  
	1.5  	 	 Deferral of Amounts Payable under the Construction Management Agreement
	  	 	3	  
	ARTICLE 2.	 	 REPRESENTATIONS AND WARRANTIES CONCERNING THE TRANSACTION
	  	 	4	  
	2.1  	 	 Representations and Warranties of Seller
	  	 	4	  
	2.2  	 	 Representations and Warranties of Buyer
	  	 	4	  
	ARTICLE 3.	 	
REPRESENTATIONS AND WARRANTIES CONCERNING THE CONTRACT RIGHTS AND EQUIPMENT
	  	 	5	  
	3.1  	 	 Title to Assets
	  	 	6	  
	3.2  	 	 Contracts
	  	 	6	  
	3.3  	 	 Foreign Corrupt Practices Compliance
	  	 	6	  
	ARTICLE 4.	 	 COVENANTS
	  	 	6	  
	4.1  	 	 General
	  	 	6	  
	4.2  	 	 Notices and Consents
	  	 	7	  
	4.3  	 	 Operation of Business
	  	 	7	  
	4.4  	 	 Notice of Developments
	  	 	7	  
	4.5  	 	 Exclusivity
	  	 	8	  
	4.6  	 	 Confidentiality; Publicity
	  	 	8	  
	4.7  	 	 Buyer Financing
	  	 	8	  
	4.8  	 	 Builder Arrangements for Delivery of Vessel
	  	 	9	  
	4.9  	 	 Payoff Information for Valencia Bridge Loan
	  	 	9	  
	ARTICLE 5.	 	 CLOSING CONDITIONS
	  	 	9	  
	5.1  	 	 Conditions Precedent to Obligation of Buyer
	  	 	9	  
	5.2  	 	 Conditions Precedent to Obligation of Seller
	  	 	10	  
	ARTICLE 6.	 	 TERMINATION
	  	 	10	  
	6.1  	 	 Termination of Agreement
	  	 	10	  
	6.2  	 	 Procedures for and Effect of Termination
	  	 	11	  
	6.3  	 	 Best Efforts to Seek Alternative Arrangements
	  	 	12	  
	ARTICLE 7.	 	 INDEMNIFICATION
	  	 	13	  
	7.1  	 	 Survival of Indemnification
	  	 	13	  
	7.2  	 	 Indemnification Provisions for Buyer’s Benefit
	  	 	13	  
	7.3  	 	 Indemnification Provisions for Seller’s Benefit
	  	 	13	  
	7.4  	 	 Indemnification Claim Procedures
	  	 	13	  
	7.5  	 	 Limitation of Liability
	  	 	15	  

  
 i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	7.6  	 	 No Setoff
	  	 	16	  
	7.7  	 	 Insurance
	  	 	16	  
	7.8  	 	 No Duplication
	  	 	16	  
	7.9  	 	 Sole Remedy
	  	 	16	  
	7.10  	 	 No Special Damages
	  	 	16	  
	7.11  	 	 Tax Treatment of Indemnity Payments
	  	 	16	  
	ARTICLE 8.	 	 DEFINITIONS
	  	 	16	  
	ARTICLE 9.	 	 MISCELLANEOUS
	  	 	22	  
	9.1  	 	 Schedules
	  	 	22	  
	9.2  	 	 Entire Agreement
	  	 	22	  
	9.3  	 	 Successors
	  	 	22	  
	9.4  	 	 Assignments
	  	 	23	  
	9.5  	 	 Notices
	  	 	23	  
	9.6  	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	24	  
	9.7  	 	 Time
	  	 	25	  
	9.8  	 	 Counterparts; Electronic Signatures and Electronic Exchange of Documents
	  	 	25	  
	9.9  	 	 Headings
	  	 	25	  
	9.10  	 	 Governing Law
	  	 	25	  
	9.11  	 	 Amendments and Waivers
	  	 	25	  
	9.12  	 	 Severability
	  	 	25	  
	9.13  	 	 Expenses
	  	 	26	  
	9.14  	 	 Specific Performance
	  	 	26	  
	9.15  	 	 Construction
	  	 	26	  
	9.16  	 	 Incorporation of Exhibits, Annexes, and Schedules
	  	 	26	  

  
 ii 

 PURCHASE AGREEMENT 

This Purchase Agreement (this “Agreement”) is dated as of March 20, 2012, by and among (i) Dragonquest
Holdings Company, an exempted company incorporated with limited liability and existing under the laws of the Cayman Islands, having its registered office at P.O. Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands
(“Buyer”), (ii) Vantage Drilling Company, an exempted company incorporated with limited liability and existing under the laws of the Cayman Islands, having its registered office at P.O. Box 309, Ugland House, Grand
Cayman KY1-1104, Cayman Islands (“Buyer’s Parent”) and (iii) Valencia Drilling Corporation, a corporation organized under the laws of the Marshall Islands having its registered office at Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (the “Seller”). Unless defined in the other provisions of this Agreement, capitalized terms used in this Agreement have the meaning specified in ARTICLE
8. 
 RECITALS: 
 WHEREAS, Seller is party to a Contract for the Construction and Sale of One (1) Deepwater Drillship (Hull No. 3602) dated December 27, 2007 (as amended and supplemented by an addendum dated
December 21, 2010 and as may be further amended and supplemented from time to time, the “Shipbuilding Contract”) with Daewoo Shipbuilding & Marine Engineering Co., Ltd. (the “Builder”),
for the construction and delivery of the ultra deepwater drillship known as the “Dragonquest” (the “Vessel”); and 
 WHEREAS, Buyer desires to purchase from Seller all of the rights and obligations of Seller under the Shipbuilding Contract (the “Contract Rights”), together with any and all
machinery, tools, equipment, spare parts, drill pipe, risers, software or any other items necessary or incidental to the operation of the Vessel as an offshore drilling rig as previously ordered by Buyer or its Affiliates, or paid for by Seller or
its Affiliates, including without limitation the equipment set forth on Schedule 1 attached hereto (collectively, the “Equipment”), and the Seller desires to transfer all of such Contract Rights and Equipment to Buyer,
subject to the terms of the Shipbuilding Contract and in accordance with the terms and conditions of this Agreement; 
 NOW,
THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties, and covenants contained herein, Buyer and Seller agree as follows: 

ARTICLE 1. 

PURCHASE AND SALE 
 1.1 Shipbuilding Contract. On and subject to the terms and conditions of this Agreement, at the Closing, Buyer agrees to purchase from Seller, and the Seller agrees to sell to Buyer, all of the
Contract Rights and the Equipment, AS IS WHERE IS, for the consideration specified in Section 1.2, free and clear of all Encumbrances (other than Mechanics’ Liens). Upon acquisition of the Contract Rights and the Equipment, Buyer
shall be responsible for paying any remaining balance due to the Builder for the Vessel under the Shipbuilding Contract and shall be liable for all liabilities and obligations of the Seller under the Shipbuilding Contract. 

  
 -1-

 1.2 Purchase Price. The purchase price for the Contract Rights and Equipment is
US$164 million plus the Reimbursable Costs Adjustment Amount (if any) (the “Purchase Price”) and shall be payable by Buyer or Buyer’s Parent to the Seller (or to its order) as follows: 

(a) US$3 million in cash on the date of this Agreement (the “Initial Cash Consideration”);

 (b) US$149 million, plus the Reimbursable Costs Adjustment Amount (if any) (the “Closing
Payment”); and 
 (c) US$12 million in cash on the Deferred Payment Date (the “Deferred
Payment”). 
 1.3 The Closing. The closing of the purchase and sale of the Contract Rights and Equipment
(the “Closing”) will take place at the offices of Fulbright & Jaworski L.L.P. on the second Business Day following the satisfaction or waiver of all conditions to the obligations of the Parties to consummate the
purchase and sale of the Contract Rights and Equipment as set forth in Article 5 hereof (other than conditions with respect to actions the respective Parties will take at the Closing itself) or such other date as Buyer and Seller may mutually
determine (the “Closing Date”). 
 1.4 Deliveries at the Closing. At the Closing: 

(a) Seller will deliver to Buyer: 
 (i) a fully executed originally signed version of the Shipbuilding Contract; 
 (ii) an Assignment Deed regarding the Shipbuilding Contract substantially in the form set forth as Exhibit A attached hereto or in such other form as may be agreed between Seller, Buyer and Builder
(the “Assignment Deed”) duly executed by the Seller and the Builder, together with any other documents necessary for Buyer or one of Buyer’s Affiliates to take delivery of the Vessel from the Builder in accordance with
the Shipbuilding Contract; 
 (iii) a bill of sale regarding the Equipment in a form reasonably acceptable to
Buyer (the “Bill of Sale”) duly executed by Seller; 
 (iv) a certificate duly executed
by or on behalf of Seller, (A) as to whether each condition specified in Sections 5.1(a) and 5.1(b) has been satisfied and (B) attaching resolutions of the board of directors and sole shareholder of Seller duly authorizing the
Transactions. 
 (b) Buyer and Buyer’s Parent will deliver to Seller: 

  
 -2-

 (i) the Closing Payment as follows: (A) by payment to Standard
Chartered Bank, Offshore Banking Unit (or Standard Chartered Bank (Hong Kong) Limited as administrative agent on its behalf) of an amount equal to the outstanding principal, interest and fees under or in connection with the Valencia Bridge Loan on
the Closing Date; (B) in the event that the Final DSME Delivery Payment exceeds the Estimated DSME Delivery Payment, by payment to the Builder of the DSME Delivery Payment Adjustment Amount; (C) by payment to Aker Solutions for any
remaining balance due to Aker Solutions for the Riser, and (D) by payment to the Seller of the balance of the Closing Payment, if any, by wire transfer to an account or accounts, which account(s) shall be designated by the Seller in writing to
Buyer at least three Business Days prior to the Closing Date (subject to any arrangement as may be agreed between Seller and Buyer prior to Closing); provided, however, that in no event shall the Buyer be required to pay any more than the Closing
Payment and the Reimbursable Costs payable pursuant to Section 9.13 at the Closing; 
 (ii) the
Assignment Deed duly executed by Buyer; 
 (iii) the Bill of Sale duly executed by Buyer; 

(iv) agreements executed by the appropriate Affiliates of Buyer terminating the Construction Management Agreement and the
Management Agreement and releasing in full of all obligations and liabilities of Seller thereunder; and 
 (v) a
certificate, duly executed on behalf of Buyer, (A) as to whether each condition specified in Sections 5.2(a) and 5.2(b) has been satisfied, (B) attaching resolutions of the board of directors of Buyer and Buyer’s Parent duly
authorizing the Transactions, (C) certifying that no shareholder resolutions of Buyer or Buyer’s Parent are required under all applicable listing rules and the Organizational Documents of Buyer or Buyer’s Parent to duly authorize the
Transactions and (D) certifying that an opinion as to the fairness of the transactions contemplated hereby to Buyer and Buyer’s Parent from a financial point of view has been delivered to the Buyer’s and Buyer’s Parent’s
board of directors by an accounting, appraisal or investment banking firm of national standing. 
 1.5 Deferral of Amounts
Payable under the Construction Management Agreement. Upon signing of this Agreement, each of Buyer and Buyer’s Parent (for itself and on behalf of their respective Affiliates) agrees to defer payment of any amounts payable by Seller under
the Construction Management Agreement until the Closing Date or, if earlier, termination of this Agreement (in which event the provisions of Section 6.3 shall apply). Upon Closing (should such Closing occur), Seller and Buyer’s
Parent (for itself and on behalf of its respective Affiliates) agree that the Construction Management Agreement will terminate. 

  
 -3-

 ARTICLE 2. 
 REPRESENTATIONS AND WARRANTIES 
 CONCERNING THE TRANSACTION

 2.1 Representations and Warranties of Seller. Seller represents and warrants to Buyer that the statements
contained in this Section 2.1 are correct and complete as of the date of this Agreement and will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were substituted for the date of this
Agreement throughout this Section 2.1). 
 (a) Status of Seller. Seller is an entity duly
created, formed or organized, validly existing, and in good standing under the Laws of the jurisdiction of its creation, formation, or organization. There is no pending or, to the Knowledge of Seller, Threatened Action (or Basis therefor) for the
dissolution, liquidation, insolvency, or rehabilitation of Seller. Seller’s only business is to hold the Contract Rights and Equipment and related financing documents. 

(b) Power and Authority; Enforceability. Seller has the relevant entity power and authority to execute and deliver
each Transaction Document to which Seller is a party, and to perform and consummate the Transactions. Seller has taken all actions necessary to authorize the execution and delivery of each Transaction Document to which it is party, the performance
of Seller’s obligations thereunder, and the consummation of the Transactions. Each Transaction Document to which Seller is a party has been duly authorized, executed, and delivered by, and is Enforceable against, Seller. 

(c) No Violation. The execution and the delivery of the Transaction Documents by Seller to which it is a party and
the performance and consummation of the Transactions by Seller will not (i) Breach any Law or Order to which Seller is subject or any provision of its Organizational Documents, (ii) Breach any Contract, Order, or Permit to which Seller is
a party or by which Seller is bound or to which Seller’s assets are subject, or (iii) require any Consent, other than, in the case of (ii) and (iii), any Consent required under or in connection with the Valencia Bridge Loan for Seller
to enter into the Transaction Documents, which Consent Seller is seeking. 
 (d) Brokers’ Fees. Other
than as set forth on Schedule 2 attached hereto, Seller has no Liability to pay any compensation to any broker, finder, or agent with respect to the Transactions for which Buyer could become directly or indirectly Liable. 

2.2 Representations and Warranties of Buyer. Each of Buyer and Buyer’s Parent represents and warrants to Seller that the
statements contained in this Section 2.2 are correct and complete as of the date of this Agreement and will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were substituted for the date
of this Agreement throughout this Section 2.2). 
 (a) Entity Status. Buyer is an entity duly
created, formed or organized, validly existing, and in good standing under the Laws of the jurisdiction of its creation, formation, or organization. There is no pending or, to the Knowledge of Buyer,

  
 -4-

 
Threatened Action (or Basis therefor) for the dissolution, liquidation, insolvency, or rehabilitation of Buyer. Buyer’s Parent is an entity duly created, formed or organized, validly
existing, and in good standing under the Laws of the jurisdiction of its creation, formation, or organization. There is no pending or, to the Knowledge of Buyer’s Parent, Threatened Action (or Basis therefor) for the dissolution, liquidation,
insolvency, or rehabilitation of Buyer’s Parent. 
 (b) Power and Authority; Enforceability. Buyer
has the relevant entity power and authority to execute and deliver each Transaction Document to which it is party, and to perform and consummate the Transactions. Buyer has taken all action necessary to authorize the execution and delivery of each
Transaction Document to which it is party, the performance of Buyer’s obligations thereunder, and the consummation of the Transactions. Each Transaction Document to which Buyer is party has been duly authorized, executed, and delivered by, and
is Enforceable against, Buyer. Buyer’s Parent has the relevant entity power and authority to execute and deliver each Transaction Document to which it is party, and to perform and consummate the Transactions. Buyer’s Parent has taken all
action necessary to authorize the execution and delivery of each Transaction Document to which it is party, the performance of Buyer’s Parent’s obligations thereunder, and the consummation of the Transactions. Each Transaction Document to
which Buyer’s Parent is party has been duly authorized, executed, and delivered by, and is Enforceable against, Buyer’s Parent. 
 (c) No Violation. The execution and delivery of the Transaction Documents to which Buyer is party and the performance and consummation of the Transactions by Buyer will not (a) Breach any Law
or Order to which Buyer is subject or any provision of its Organizational Documents, (b) Breach any Contract, Order, or Permit to which Buyer is a party or by which it is bound or to which any of its assets is subject, or (c) require any
Consent. The execution and delivery of the Transaction Documents to which Buyer’s Parent is party and the performance and consummation of the Transactions by Buyer’s Parent will not (a) Breach any Law or Order to which Buyer’s
Parent is subject or any provision of its Organizational Documents, (b) Breach any Contract, Order, or Permit to which Buyer’s Parent is a party or by which it is bound or to which any of its assets is subject, or (c) require any
Consent. 
 (d) Brokers’ Fees. Buyer has no Liability to pay any compensation to any broker, finder,
or agent with respect to the Transactions for which Seller could become directly or indirectly Liable. Buyer’s Parent has no Liability to pay any compensation to any broker, finder, or agent with respect to the Transactions for which Seller
could become directly or indirectly Liable. 
 ARTICLE 3. 

REPRESENTATIONS AND WARRANTIES 
 CONCERNING THE CONTRACT RIGHTS AND EQUIPMENT 
 Seller represents and
warrants to Buyer that the statements contained in this ARTICLE 3 are correct and complete as of the date of this Agreement and will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were
substituted for the date of this Agreement throughout this ARTICLE 3), except as set forth in the Schedules delivered by Seller to Buyer on the date hereof (the “Schedules”). 

  
 -5-

 3.1 Title to Assets. The Seller has good and indefeasible title to the Contract
Rights and Equipment, free and clear of all Encumbrances, other than Mechanics’ Liens and Encumbrances granted over all of Seller’s assets and undertakings to Standard Chartered Bank (Hong Kong) Limited as administrative agent under the
Valencia Bridge Loan, including Seller’s rights in connection with the Vessel under the Contracts set forth in Schedule 3.2. 
 3.2 Contracts. Schedule 3.2 lists all of the Contracts to which the Seller is a party as of the date of this Agreement pertaining to the Shipbuilding Contract, the Contract Rights, the
Equipment or the construction of the Vessel under the Shipbuilding Contract. Seller has delivered to Buyer a correct and complete copy of each written Contract (as amended to date) listed in Schedule 3.2. With respect to each such Contract
(other than any Contract entered into by the Seller with Buyer or any affiliate(s) of Buyer): 
 (A) the Contract
is Enforceable; 
 (B) subject to the due execution and delivery of the Assignment Deed in the case of the
Shipbuilding Contract, the Contract will continue to be Enforceable on identical terms following the consummation of the Transactions; and 
 (C) no party to the Contract has repudiated any provision of the Contract. 
 Seller estimates in
good faith, based on the facts and circumstances existing as of the date of this Agreement, that the total remaining costs due and payable to the Builder under the Shipbuilding Contract upon the delivery of the Vessel pursuant to the Shipbuilding
Contract will be no greater than US$604,919,334 (the “Estimated DSME Delivery Payment”) based on the assumption that the “Actual Delivery Date” under and as defined in the Shipbuilding Contract will occur no later than the
Target Closing Date. Foreign Corrupt Practices Compliance. Seller has not, directly or indirectly, in connection with the Shipbuilding Contract or the construction of the Vessel made, authorized, offered, or agreed to make any payment,
transfer of value, or gift to any Person connected with or related to any Governmental Authority or to any other Person with Knowledge or unreasonable disregard that such Person will act as a conduit for otherwise prohibited payments or gifts,
except payments or contributions required or allowed by applicable Law. 
 ARTICLE 4. 

COVENANTS 

4.1 General. Each Party will use its Best Efforts to take all actions and to do all things necessary, proper, or advisable to
consummate, make effective, and comply with all of the terms of this Agreement and the Transactions (including satisfaction, but not waiver, of the Closing conditions set forth in ARTICLE 5). In case at any time after the Closing any further
action is necessary or desirable to carry out the purposes of this Agreement, including without limitation the transfer of valid legal title to the Contract Rights and Equipment, each Party will at its own cost and expense take such further action
(including, the execution and delivery of such further instruments and documents) as any other Party reasonably may request. 

  
 -6-

 4.2 Notices and Consents. Seller will give any notices to third parties, and will use
its Best Efforts to obtain any third party Consents, that Buyer may reasonably request in connection with the sale and purchase of the Contract Rights and Equipment. Each Party will give any notices to, make any filings with, and use its Best
Efforts to obtain any Consents of, Governmental Authorities, if any, required or reasonably deemed advisable pursuant to any applicable Law in connection with the Transactions and will use such Party’s Best Efforts to agree jointly on a method
to overcome any objections by any Governmental Authority to the Transactions. 
 4.3 Operation of Business. 

(a) Prior to Closing, the Seller shall not take any action that would detrimentally affect its rights under the
Shipbuilding Contract. Subject to compliance with applicable Law, from the date hereof until the earlier to occur of Closing or the termination of this Agreement pursuant to ARTICLE 6, Seller will confer on a regular and frequent basis with
one or more representatives of Buyer to report on operational matters regarding the construction of the Vessel and the operation of the Shipbuilding Contract’s ongoing business, operations, and finances. Prior to the Closing, (i) Seller
will use its Best Efforts to involve Buyer in any scheduled conversations or communications with the Builder regarding the Shipbuilding Contract or the Vessel by giving Buyer sufficient prior notice of, and an opportunity to participate in, any
meeting in person, by telephone or by video conference; and (ii) to the extent Seller has any material discussions regarding the Shipbuilding Contract or the Vessel at which Buyer was not present, Seller agrees to promptly notify Buyer of the
substance of such discussions. Without prejudice to the foregoing, each of Buyer and Buyer’s Parent (for itself and each of its Affiliates) agrees and acknowledges that determination of the Final DSME Delivery Payment as between Seller and
Buyer shall be reserved to the Seller (subject to confirmation prior to closing by DSME), and Seller shall have conduct of all and any negotiations with the Builder in respect of such determination, provided that Seller agrees to promptly notify
Buyer of the substance of such discussions. 
 (b) To the extent Buyer or Buyer’s Parent (or any of their
respective Affiliates) has any material discussions with Petrobras and/or Petrobras Netherlands regarding the Drilling Services Contract or delivery of the Vessel (other than regularly scheduled status meetings between Buyer and Petrobras), each of
Buyer and Buyer’s Parent agrees to promptly notify Seller of the substance of such discussions. 
 4.4 Notice of
Developments. Prior to Closing, the Seller will give prompt written notice to Buyer of any development occurring after the date of this Agreement which reasonably could be expected to cause any of the representations and warranties in
Section 2.1 or ARTICLE 3 to be inaccurate in any material respect as of the date of this Agreement or the Closing Date. Buyer will give prompt written notice to Seller of any development occurring after the date of this Agreement
which reasonably could be expected to cause any of the representations and warranties in Section 2.2 to be inaccurate in any material respect as of the date of this Agreement or the Closing Date. 

  
 -7-

 4.5 Exclusivity. Seller will not (a) solicit, initiate, or encourage the
submission of any proposal or offer from any Person relating to the acquisition of any of the capital stock of the Seller (including any acquisition structured as a merger, consolidation, or share exchange) or the Contract Rights or Equipment or
(b) participate in any discussions or negotiations regarding, furnish any information with respect to, assist or participate in, or facilitate in any other manner any effort or attempt by any Person to do or seek any of the foregoing. The
Seller will notify Buyer immediately if any Person makes any proposal, offer, inquiry, or contact to or with the Seller or any of Seller’s Affiliates with respect to any of the foregoing including the terms of any such proposal, offer, inquiry,
or contact. 
 4.6 Confidentiality; Publicity. Except as may be required by Law or as otherwise expressly contemplated
herein, no Party or their respective Affiliates, employees, agents, or representatives shall disclose to any third party this Agreement, the subject matter or terms hereof, or any Confidential Information concerning the business or affairs of any
other Party which it may have acquired from such Party in the course of pursuing the Transactions without the prior written consent of Seller or Buyer, as the case may be; provided, however, any Party may disclose any such Confidential Information
as follows: (a) to such Party’s Affiliates and its or its Affiliates’ employees, lenders, counsel, or accountants which shall also be subject to the requirements of this Section 4.6; (b) to comply with any applicable
Law or Order, provided that prior to making any such disclosure the Party making the disclosure notifies the other Party of any Action of which it is aware which may result in disclosure and uses its Best Efforts to limit or prevent such disclosure;
(c) to the extent that the Confidential Information is or becomes generally available to the public through no fault of the Party or its Affiliates making such disclosure; (d) to the extent that the same information is already known by the
Party making such disclosure prior to receipt of such Confidential Information; (e) to the extent that the Party that received the Confidential Information independently develops the same information without in any way relying on any
Confidential Information; (f) to the extent that the same information becomes available to the Party making such disclosure on a nonconfidential basis from a source other than a Party or its Affiliates, which source, to the Knowledge of the
disclosing Party, is not prohibited from disclosing such information by a legal, Contractual, or fiduciary obligation to the other Party; (f) to the Seller’s financier(s) under the Valencia Bridge Loan; and (g) to the Builder and
Petrobras (or any relevant subsidiary of Petrobras) in connection with the Shipbuilding Contract and the Drilling Services Contract, respectively. Any press release or other public announcement related to this Agreement or the Transactions shall be
issued jointly by Buyer and Seller; provided, however, Buyer is permitted to make such public disclosure as it reasonably determines is necessary for Buyer to comply with applicable securities laws and stock exchange requirements, so long as Buyer
consults with Seller prior to releasing any such public disclosure. 
 4.7 Buyer Financing. Each of Buyer and
Buyer’s Parent shall (and shall procure that their respective Affiliates will) use their respective Best Efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to arrange
financing necessary to fund Buyer’s and Buyer’s Parent (and their respective Affiliates) obligation to pay the Closing Payment and any amounts remaining due under the Shipbuilding Contract (including using Best Efforts to obtain from
Petrobras and/or Petrobras Netherlands any extension to the Expected Commencement Date under the Drilling Services Contract required in order to procure such financing). Each of Buyer and Buyer’s Parent shall (and shall procure that their
respective Affiliates will) keep Seller informed of the status of their efforts, and of their 

  
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financing arrangements, on a regular basis and, in any event, on request of Seller and shall notify Seller as soon as practicable of any agreement or response by Petrobras and/or Petrobras
Netherlands (or its arrangement) in relation to any such extension under the Drilling Services Contract. 
 4.8 Builder
Arrangements for Delivery of Vessel. Seller agrees to use its Best Efforts to obtain from the Builder all documentation required by the Shipbuilding Contract to procure the delivery of the Vessel to Buyer (or one of Buyer’s Affiliates) upon
payment of the Final DSME Delivery Payment (the “Vessel Documentation”). 
 4.9 Payoff Information
for Valencia Bridge Loan. Seller agrees to use its Best Efforts to obtain from the agent and lenders thereunder all documentation required (including, as applicable, a payoff letter) to confirm all amounts due under, and arrangements to release
all liens associated with, the Valencia Bridge Loan (the “Loan Documentation”). 
 ARTICLE 5.

 CLOSING CONDITIONS 
 5.1 Conditions Precedent to Obligation of Buyer. Buyer’s obligation to consummate the Transactions contemplated to occur in connection with the Closing and thereafter is subject to the
satisfaction of each condition precedent listed below. 
 (a) Accuracy of Representations and Warranties.
Each representation and warranty set forth in Section 2.1 and ARTICLE 3 shall be true in all material respects on and as of the Closing Date, except those with respect to which are made as of a specified date. 

(b) Compliance with Obligations. Seller shall have performed and complied with all of its covenants to be performed
or complied with at or prior to Closing in all material respects. 
 (c) No Adverse Litigation. There
shall not be pending or Threatened any Action by or before any Governmental Authority, arbitrator, or mediator which shall seek to restrain, prohibit, invalidate, or collect Damages arising out of the Transactions, or which, in the reasonable
judgment of Buyer, makes it inadvisable to proceed with the Transactions. 
 (d) Financing. Buyer has
obtained financing necessary to fund Buyer’s (and its consolidated subsidiary’s) obligation to pay the Closing Payment and any amounts remaining due under the Shipbuilding Contract. 

(e) No Order or Injunction. There shall not be issued and in effect any Order restraining or prohibiting the
Transactions. 
 (f) F3 Delivery. Seller shall have caused F3 to deliver to Buyer the Voting Agreement
executed by F3 and Hsin Chi Su. 

  
 -9-

 (g) Final DSME Delivery Payment. The Builder shall have delivered or
submitted to Seller evidence of the amount of the total remaining costs due and payable to the Builder under the Shipbuilding Contract upon delivery of the Vessel pursuant to the Shipbuilding Contract (such amount being the “Final DSME
Delivery Payment”). 
 (h) Delivery of Documentation. Seller shall have caused the delivery of the
Vessel Documentation and the Loan Documentation, in form and substance reasonably acceptable to Buyer. 
 5.2 Conditions
Precedent to Obligation of Seller. Seller’s obligation to consummate the Transactions contemplated to occur in connection with the Closing and thereafter is subject to the satisfaction of each condition precedent listed below. 

(a) Accuracy of Representations and Warranties. Each representation and warranty set forth in
Section 2.2 shall be true in all material respects on and as of the Closing Date, except those with respect to which are made as of a specified date. 

(b) Compliance with Obligations. Each of Buyer and Buyer’s Parent shall have performed and complied with all
its covenants and obligations required by this Agreement to be performed or complied with at or prior to Closing in all material respects (for the avoidance of doubt, to include Buyer paying, or providing evidence of an ability to pay upon Closing,
the Closing Payment). 
 (c) No Adverse Litigation. There shall not be pending or Threatened any Action by
or before any Governmental Authority, arbitrator, or mediator which shall seek to restrain, prohibit, invalidate, or collect Damages arising out of the Transactions, or which, in the reasonable judgment of Seller, makes it inadvisable to proceed
with the Transactions. 
 (d) No Order or Injunction. There shall not be issued and in effect any Order
restraining or prohibiting the Transactions. 
 (e) Vantage Delivery. Buyer’s Parent shall have
delivered to Seller the Vantage Undertaking, executed by Buyer’s Parent. 
 ARTICLE 6. 

TERMINATION 
 6.1 Termination of Agreement. The Parties may terminate this Agreement as provided below: 
 (a) Buyer and Seller may terminate this Agreement as to all Parties by mutual written consent at any time prior to the Closing; 

(b) Buyer or Seller may terminate this Agreement upon delivery of a written notice if the Closing has not occurred prior
to the Expiration Date, provided that the Party delivering such notice shall not have caused such failure to close; 

  
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 (c) Buyer may terminate this Agreement by giving written notice to Seller at
any time prior to the Closing if Seller has Breached any representation, warranty, or covenant contained in this Agreement in any material respect (except with respect to materiality for any provisions including the word “material” or
words of similar import, in which case such termination rights will arise upon any Breach); provided, however, that the defaulting party shall have a period of ten Business Days following written notice from the non-defaulting party to cure
any breach of this Agreement, if such breach is curable; or 
 (d) Seller may terminate this Agreement by giving
written notice to Buyer at any time prior to the Closing if Buyer or Buyer’s Parent has Breached any representation, warranty, or covenant contained in this Agreement in any material respect (except with respect to materiality for any
provisions including the word “material” or words of similar import, in which case such termination rights will arise upon any Breach); provided, however, that the defaulting party shall have a period of ten Business Days following
written notice from the non-defaulting party to cure any breach of this Agreement, if such breach is curable. 
 6.2
Procedures for and Effect of Termination. In the event of termination of this Agreement and abandonment of the transactions contemplated by this Agreement under Section 6.1, written notice thereof shall be given by a party so
terminating to the other party and this Agreement shall forthwith terminate and shall become null and void and of no further effect, and the transactions contemplated by this Agreement shall be abandoned without further action by the Seller, the
Buyer or the Buyer’s Parent without prejudice to Section 6.3 which shall continue in full force and effect. If this Agreement is terminated under Section 6.1: 

(a) each of the Buyer and the Buyer’s Parent shall redeliver or destroy all documents and other materials of the
Seller or any of its Affiliates relating to the transactions contemplated by this Agreement, whether obtained before or after the execution of this Agreement, to the Seller, and all confidential information received by the Buyer hereto with respect
thereto shall be treated in a confidential manner; 
 (b) all filings, applications and other submissions made
pursuant hereto shall, at the option of the Seller, and to the extent practicable, be withdrawn from the agency or other person to which made; 
 (c) there shall be no liability or obligation under this Agreement on the part of the Seller, the Buyer or the Buyer’s Parent or any of their respective directors, officers, employees, Affiliates,
agents or representatives, except that the Seller, the Buyer or the Buyer’s Parent, as the case may be, may have liability to the other party if the basis of termination is a willful, material breach by the Seller, the Buyer or the Buyer’s
Parent, as the case may be, of one or more of the provisions of this Agreement, and except that the obligations provided for in this Section 6.2, Section 6.3, Section 9.5, Section 9.10,
Section 9.13 and Section 9.14 of this Agreement shall survive any such termination; and 
  

	 	(d)	Seller shall have no obligation to refund the Initial Cash Consideration. 

  
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 6.3 Best Efforts to Seek Alternative Arrangements. In the event that the Closing Date
does not occur by the Expiration Date or Seller or Buyer is of the opinion that the condition precedent to Closing set out in paragraph (c) of Section 5.1 will not be met on or before the Expiration Date, each of Seller, Buyer and
Buyer’s Parent shall use their respective Best Efforts to seek an alternative arrangement to procure delivery of the Vessel in compliance with the Shipbuilding Contract including seeking any extension and/or amendment to the Shipbuilding
Contract (and any supplier credit arrangements) as may be necessary to procure such compliance. Each of Buyer and Buyer’s Parent agrees that it will not (and will ensure that none of its Affiliates will) seek to use any vessel other than the
Vessel to perform its (or its relevant Affiliates’) obligations under the Drilling Services Contract without the prior written agreement of the Seller, or transfer, directly or indirectly all or any of its rights under the Drilling Services
Contract to any person (other than to an Affiliate) without the prior written agreement of the Seller. 
 6.4 Termination
Fees. 
 Without prejudice to Section 9.14: 

(a) As consideration for Seller and/or its Affiliates to continue to make available any guarantee issued by any of the
Seller’s Affiliates to the Builder in connection with the Shipbuilding Contract, Buyer and Buyer’s Parent agree to pay US$15 million to the Seller (the “Buyer Termination Fee”) in the event that Buyer and/or the
Buyer’s Parent is unable or unwilling to close the transactions contemplated by this Agreement, so long as Seller has fulfilled the conditions under Section 5.1(a), (b), and (e) on or before the Expiration Date. The Buyer Termination
Fee shall be payable, if at all, not later than the second Business Day following the Expiration Date and any amount payable pursuant to this Section 6.4(a) shall be reduced by the Initial Cash Consideration. 

(b) As consideration for Buyer’s, Buyer’s Parent (and Buyer’s Parent’s Affiliates’) deferral of
amounts currently due and payable under the terms of the Construction Management Agreement and its costs associated with pursuing the transactions contemplated by this Agreement, the Seller shall pay, or cause to be paid, to the Buyer an amount
equal to US$15 million (the “Seller Termination Fee”) in the event that Seller terminates or seeks to terminate this Agreement, so long as Buyer and Buyer’s Parent have fulfilled the conditions under Section 5.2 or
Section 5.1(d) on or before the Expiration Date. The Seller Termination Fee shall be payable, if at all, not later than the second Business Day following the date on which Seller informs Buyer that it is terminating or seeking to terminate the
Agreement. 
 Each of Buyer, Buyer’s Parent and Seller acknowledges that (i) the agreement contained in this
Section 6.4 is an integral part of the transactions contemplated by this Agreement, (ii) the amount of, and the basis for payment of, the fees described herein is reasonable and appropriate in all respects and (iii) without this
agreement, Buyer, Buyer’s Parent and Seller would not enter into this Agreement. Accordingly, if (a) Seller fails to pay the Seller Termination Fee within 10 days of the date it is due and, in order to obtain such payment, the Buyer makes
a claim that results in a judgment for the Seller Termination Fee, the Seller shall pay the Buyer’s costs and 

  
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expenses (including attorneys’ fees and expenses) in connection with such suit, or (b) Buyer or Buyer’s Parent fails to pay the Buyer Termination Fee within 10 days of the date it
is due and, in order to obtain such payment, the Seller makes a claim that results in a judgment for the Buyer Termination Fee, each of the Buyer and the Buyer’s Parent shall, jointly and severally, pay the Seller’s costs and expenses
(including attorneys’ fees and expenses) in connection with such suit. 
 ARTICLE 7. 

INDEMNIFICATION 
 7.1 Survival of Indemnification. This ARTICLE 7 shall survive, and a claim for indemnity under this ARTICLE 7 may be brought with respect to the Breach of any representation,
warranty, covenant or obligation in this Agreement or any other certificate or document delivered pursuant to this Agreement, until two years following the Closing Date. 
 7.2 Indemnification Provisions for Buyer’s Benefit. Subject to Section 7.5, Seller will defend, indemnify, and hold the Buyer Indemnified Persons harmless from and pay any and all
Damages, directly or indirectly, resulting from, relating to, arising out of, or attributable to any one of the following: 
 (a) any Breach of any representation or warranty Seller has made in this Agreement, or any other certificate or document Seller has delivered pursuant to this Agreement; or 

(b) any Breach by Seller of any covenant or obligation of Seller in this Agreement. 

7.3 Indemnification Provisions for Seller’s Benefit. Subject to Section 7.5, each of Buyer and Buyer’s
Parent will defend, indemnify, and hold the Seller Indemnified Persons harmless from and pay any and all Damages, directly or indirectly, resulting from, relating to, arising out of, or attributable to any of the following: 

(a) any Breach of any representation or warranty Buyer or Buyer’s Parent has made in this Agreement or any other
certificate or document Buyer or Buyer’s Parent has delivered pursuant to this Agreement; or 
 (b) any
Breach by Buyer or Buyer’s Parent of any covenant or obligation of Buyer or Buyer’s Parent in this Agreement. 

7.4 Indemnification Claim Procedures. 
 (a) If any Action is commenced in which any Indemnitee is a party which may give rise to a claim for indemnification against any Indemnitor then such Indemnitee shall promptly give notice to the
Indemnitor. Failure to notify the Indemnitor will not relieve the Indemnitor of any Liability that it may have to the Indemnitee, except to the extent the defense of such Action is materially and irrevocably prejudiced by the Indemnitee’s
failure to give such notice. 

  
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 (b) An Indemnitor will have the right to defend against an Indemnification
Claim, other than a Indemnification Claim related to Taxes, with counsel of its choice reasonably satisfactory to the Indemnitee if (i) within 15 days following the receipt of notice of the Indemnification Claim the Indemnitor notifies the
Indemnitee in writing that the Indemnitor will indemnify the Indemnitee from and against the entirety of any Damages the Indemnitee may suffer resulting from, relating to, arising out of, or attributable to the Indemnification Claim, (ii) the
Indemnitor provides the Indemnitee with evidence reasonably acceptable to the Indemnitee that the Indemnitor will have the financial resources to defend against the Indemnification Claim and pay, in cash, all Damages the Indemnitee may suffer
resulting from, relating to, arising out of, or attributable to the Indemnification Claim, (iii) the Indemnification Claim involves only money Damages and does not seek an injunction or other equitable relief, (iv) settlement of, or an
adverse judgment with respect to, the Indemnification Claim is not in the good faith judgment of the Indemnitee likely to establish a precedential custom or practice materially adverse to the continuing business interests of the Indemnitee, and
(v) the Indemnitor continuously conducts the defense of the Indemnification Claim actively and diligently. 

(c) So long as the Indemnitor is conducting the defense of the Indemnification Claim in accordance with
Section 7.4(b), (i) the Indemnitee may retain separate co-counsel at its sole cost and expense and participate in the defense of the Indemnification Claim, (ii) the Indemnitee will not consent to the entry of any Order with
respect to the Indemnification Claim without the prior written consent of the Indemnitor (not to be withheld unreasonably), and (iii) the Indemnitor will not consent to the entry of any Order with respect to the Indemnification Claim without
the prior written consent of the Indemnitee (not to be withheld unreasonably, provided that it will not be deemed to be unreasonable for an Indemnitee to withhold its consent (A) with respect to any finding of or admission (1) of any
violation of any Law, Order or Permit, (2) of any violation of the rights of any Person, or (3) which Indemnitee reasonably believes could have a material adverse effect on any other Actions to which the Indemnitee or its Affiliates are
party or to which Indemnitee has a good faith belief they may become party, or (B) if any portion of such Order would not remain sealed). 
 (d) Each Party hereby consents to the non-exclusive jurisdiction of any Governmental Authority in which an Action is brought against any Indemnitee for purposes of any Indemnification Claim that an
Indemnitee may have under this Agreement with respect to such Action or the matters alleged therein, and agrees that process may be served on such Party with respect to such claim within such jurisdiction. 

(e) The foregoing indemnification provisions are in addition to, and not in derogation of, any remedy at Law or in equity
that any Party may have with respect to the Transactions. 

  
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 7.5 Limitation of Liability 

(a) The Seller is not liable in respect of any claim by a Buyer Indemnified Person under or pursuant to the provisions of
this ARTICLE 7 or any other provision of this Agreement (each a “Relevant Claim”): 
 (i) unless the amount that would otherwise be recoverable from the Seller (but for this paragraph (i)) in respect of that Relevant Claim exceeds US$50,000; and 

(ii) unless and until the amount that would otherwise be recoverable from the Seller (but for this paragraph (ii)) in
respect of that Relevant Claim, when aggregated with any other amount or amounts recoverable in respect of other Relevant Claims (excluding any amounts in respect of a Relevant Claim for which the Seller has no liability because of
paragraph (i)), exceeds US$200,000 and in the event that the aggregated amounts exceed US$200,000 the Seller shall only be liable for the excess. 
 (b) The Seller’s total liability in respect of all Relevant Claims is limited to the Purchase Price. 
 (c) Qualifications as to materiality using the term “material” (or any variation thereof, including a Material Adverse Change or Material Adverse Effect) in any representation or warranty shall
not be taken into account in determining the amount of any Damages with respect to a breach of such representation or warranty (or failure of any representation or warranty to be true and correct). 

(d) The amount of any Seller liability in respect of a Relevant Claim shall be reduced by any amount directly or
indirectly received by the Buyer Indemnified Person with respect to such Relevant Claim under any insurance coverage or from any other party alleged to be responsible for such liability. The Buyer Indemnified Person shall use Best Efforts to collect
any amounts available under such insurance coverage and from such other party alleged to have responsibility. If the Buyer Indemnified Person directly or indirectly receives any amount under insurance coverage or from such other party with respect
to any Seller liability in respect of a Relevant Claim at any time subsequent to any indemnification provided by Seller under Section 7.2, then the Buyer Indemnified Person shall promptly reimburse Seller for any payment made or expense
incurred by Seller in connection with providing such indemnification up to such amount received by the Buyer Indemnified Person; and 
 (e) Seller shall be obligated to indemnify the Buyer Indemnified Person only for those claims giving rise to any Seller liability in respect of a Relevant Claim as to which the Buyer Indemnified Person
has given the Seller written notice thereof prior to the end of the applicable survival period. Any written notice delivered by the Buyer Indemnified Person to the Seller with respect to any Seller liability in respect of a Relevant Claim shall set
forth with as much specificity as is reasonably practicable the basis of the claim for such liability and, to the extent reasonably practicable, a reasonable estimate of the amount of such claim. 

  
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 (f) The limitations set forth in this Section 7.5 shall not
apply if an Indemnitor is liable to pay indemnity under this ARTICLE 7 due to such Indemnitor’s intentional fraud committed with the knowledge of such Indemnitor. 
 7.6 No Setoff. None of the Buyer, the Buyer’s Parent or the Seller shall have any right to setoff any Damages against any payments to be made by either of them under this Agreement.

 7.7 Insurance. The indemnifying party shall be subrogated to the rights of any Indemnitee in respect of any insurance
relating to Damages to the extent of any indemnification payments made under this Agreement, and the Indemnitee shall provide all reasonably requested assistance to the indemnifying party in respect of such subrogation. 

7.8 No Duplication. Any liability for indemnification under this Agreement shall be determined to avoid duplication of recovery by
reason of the state of facts giving rise to such liability constituting a breach of more than one representation, warranty, covenant or agreement. 
 7.9 Sole Remedy. The Parties agree that, from and after the Closing, the sole and exclusive remedy of any Party or its Affiliates with respect to this Agreement and the transactions provided for in
this Agreement shall be limited to the indemnification provisions set forth in this ARTICLE 7 or any other remedy set forth in this Agreement and, in furtherance of the foregoing, each of the Parties, on behalf of itself and its Affiliates,
waives and releases the other Party to this Agreement from, to the fullest extent permitted under any applicable Law, any and all rights, claims and causes of action it or its Affiliates may have against the other party to this Agreement with
respect to the foregoing matters, except as provided by this Agreement. 
 7.10 No Special Damages. IN NO EVENT SHALL
ANY PARTY BE LIABLE UNDER THIS ARTICLE 7 OR OTHERWISE IN RESPECT OF THIS AGREEMENT FOR EXEMPLARY, SPECIAL, PUNITIVE, INDIRECT, REMOTE, SPECULATIVE OR CONSEQUENTIAL DAMAGES. 

7.11 Tax Treatment of Indemnity Payments. Each of the Seller and the Buyer agrees to treat any indemnity payment made pursuant to
this Agreement as an adjustment to the Purchase Price for all Tax purposes, unless otherwise required by applicable Laws. 

ARTICLE 8. 

DEFINITIONS 
 “Action” means any action, appeal, petition, plea, charge, complaint, claim, suit, demand, litigation, arbitration, mediation, hearing, inquiry, investigation or
similar event, occurrence, or proceeding. 
 “Affiliate” with respect to any specified Person, means a
Person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, such specified Person. As used herein, the term “control” means possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting Equity Interests, by contract, or otherwise. 

  
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 “Agreement” is defined in the preamble to this Agreement.

 “Assignment Deed” is defined in Section 1.4(a)(ii). 

“Basis” means any past or current fact, situation, circumstance, status, condition, activity, practice, plan,
occurrence, event, incident, action, failure to act, or transaction about which the relevant Person has Knowledge that forms or could form the basis for any specified consequence. 

“Best Efforts” means the efforts, time, and costs that a prudent Person desirous of achieving a result would use,
expend, or incur in similar circumstances to ensure that such result is achieved as expeditiously as possible; provided, however, that no such use, expenditure, or incurrence will be required if it would have a Material Adverse Effect on such
Person. 
 “Bill of Sale” is defined in Section 1.4(a)(iii). 

“Breach” means any breach, inaccuracy, failure to perform, failure to comply, conflict with, default, violation,
acceleration, termination or cancellation. 
 “Business Day” means any day (other than a Saturday,
Sunday or a federal holiday) on which commercial banks in New York City and Taipei are open for general business, and shall consist of the time period from 12:01 a.m. through 12:00 midnight U.S. Eastern time. In computing any time period under this
Agreement, the date of the event which begins the running of such time period shall be included except that if such event occurs on other than a Business Day such period shall begin to run on and include the first Business Day thereafter. 

 “Buyer” is defined in the preamble to this Agreement. 

“Buyer Indemnified Persons” means Buyer and its Affiliates and their officers, directors, employees, agents,
representatives, controlling Persons, and stockholders, but specifically excluding Seller. 
 “Closing”
is defined in Section 1.3. 
 “Closing Date” is defined in Section 1.3.

 “Closing Payment” is defined in Section 1.2(b). 

“Confidential Information” means any information concerning the businesses and affairs of Buyer or Seller, as
applicable. 
 “Consent” means any consent, approval, notification, waiver, or other similar action that
is necessary or convenient. 

  
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 “Construction Management Agreement” means the agreement to perform
construction management services entered into between Seller and Titanium Explorer Company, an exempted company incorporated with limited liability and existing under the laws of the Cayman Islands and a wholly-owned subsidiary of the Buyer’s
Parent. 
 “Contract” means any contract, agreement, arrangement, commitment, letter of intent,
memorandum of understanding, heads of agreement, promise, obligation, right, instrument, document, or other similar understanding, whether written or oral. 
 “Contract Rights” is defined in the recitals to this Agreement. 
 “Damages” means all damages (including incidental and consequential damages), losses (including any diminution in value), Liabilities, payments, amounts paid in settlement,
obligations, fines, penalties, costs, expenses (including reasonable fees and expenses of outside attorneys, accountants and other professional advisors and of expert witnesses and other costs (including the allocable portion of the
Indemnitee’s internal costs) of investigation, preparation and litigation in connection with any Action or Threatened Action) of any kind or nature whatsoever. 
 “Deferred Payment” is defined in Section 1.2(c). 

“Deferred Payment Date” means the earlier to occur of (i) the date on which the Mobilization Fee (as defined
in the Drilling Services Contract) is received by VDWC pursuant to the Drilling Services Contract and (ii) 120 days after Closing. 
 “Drilling Services Contract” means the Agreement for the Provision of Drilling Services dated as of February 4, 2009, by and between Petrobras Netherlands and VDWC, as amended
by the First Amendment to the Service Agreement dated June 18, 2009, and as may be further amended from time to time. 

“DSME Delivery Payment Adjustment Amount” means the difference between the Final DSME Delivery Payment and the
Estimated DSME Delivery Payment. 
 “Encumbrance” means any Order, security interest, deed of trust,
mortgage, pledge, lien, charge, claim, or other similar interest or right, Contract, easement, covenant, community property interest, equitable interest, right of first refusal, or restriction of any kind, including any restriction on use, voting,
transfer, receipt of income, or exercise of any other attribute of ownership. 

“Enforceable”—a Contract is “Enforceable” if it is the legal, valid, and binding obligation
of the applicable Person enforceable against such Person in accordance with its terms, except as such enforceability may be subject to the effects of bankruptcy, insolvency, reorganization, moratorium, or other Laws relating to or affecting the
rights of creditors, and general principles of equity. 
 “Equipment” is defined in the recitals to this
Agreement. 
 “Estimated DSME Delivery Payment” is defined in Section 3.2. 

  
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 “Expiration Date” means April 30, 2012. 

“F3” means F3 Capital, an Affiliate of Seller. 

“Final DSME Delivery Payment” is defined in Section 5.1(g). 

“Governmental Authority” means any legislature, agency, bureau, branch, department, division, commission, court,
tribunal, magistrate, justice, multi-national organization, quasi-governmental body, or other similar recognized organization or body of any federal, state, county, municipal, local, or foreign government or other similar recognized organization or
body exercising similar powers or authority. 
 “Indemnification Claim” means any claim for
indemnification by an Indemnitee against an Indemnitor under this Agreement. 
 “Indemnitees” means,
individually and as a group, the Buyer Indemnified Persons and the Seller Indemnified Persons. 
 “Indemnitor”
means any Person having any Liability to any Indemnitee under this Agreement. 
 “Initial Cash
Consideration” is defined in Section 1.2(a). 
 “Knowledge” – a Party will
be deemed to have “Knowledge” of a particular fact or other matter if (i) any individual who is serving, as a director, officer, partner, member, executor, or trustee of such Person (or in any similar capacity), or (ii) any
employee who is charged with responsibility for a particular area of the Seller’s operations (e.g. an employee in the environmental section with respect to knowledge of environmental matters), has, or at any time had, Knowledge of such fact or
other matter. 
 “Law” means any law (statutory, common, or otherwise), constitution,
treaty, convention, ordinance, equitable principle, code, rule, regulation, executive order, or other similar authority enacted, adopted, promulgated, or applied by any Governmental Authority, each as amended and in effect. 

“Liability” means any liability, duty, or obligation, whether known or unknown, asserted or unasserted, absolute
or contingent, matured or unmatured, conditional or unconditional, latent or patent, accrued or unaccrued, liquidated or unliquidated, or due or to become due. 
 “Management Agreement” means the management agreement dated March 2009 between Seller and Vantage Deepwater Company, an exempted company incorporated with limited liability and
existing under the laws of the Cayman Islands and a wholly-owned subsidiary of the Buyer’s Parent. 
 “Material
Adverse Change (or Effect)” means a change or effect in the financial condition, properties, assets, Liabilities, rights, obligations, operations or business which change (or effect), individually or in the aggregate, could reasonably
be expected to be materially adverse to such condition, properties, assets, Liabilities, rights, obligations, operations, business, 

  
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or prospects, including any change or effect caused by, arising from, or relating to acts of terrorism or war (whether or not declared), or by interruption of utilities or other public or
commercial products or services, occurring after the date of this Agreement which materially impair the ability of the Person in question to conduct its operations except on a temporary basis; provided, however, that the following shall not
be a Material Adverse Change (or Effect): (1) any adoption, implementation, promulgation, repeal, modification, reinterpretation or proposal of any rule, regulation, ordinance, order, protocol, practice or measure or any other Law of or by any
Governmental Authority, or (2) any outbreak, continuation or escalation of hostilities or the declaration by the United States of a national emergency or war, any acts of terrorism, any other calamity or crisis or geopolitical event, or effects
of weather or meteorological events, (3) changes or developments in financial or securities markets or the economy in general, (4) changes in general business, economic, political, social, legal or regulatory conditions generally affecting
the offshore contract drilling industry and not specifically arising from or related to the business of the Seller; and (5) any actions taken as contemplated by this Agreement. 

“Mechanics’ Liens” means carriers’, warehousemen’s, mechanics’, workmen’s,
materialmen’s, construction or other like statutory Encumbrances. 
 “Order” means any order,
ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction, or other similar determination or finding by, before, or under the supervision of any Governmental Authority,
arbitrator, or mediator. 
 “Organizational Documents” means the articles of incorporation, certificate
of incorporation, charter, bylaws, articles or certificate of formation, regulations, operating agreement, certificate of limited partnership, partnership agreement, and all other similar documents, instruments or certificates executed, adopted, or
filed in connection with the creation, formation, or organization of a Person, including any amendments thereto. 

“Parties” means the Buyer, the Buyer’s Parent and the Seller. 

“Permit” means any permit, license, certificate, approval, consent, notice, waiver, franchise, registration,
filing, accreditation, or other similar authorization required by any Law or Governmental Authority. 
 “Person”
means any individual, partnership, limited liability company, corporation, association, joint stock company, trust, joint venture, labor organization, unincorporated organization, or Governmental Authority. 

“Petrobras” shall mean Petróleo Brasileiro S.A. – Petrobras,., a mixed capital company organized and
existing under the laws of Brazil. 
 “Petrobras Netherlands” shall mean Petrobras Venezuela
Investments & Services B.V., a company organized and established under the laws of the Netherlands and a wholly-owned subsidiary of Petrobras. 
 “Reimbursable Costs” is defined in Section 9.13. 

  
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 “Reimbursable Costs Adjustment Amount” is defined in Section
9.13. 
 “Riser” means 33 75-foot riser joints purchased by the Seller from Aker Solutions.

 “Schedules” is defined in the preamble to ARTICLE 3. 

“Seller” is defined in the preamble to this Agreement. 

“Seller Indemnified Persons” means Seller and its Affiliates and their officers, directors, employees, agents,
representatives, controlling Persons, and stockholders, and the lender(s) under the Valencia Bridge Loan but specifically excluding Buyer and Buyer’s Parent. 
 “Target Closing Date” means 30 April, 2012. 

“Tax” means (i) any federal, state, local, or foreign income, gross receipts, license, payroll, employment,
excise, severance, stamp, occupation, premium, windfall profits, environmental, customs, duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer,
registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not, (ii) any Liability for the payment of any amounts of the
type described in (i) as a result of being a member of a consolidated, combined, unitary, or aggregate group for any Tax period, and (iii) any Liability for the payment of any amounts of the type described in (i) or (ii) as a
result of being a transferee or successor to any Person or as a result of any express or implied obligation to indemnify any other Person. 
 “Threatened’ means a demand or statement has been made (orally or in writing) or a notice has been given (orally or in writing), or any other event has occurred or any other
circumstances exist that would lead a prudent Person to conclude that an Action or other matter is likely to be asserted, commenced, taken, or otherwise pursued in the future. 
 “Transactions” means all of the transactions contemplated by this Agreement, including (a) the purchase and sale of the Contract Rights and Equipment and Buyer’s delivery
of the Purchase Price therefor, (b) the execution, delivery, and performance of all of the documents, instruments and agreements to be executed, delivered, and performed in connection herewith, and (c) the performance by Buyer and Seller
of their respective covenants and obligations (pre-and post-Closing) under this Agreement. 
 “Transaction
Documents” means this Agreement, the Assignment Deed, the Bill of Sale, the Voting Agreement and the Vantage Undertaking. 
 “Valencia Bridge Loan” means the credit facility provided to the Seller pursuant to a credit facility agreement dated as of March 8, 2011 among the Seller, as borrower, Great
Elephant Corporation and Ugly Duckling Holding Corp., as guarantors, the Lenders party thereto and Standard Chartered Bank (Hong Kong) Limited, as administrative agent, as amended by an amendment dated December 28, 2011. 

  
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 “Vantage” means Vantage Drilling Company, a an exempted company
incorporated with limited liability and existing under the laws of the Cayman Islands and the ultimate parent corporation of Buyer. 
 “Vantage Undertaking” means an undertaking from Vantage substantially in the form set forth in Exhibit C attached hereto. 

“VDWC” means Vantage Deepwater Company, an exempted company incorporated with limited liability and existing
under the laws of the Cayman Islands and an Affiliate of the Buyer. 
 “Voting Agreement” means the
Voting Agreement and Irrevocable Proxy substantially in the form set forth in Exhibit B attached hereto. 
 ARTICLE 9.

 MISCELLANEOUS 
 9.1 Schedules. 
 (a) The disclosures in the Schedules, and
those in any supplement thereto, relate only to the representations and warranties in the Section or paragraph of the Agreement to which they expressly relate and not to any other representation or warranty in this Agreement. 

(b) If there is any inconsistency between the statements in the body of this Agreement and those in the Schedules (other
than an exception expressly set forth as in the Schedules with respect to a specifically identified representation or warranty), the statements in the body of this Agreement will control. 

(c) Nothing in the Schedules will be deemed adequate to disclose an exception to a representation or warranty made herein,
unless the Schedules identify the exception with particularity and describe the relevant facts in reasonable detail. 
 9.2
Entire Agreement. This Agreement, together with the Exhibits and Schedules hereto and the certificates, documents, instruments, and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the Parties in
respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the Parties, written or oral, to the extent they relate in any way to the subject matter hereof or the Transactions. 

9.3 Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding
upon, and inure to the benefit of and are Enforceable by, the Parties and their respective successors. If a Seller is an entity and if the principal business, operations, or a majority or substantial portion of the assets of such Seller are
assigned, conveyed, allocated, or otherwise transferred, including by sale, merger, consolidation, amalgamation, conversion, or similar transactions, such receiving Person or Persons shall automatically become bound by and subject to the provisions
of this Agreement, and in addition such Seller shall cause the receiving Person or Persons to expressly assume its obligations hereunder. 

  
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 9.4 Assignments. No Party may assign either this Agreement or any of its rights,
interests, or obligations hereunder without the prior written approval of Buyer and Seller; provided, however, that (a) Buyer may assign any or all of its rights and interests hereunder to one or more of its Affiliates if Buyer nominates
such Affiliate(s) to acquire the Contract Rights and Equipment (provided that (i) if such purchaser ceases to be an Affiliate of Buyer, Buyer shall procure that the Contract Rights and Equipment and all Buyer’s rights and interests under
this Agreement be re-assigned to the Buyer or its Affiliate prior to such cessation and (ii) in any or all of which cases Buyer nonetheless shall remain responsible for the performance of all of its obligations hereunder), (b) Seller may
assign any or all of its rights and interests hereunder to any Affiliate to which it transfers the Shipbuilding Contract (in any or all of which cases Seller nonetheless shall remain responsible for the performance of all of its obligations
hereunder), (c) Buyer may designate one or more of its Affiliates to perform its obligations hereunder (in any or all of which cases Buyer nonetheless shall remain responsible for the performance of all of its obligations hereunder), and
(e) Seller may assign any or all of its rights and interests hereunder to the lender(s) under the Valencia Bridge Loan (or any agent or trustee on their behalf). 
 9.5 Notices. All notices, requests, demands, claims, and other communications hereunder will be in writing. Any notice, request, demand, claim, or other communication hereunder shall be addressed
to the intended recipient as set forth below and shall be deemed duly given when received or if it is sent by registered or certified mail, return receipt requested, postage prepaid, then on the earlier of when received or two Business Days after it
is sent: 
 If to Buyer: 
 Dragonquest Holdings Company 
 c/o Vantage Drilling Company 

777 Post Oak Boulevard, Suite 800 
 Houston, Texas 77056 
 Attn: Paul Bragg 

Fax: (281) 404-4749 
 Copy to (which shall not constitute notice): 
 Fulbright & Jaworski
L.L.P. 
 1301 McKinney, Suite 5100 
 Houston, Texas 77010 
 Attn: Joshua P. Agrons 

Fax: (713) 651-5246 
 If to Buyer’s Parent: 
 Vantage Drilling Company 

777 Post Oak Boulevard, Suite 800 
 Houston, Texas 77056 
 Attn: Paul Bragg 

Fax: (281) 404-4749 

  
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 Copy to (which shall not constitute notice): 

Fulbright & Jaworski L.L.P. 
 1301 McKinney, Suite 5100 
 Houston, Texas 77010 

Attn: Joshua P. Agrons 
 Fax: (713) 651-5246 
 If to Seller: 

Valencia Drilling Corporation 
 38, Alexandra Terrace Singapore 119932 
 Attention of TK Ong (Facsimile
No. +65-6593 1351; 
 Telephone No. +65 6593 1353), copy to: Marco Wu

(Facsimile No. +886 2 8771 1525; Telephone No. +886 2 2175 0251) and 

Jay Ko (Facsimile No. +886 2 8771 1525; Telephone No. +886 2 2175 0229) 

Any Party may send any notice, request, demand, claim, or other communication hereunder to the intended recipient at the address set forth above using
any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given
unless and until it actually is received by the intended recipient. Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Parties notice in the manner
herein set forth. 
 9.6 Submission to Jurisdiction; Waiver of Jury Trial. 

(a) Each Party submits to the exclusive jurisdiction of any state or federal court sitting in the State of New York, in
any Action arising out of or relating to this Agreement and agrees that all claims in respect of the Action may be heard and determined in any such court. Each Party also agrees not to bring any Action arising out of or relating to this Agreement in
any other court. Each Party waives any right to invoke, and agrees not to invoke, any claim of forum non-conveniens, inconvenient forum, or transfer or change of venue and waives any bond, surety, or other security that might be required of any
other Party with respect thereto. 
 (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 

  
 -24-

 
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE SUCH WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND
(D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.6(b). 
 9.7 Time. Time is of the essence in the performance of this Agreement. 

9.8 Counterparts; Electronic Signatures and Electronic Exchange of Documents. 

(a) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. 
 (b) The delivery of a copy of any document (including a
Transaction Document) bearing the handwritten signature of a Party, by facsimile transmission (whether directly from one facsimile device to another by means of a dial-up connection or whether mediated by the worldwide web), by electronic mail in
the form of a computer file in portable document format, or by any other electronic means that preserves the original graphic and pictorial appearance of the document, will have the same effect as would physical delivery of the paper document
bearing such Party’s original signature. 
 9.9 Headings. The article and section headings contained in this
Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 

9.10 Governing Law. This Agreement and the performance of the Transactions and obligations of the Parties hereunder will be
governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of Law principles. 
 9.11 Amendments and Waivers. No amendment, modification, replacement, termination, or cancellation of any provision of this Agreement will be valid, unless the same shall be in writing and signed
by Buyer and Seller. No waiver by any Party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or Breach of
warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent such occurrence. 

9.12 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other provisions hereof, provided that any provision of this Agreement that is invalid or unenforceable in any situation or in any jurisdiction will not affect the Enforceability of
the remaining terms and provisions hereof or the Enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

  
 -25-

 9.13 Expenses. Except as otherwise expressly provided in this Agreement, each Party
will bear its own costs and expenses incurred in connection with the preparation, execution, and performance of this Agreement and the Transactions including all fees, costs and expenses of agents, representatives, financial or other advisors, legal
counsel, and accountants; provided, however, Buyer agrees to reimburse Seller at the Closing for up to $5 million of fees, costs and expenses (the “Reimbursable Costs”) of agents, representatives, financial or other advisors, legal
counsel and accountants in conjunction with any financing projects for the Vessel, so long as Seller provides Buyer with copies of invoices in respect of such fees, costs and expenses and wire transfer information to permit Buyer to pay such
Reimbursable Costs directly to such entities at least five Business Days prior to the Closing Date. To the extent that the aggregate amount of the Reimbursable Costs is less than $5 million (such difference being the “Reimbursable Costs
Adjustment Amount”), the Reimbursable Costs Adjustment Amount shall be added to the first amount stated in Section 1.2 and form part of the Purchase Price and shall be due and payable as part of the Closing Payment in accordance
with Section 1.2(b). 
 9.14 Specific Performance. The parties to this Agreement agree that if any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy at law would exist and damages would be difficult to determine, and that the
parties shall be entitled to specific performance of the terms of this Agreement and immediate injunctive relief, without the necessity of proving the inadequacy of money damages as a remedy, in addition to any other remedy at law or in equity.

 9.15 Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. If an
ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party because of the authorship of any
provision of this Agreement. Any reference to any federal, state, local, or foreign Law shall be deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The word
“including” means “including without limitation.” The Parties intend that each representation, warranty, and covenant contained herein shall have independent significance. If any Party has Breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which the Party has not Breached shall not
detract from or mitigate the fact that the Party is in Breach of the first representation, warranty, or covenant. 
 9.16
Incorporation of Exhibits, Annexes, and Schedules. The Exhibits and Schedules identified in this Agreement are incorporated herein by reference and made a part hereof. 

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

			
	Seller:
	
	VALENCIA DRILLING CORPORATION
		
	By:	 	/s/ Hsin Chi Su
	Name:	 	Hsin Chi Su
	Title:	 	Director
	
	Buyer:
	
	DRAGONQUEST HOLDINGS COMPANY
		
	By:	 	/s/ Paul A. Bragg
	Name:	 	Paul A. Bragg
	Title:	 	Chief Executive Officer
	
	Buyer’s Parent:
	
	VANTAGE DRILLING COMPANY
		
	By:	 	/s/ Paul A. Bragg
	Name:	 	Paul A. Bragg
	Title:	 	Chief Executive Officer

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