Document:

EX-10.5

 Exhibit 10.5 

FORM OF 
 TRANSITION
SERVICES AGREEMENT 
 (BRAZIL) 

This TRANSITION SERVICES AGREEMENT for Brazil (the “Agreement”) is entered into as of
[        ], 2014 among Paragon Offshore do Brasil Limitada, a company organized under the laws of Brazil (“Limitada” or the “Service Provider”), Paragon Offshore (Nederland)
B.V., a company organized under the laws of the Netherlands (“PONBV”), Paragon Offshore PLC, a public limited company registered in England and Wales (“Paragon”), Noble Corporation, an exempted company limited by
shares incorporated and existing under the laws of the Cayman Islands (“Noble Cayman”), Noble Dave Beard Limited, an exempted company limited by shares incorporated and existing under the laws of the Cayman Islands
(“NDBL”), Bully 2 (Switzerland) GmbH, a company organized under the laws of Switzerland (“Bully 2 (Swiss)”), and Noble Drilling (Nederland) II B.V., a company organized under the laws of the Netherlands
(“NDNBV II”). Limitada, PONBV, Paragon, Noble Cayman, NDBL, Bully 2 (Swiss) and NDNBV II are sometimes hereinafter collectively referred to as the “Parties” and each individually as a “Party.” 

WHEREAS the current holding company of the Noble group of companies, Noble Corporation PLC, a public limited company registered in England and
Wales (“Noble Parent”), will transfer ownership of the majority of its standard specification drilling business to Paragon (such transfer, the “Separation”) and, thereafter, will distribute all of the ordinary
shares of Paragon to Noble Parent’s shareholders (the “Distribution”); 
 WHEREAS, after the Separation, NDNBV II,
NDBL, Bully 2 (Swiss), the owners of the Noble Rigs (as defined below) and Noble Cayman will each be indirect wholly-owned subsidiaries of Noble Parent and Limitada and PONBV will each be indirect wholly-owned subsidiaries of Paragon. 

WHEREAS, prior to the Distribution, Limitada, as a wholly-owned indirect subsidiary of Noble Parent, has provided certain local
administrative, maintenance and operational support services in Brazil in connection with the performance of the Local Services Agreements (as defined below); and 

WHEREAS, Noble Cayman, NDBL, NDNBV II, Bully 2 (Swiss) and the owners of the Noble Rigs (as defined below) desire to ensure that the services
continue to be provided in respect of the Noble Rigs following the Distribution. 
 NOW, THEREFORE, in consideration of the premises and the
agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows: 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. Capitalized terms used but not otherwise defined elsewhere in this Agreement shall have the
respective meanings given to such terms in the Master Separation Agreement, dated on or about the date hereof, between Noble Cayman and Paragon (the “Master Separation Agreement”). The following terms shall have the meaning ascribed
thereto for purposes of this Agreement, including all Schedules hereto: 
 “Affiliate” means, with respect to any Person,
any other Person directly or indirectly controlling, controlled by or under common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of
voting securities, by contract or otherwise. 
 “Allocated Shore-Based Costs” means the shore-based costs allocated for a
Noble Rig in accordance with the Allocation Method, which shall initially be as set forth on Exhibit D attached hereto. 

“Allocation Method” means for each day for which Services are provided under this Agreement, the allocation of the total
allocable at the time shore-based costs among all of the Noble Rigs, other than the Bully II, and any Paragon rigs operating in Brazil (the “Aggregate Rigs”) based upon (i) first allocating all amounts to the Bully
II as required under the Bully II Shell Charter, and (ii) then allocating the remaining costs based upon each other rig’s pro rata portion of such remaining costs based on the ratio of each such rig to the number of Aggregate Rigs
(other than the Bully II). 
 “Brazilian Indirect Taxes” means any payroll, social security, workers compensation,
unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service, sales, use, license, lease, currency transfer, transfer import, export, value added or other similar taxes imposed by any Governmental Authority in
Brazil; provided that Brazilian Indirect Taxes shall not include any income taxes. 
 “Business Day” means any day,
other than a Saturday, Sunday or a day on which banking institutions located in New York, New York or Rio de Janeiro, Brazil shall be authorized or required by any Government Requirement to close. 

“Customer Revenues” means all amounts paid during any calendar month with respect to services provided on or after the
Effective Date by (x) Petrobras or Shell, as the case may be, under the Local Services Agreements or (y) any customer under a New Local Services Agreement. 

“Charters” means the Petrobras Charters, the Shell Charters and any New Noble Charter. 

“Client Debit Notes” means any client debit notes relating to expenses incurred and eventually paid by Petrobras on behalf of
the Noble Rigs under the Petrobras Charters and the Petrobras Local Services Agreement. 

  
 2 

 “Delayed Accrued Expenses” means (i) all contingent liabilities, including
any third-party claims arising from the provision of the Services and any increase in Brazilian Indirect Taxes resulting from an audit or assessment by a Governmental Authority in Brazil, and (ii) Client Debit Notes. 

“Effective Date” means the Distribution Date. 

“Employee Matters Agreement” means the Employee Matters Agreement, dated on or about the date hereof, between Paragon and
Noble Parent. 
 “Governmental Authority” means any instrumentality, subdivision, court, administrative or other agency,
commission, official or other authority of any country or any state, province, prefect, municipality, locality or other government or political subdivision thereof, or any governmental, quasi-governmental or private body exercising any executive,
regulatory, taxing, importing or other governmental or quasi-governmental authority. 
 “Governmental Requirement” means at
any time (i) any law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction, writ, edict, award, authorization or other requirement of any Governmental Authority in effect at that time or (ii) any obligation
included in any certificate, certification, franchise, permit or license issued by any Governmental Authority or resulting from binding arbitration, including any requirement under common law. 

“Late Interest Rate” means the lesser of (i) the one month LIBOR rate plus 2.00% or (ii) the maximum rate of
interest permitted to be charged by applicable Governmental Requirements. 
 “Local Services Agreements” means the
Petrobras Local Services Agreement, the Shell Local Services Agreements and any New Local Services Agreement. 
 “New Local Services
Agreements” means the local services agreements in respect of a new Noble Rig brought into Brazilian waters during the terms of this Agreement (excluding for the avoidance of doubt, the local services agreements in respect of the Noble
Dave Beard, the Noble Paul Wolff, the Noble Max Smith and the Bully II). 
 “New Noble Charter”
means the charter in respect of a new Noble Rig brought into Brazilian waters during the term of this Agreement (excluding for the avoidance of doubt, the charters in respect of the Noble Dave Beard, the Noble Paul Wolff, the Noble
Max Smith and the Bully II). 
 “Noble Group” means each direct or indirect Subsidiary of Noble Parent after the
Effective Date, including Noble Cayman, NDBL, Bully 2 (Swiss), the owners of the Noble Rigs and NDNBV II. 
 “Noble
Rig” means any drilling or other offshore oilfield rig owned by a Subsidiary or Affiliate of Noble Parent and for which the Service Provider is providing Services under this Agreement. At the date of this Agreement, such Noble Rigs are the
Noble Dave Beard, the Noble Paul Wolff, the Noble Max Smith and the Bully II. 

  
 3 

 “Non-Brazilian Rig Personnel” has the meaning set forth on Exhibit B.

 “Non-Brazilian Rig Personnel Charge” has the meaning set forth on Exhibit B. 

“Paragon Group” means each direct or indirect Subsidiary of Paragon after the Effective Date, including Limitada and PONBV.

 “Payable Accrued Expenses” means all accrued expenses reflected on rig operating statements for the Noble Rigs other
than Delayed Accrued Expenses. 
 “Person” means any individual, partnership, joint venture, corporation, limited liability
company, limited liability partnership, trust, unincorporated organization or association or a Governmental Authority. 

“Petrobras” means Pertroleo Brasileiro S.A. and any of its subsidiaries which are conducting operations in Brazil. 

“Petrobras Charters” means (i) that certain Chartering Contract No. 2050.0013073.05.2 by and between Petrobras and
PONBV dated January 2, 2006, as the same may be amended, restated or otherwise modified from time to time (the “Dave Beard Charter”), and (ii) that certain Charter Contract No. 101.2.038.97-5 by and between Petrobras
and PONBV, dated July 2, 1997, including all annexes thereto and as the same has been or may be amended, restated or otherwise modified from time to time. 

“Petrobras Local Services Agreement” means (i) that certain Provision of Services Contract No. 2050.0013073.05.2 by
and between Petrobras and the Service Provider dated January 2, 2006, as the same may be amended, restated or otherwise modified from time to time, and (ii) that certain Service Contract No. 101.2.039.97-8 by and between Petrobras and
the Service Provider, dated July 2, 1997, including all annexes thereto and as the same has been or may be amended, restated or otherwise modified from time to time. 

“Regardless of Cause” means whether or not any Damages are asserted to have arisen by virtue of tort (including negligence),
gross negligence on the part of the Party or other Person seeking indemnity, breach of statutory duty, breach of contract (including breach of condition) or quasi-contract, strict liability, misrepresentation, breach of any laws, regulations, rules
or orders of any Governmental Requirements or otherwise, on the part of the Party or other Person seeking indemnity (or exclusion or limitation of liability). 

“Service Recipient” means NDBL or NDNBV II, as applicable. 

“Shell” means Royal Dutch Shell plc and any of its subsidiaries which are conducting operations in Brazil. 

“Shell Charters” means (i) that certain Contract No. 4610035274 for the charter of the mobile offshore drilling
unit Noble Max Smith by and between Shell Brasil Petroleo Ltda. (“Shell Brasil”) and PONBV, dated May 8, 2012, which has been duly assigned from PONBV to NDNBV II and as the same may be amended, restated or otherwise
modified from time to time, and (ii) that certain Contract No. 4610032698 for the charter of the mobile offshore drilling unit Bully II by and between Shell Brasil and Bully 2 (Luxembourg) S.a.r.l., dated November 22, 2011, as
the same may be amended, restated or otherwise modified from time to time (the “Bully II Shell Charter”). 

  
 4 

 “Shell Local Services Agreements” means (i) that certain Contract
No. 4610035275 for the provision of services onboard the mobile offshore drilling unit Noble Max Smith by and between Shell Brasil and the Service Provider, dated May 8, 2012, as the same may be amended, restated or otherwise
modified from time to time, and (ii) that certain Contract No. 4610032699 for the provision of services onboard the mobile offshore drilling unit Bully II by and between Shell Brasil and the Service Provider, dated November 22,
2011, as the same may be amended, restated or otherwise modified from time to time (the “Bully II Shell Local Services Agreement”). 

“Subsidiary” means, with respect to any specified Person, any corporation, partnership, limited liability company or other
organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar
functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such specified Person or by any one or more of its Subsidiaries, or by such specified Person and one or more of its Subsidiaries. 

“Supervisory Employees” means any of the Paragon employees specified on Exhibit G, or their respective successors. 

“Tax Sharing Agreement” means the Tax Sharing Agreement, dated on or about the date hereof, between Paragon and Noble Parent.

 “Transition Services Agreement” means the Transition Services Agreement, dated on or about the date hereof, between
Paragon and Noble Cayman. 
 ARTICLE II 

SERVICES 

Section 2.1 Services. Subject to the terms and conditions of this Agreement, the Service Provider agrees to provide or cause to be
provided under this Agreement, services in Brazil in support of the Noble Rigs, all as further set forth in Exhibit A hereto. In addition, the Service Provider agrees to provide or cause to be provided under this Agreement the services set
forth in Exhibit B for rigs outside of Brazil or with respect to rigs in transport described in Exhibit B. At the request of the Service Recipient, the Service Provider also shall provide the Services hereunder in respect of any
additional Noble Rig operating under a New Noble Charter. At all times during the performance of the Services, all Persons performing such Services (including agents, temporary employees, independent third parties and consultants) shall be construed
as being independent from the Noble Group, and no such Person shall be considered or deemed to be an employee of any member of the Noble Group nor entitled to any employee benefits of any member of the Noble Group as a result of this Agreement. No
actions of Service Provider employees who are solely associated with the business of Paragon shall be included in the Services. All of such services described in this Section 2.1 are collectively referred to herein as the
“Services”. 

  
 5 

 Section 2.2 Service Coordinators. Each of the Noble Group and the Paragon Group will
nominate a representative to act as the primary contact with respect to the provision of the Services as contemplated by this Agreement (the “Service Coordinators”). The initial Noble Group Service Coordinator shall be Ronald James
and the initial Paragon Group Service Coordinator shall be Rafael Andrade. Unless the Parties otherwise agree, all notices and communications relating to this Agreement other than those day-to-day communications and billings relating to the actual
provision of the Services shall be directed to the Service Coordinators in accordance with Section 11.4 hereof. The Service Coordinators shall meet as expeditiously as possible to resolve any dispute hereunder; and any dispute that is not
resolved by the Service Coordinators within forty-five (45) calendar days shall be resolved in accordance with the dispute resolution procedures set forth in Section 11.3. Each of the Noble Group and the Paragon Group may treat an act of a
Service Coordinator of the other Group which is consistent with the provisions of this Agreement as being authorized by such other Group without inquiring behind such act or ascertaining whether such Service Coordinator had authority to so act;
provided, however, that no such Service Coordinator shall have authority to amend this Agreement. Unless otherwise provided herein, the Noble Group and the Paragon Group shall advise each other promptly (in any case no more than seven
Business Days) in writing of any change in their respective Service Coordinators, setting forth the name of the replacement, and stating that the replacement Service Coordinator is authorized to act for such Group in accordance with this
Section 2.2, provided that any new or replacement Paragon Group Service Coordinator shall be subject to the approval of the Noble Group (such approval not to be unreasonably withheld). 

Section 2.3 Third-Party Services. Without the prior written consent of the Noble Group Service Coordinator, the Service Provider
shall not have the right to hire third-party subcontractors to provide all or part of any Service hereunder unless (i) the service to be so subcontracted was previously performed by a third-party prior to the Effective Date or (ii) the
Paragon Group will also use such third-party subcontractor to provide such service for its own rigs in Brazil and the subcontracting will not increase the cost of the service to the Noble Group. The Paragon Group Service Coordinator will provide to
the Noble Group Service Coordinator all reasonably requested information regarding any such third-party subcontractors. 

Section 2.4 Standard of Performance. The Services to be provided hereunder shall be performed in accordance with good oilfield
practice for offshore drilling and at the higher of (i) the level and general degree of care provided when the Service Provider and its Affiliates performed such Services within the Noble Group organization prior to the Effective Date and
(ii) any service levels required under the Local Services Agreements. To the extent reasonably possible, the Service Provider shall maintain the crews employed on the Noble Rigs that provided the Services prior to the Effective Date;
provided, however, that the Service Provider shall be entitled to terminate any such employees that are a part of such crews in its sole discretion. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 2.4, NO REPRESENTATIONS OR WARRANTIES OF ANY
KIND, EXPRESSED OR IMPLIED (INCLUDING THE WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SEAWORTHINESS OR CONFORMITY TO ANY REPRESENTATION OR DESCRIPTION), ARE MADE BY THE SERVICE PROVIDER WITH RESPECT TO THE
SERVICES UNDER THIS AGREEMENT AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE GOVERNMENTAL REQUIREMENTS, ALL SUCH REPRESENTATIONS OR WARRANTIES ARE HEREBY WAIVED AND DISCLAIMED, REGARDLESS OF CAUSE. 

  
 6 

 Section 2.5 Service Boundaries and Scope. Except as otherwise provided in this
Agreement or a Schedule for a specific Service, the Service Provider shall be required to provide, or cause to be provided, the Services only at the fixed office locations from which the Services were provided prior to the Effective Date and will
not be required to open any additional offices. Except as otherwise provided in this Agreement or a Schedule for a specific Service, in providing, or causing to be provided, the Services, the Service Provider shall not be obligated to maintain the
employment of any specific employee. The Service Recipient acknowledges (respectively on its own behalf and on behalf of the other members of the Noble Group) that the employees of the Service Provider or any other members of the Paragon Group who
may be assisting in the provision of Services hereunder are or may be at-will employees and, in any event, may terminate or be terminated from employment with the Service Provider or any of the other members of the Paragon Group providing Services
hereunder at any time for any reason. The Noble Group Service Coordinator may require, on behalf of the Service Recipient, that any person providing Services to the Noble Group under this Agreement (whether or not an employee of the Service Provider
or any other member of the Paragon Group) be replaced with another person reasonably acceptable to the Noble Group Coordinator. 

Section 2.6 Conflict with Laws; Business Ethics. Notwithstanding anything in this Agreement to the contrary, (a) none of the
Parties nor any Affiliate of any Party shall be required to undertake any actions that would or may place such Party or Affiliate in violation of any Governmental Requirements (including, without limitation, the Foreign Corrupt Practices Act) and
(b) the Service Provider acknowledges receipt from the Service Recipient of Noble’s Code of Business Conduct and Ethics (the “Business Code”), and the Service Provider agrees to comply, and to cause any Affiliate or
Permitted Subcontractor performing any Services to comply, with the Business Code and other governance or other policies of the Noble Group, as they may be amended from time to time, throughout the Service Provider’s performance of the
Services. The Service Recipient agrees to notify the Service Provider in writing of any amendment or modification of the Business Code and provide a copy of the same within three (3) Business Days of such amendment or modification. 

Section 2.7 Access. During the term of this Agreement, (a) the Service Provider will provide, and cause any Permitted
Subcontractor to provide, the Service Recipient and its authorized representatives such access to the Service Provider, any other member of the Paragon Group and any Permitted Subcontractor, and their respective employees, representatives,
facilities, premises and other equipment and books and records as the Service Recipient and its representatives may reasonably require in order to, among other things, monitor the performance of the Services, verify the calculations of the Charges
(as defined below) and any other payments due to Service Provider hereunder, verify compliance with the standards of conduct set forth in Section 2.6 above; and (b) the Service Recipient will provide the Service Provider and its authorized
representatives such access to the Service Recipient and any other member of the Noble Group and their respective employees, representatives, facilities, premises, rigs and other equipment and books and records as the Service Provider and its
representatives may reasonably require in order to perform the Services or fulfill their respective obligations hereunder. 

  
 7 

 ARTICLE III 

CHARGES 

Section 3.1 Charges. Charges for Services rendered under this Agreement will be calculated in accordance with this Article and
paid monthly in accordance with Article IV. The Charges will consist of (a) charges calculated by reference to a rig operating statement for each applicable Noble Rig, reflecting the contract drilling and Allocated Shore-Based Costs for such
Noble Rig during a calendar month (which, for the avoidance of doubt, will not include any Delayed Accrued Expenses) including the Payable Accrued Expenses for such calendar month (the “Rig Invoices”) which will be in the form set
forth in Exhibit C attached hereto, and (b) the applicable Non-Brazilian Rig Personnel Charge for such calendar month (collectively, the “Charges”). Subject to any adjustments provided for in this Agreement, the Service
Provider shall be entitled to retain any Customer Revenues paid under the Local Services Agreements. The Charges with respect to each Noble Rig for any calendar month will equal the excess of (A) one hundred six percent (106%) of
the total amount reflected on the applicable Rig Invoice less (B) Customer Revenues received with respect to such Noble Rig during such calendar month (as so calculated, the “Noble Rig Monthly Charges”). The Charges with
respect to any applicable Non-Brazilian Rig Personnel Charges for any calendar month will equal one hundred six percent (106%) of the Non-Brazilian Rig Personnel Charges for such calendar month (as so calculated, the “Other Rig Monthly
Charges” and, together with the Noble Rig Monthly Charges, the “Monthly Charges”). For the avoidance of doubt, (i) no Charges relating to any services provided with respect to periods prior to the Effective Date will
be passed through under this Agreement and (ii) Noble shall not be responsible for any costs or expenses related to the termination of any Paragon employees. In the event that the Noble Dave Beard enters a shipyard prior to the
assignment of the Dave Beard Charter from PONBV to NDNBV II, PONBV shall enter into any shipyard contract reasonably requested by Noble Cayman and shall pass through all costs under such contract to the Service Recipient as Charges pursuant to this
Agreement. For any shipyard contract entered into pursuant to this Section 3.1, the Parties will cooperate to ensure that such shipyard contract provides indemnification obligations on substantially the same terms as those provided in Article
VIII of this Agreement. 
 Section 3.2 Taxes. The contract drilling and shore-based costs reflected on the Rig Invoices for any
calendar month shall include all Brazilian Indirect Taxes (grossed-up for any incremental indirect taxes as a result of the reimbursement) imposed on the Service Provider or its Affiliates to the extent such Taxes accrue in such month and are
attributable to the performance of the Services or receipt of the Charges, but shall in no case include (i) any Brazilian Indirect Taxes allocable to Noble under Article II of the Tax Sharing Agreement or (ii) any Brazilian Indirect Taxes
that are Delayed Accrued Expenses. 
 ARTICLE IV 

PAYMENT 

Section 4.1 Payment Matters. The Monthly Charges shall be invoiced monthly, within fifteen (15) days after the end of
the applicable month, in arrears in a single statement for each applicable Noble Rig and separate statements for any Non-Brazil Rig Personnel Charges (each a “Monthly Statement” and, collectively, the “Monthly
Statements”) prepared by the Service Provider or an Affiliate and shall be in the form set forth in Exhibit E hereto. Service Recipient (as specified in the 

  
 8 

 
applicable Monthly Statement) shall pay the amount set forth in the applicable Monthly Statement to a Paragon Group entity designated by the Paragon Group Service Coordinator in the applicable
invoice (which shall initially be PONBV or Limitada, as applicable) no later than thirty (30) days after the Noble Group’s receipt of such Monthly Statement (each date of such payment, a “Monthly Payment Date”). Each
Monthly Statement shall set forth in reasonable detail, for the calendar month covered by such Monthly Statement: (i) the applicable Rig Invoice for such calendar month, (ii) any applicable credit or debit for exchange rate differences in
respect of the preceding Monthly Statement and (iii) any Advance Amounts received with respect to such calendar month (as defined below) that are to be credited against the Monthly Charges. In addition, a Monthly Statement shall be provided
that includes an invoice for any applicable Non-Brazil Rig Personnel Charges for such calendar month. All amounts shown on the Monthly Statements will be denominated in Brazilian Reals and paid in either Brazilian Reals or US Dollars, at the Service
Recipient’s option, by wire transfer of immediately available funds. If payment is made in US Dollars, the Service Provider shall, or shall cause, all amounts received in payment to be to be converted into Brazilian Reals within three
(3) Business Days of receipt of the payment. To the extent that the Real to Dollar conversion rate on the date the Service Provider converts the applicable payment into Brazilian Reals differs from the conversion rate on the applicable Monthly
Payment Date, the Service Provider shall reflect such difference as an additional charge (if the value of the Real against the Dollar rises) or credit (if the value of the Dollar against the Real rises), as the case may be, on the following
month’s Monthly Statement; provided, however, that the Service Provider will not be entitled to add any additional charges (if applicable) in respect of any conversion rate differences on the following Monthly Statement if the Service
Provider has not converted the applicable payment into Brazilian Reals within the time set forth herein and, in the event that such conversion would have resulted in a positive adjustment for the Noble Group, the Noble Group will be entitled to a
credit or refund (as applicable) as if the Service Provider had converted the applicable payment within the allotted time. 
 The Service
Provider will provide Noble Cayman with a funding request every two weeks on the applicable Monday (the “Advance Requests”) for reasonably projected cash needs for the Services to be provided in the following two weeks with respect
to each Noble Rig (the “Advance Amounts”). All amounts shown on the Advance Requests will be denominated in Brazilian Reals and Noble Cayman shall cause such amounts to be paid in either Brazilian Reals or US Dollars, at Noble
Cayman’s option, by wire transfer of immediately available funds within three (3) Business Days of receipt of such Advance Request (each date of such payment, an “Advance Payment Date”). If payment is made in US Dollars,
the Service Provider shall, or shall cause, all amounts received in payment to be to be converted into Brazilian Reals within three (3) Business Days of receipt of the payment. To the extent that the Real to Dollar conversion rate on the date
the Service Provider converts the applicable payment into Brazilian Reals differs from the conversion rate on the applicable Advance Payment Date, the Service Provider shall reflect such difference as an additional charge (if the value of the Real
against the Dollar rises) or credit (if the value of the Dollar against the Real rises), as the case may be, on the subsequent Advance Request; provided, however, that the Service Provider will not be entitled to add any additional charges
(if applicable) in respect of any conversion rate differences on the subsequent Advance Request if the Service Provider has not converted the applicable payment into Brazilian Reals within the time set forth herein and, in the event that such
conversion would have resulted in a positive adjustment for the Noble Group, the Noble Group will be entitled to a credit or refund (as applicable) as if the Service Provider had converted the applicable payment within the allotted time. In the
event any Advance Amounts received by the Service Provider that relate to periods prior to the Effective Date were in excess of the amounts needed by the Service Provider for such periods, the Service Provider shall offset such amounts against the
Charges to be paid hereunder in the next applicable Monthly Statement or promptly refund such amounts. 

  
 9 

 Each Rig Invoice shall reflect any Delayed Accrued Expenses with respect to the applicable Noble
Rig, but such amounts shall only be payable by the Noble Group pursuant to Section 4.2. 
 Section 4.2 Delayed Accrued Expenses
and Payable Accrued Expenses.  
 Upon payment of any Delayed Accrued Expenses by the Service Provider, the Service Provider shall
invoice Noble Cayman providing reasonable evidence of the payment by the Service Provider of such Delayed Accrued Expenses. Noble Cayman, or its applicable Affiliate, shall pay the amount set forth in such invoice no later than thirty (30) days
after Noble Cayman’s receipt of such invoice. Ninety (90) days following the exit of each Noble Rig from Brazilian waters and upon the termination of this Agreement, Paragon shall credit on the next following invoice for the other Noble
Rigs still in Brazil (or refund, as applicable) the Noble Group for any Payable Accrued Expenses that any member of the Noble Group has paid to the Service Provider but that the Service Provider has not actually paid. Such credit or refund shall be
without prejudice to the Service Provider’s right to indemnity with respect to any future payment of the liability associated therewith. 

Section 4.3 Payment Procedures. 

Any amount due from the Service Recipient under this Agreement that is not paid in full on or before the date such payment is due will incur a
delayed payment charge on the unpaid amount from the original due date until the date paid at a per annum rate of interest equal to the Late Interest Rate. 

In the event there is any dispute with respect to a Monthly Statement, the Service Recipient shall make the payment for all non-disputed
amounts in accordance herewith. The Service Recipient will be entitled to withhold any disputed amounts without interest until such dispute is resolved and the Service Provider shall continue to provide the Services during the pendency of any
dispute. When such dispute is resolved, the Service Provider will issue a credit/debit memo in accordance with the outcome of the dispute resolution. 

Except as provided on Exhibit E, the Service Recipient shall be responsible for all transfer taxes, excises, fees or other charges
(including any sales, use, goods and services, value added or similar taxes) imposed or assessed on the Service Recipient or its Affiliates on payments made pursuant to this Agreement. The Service Recipient shall be entitled to deduct and withhold
taxes required by any Governmental Requirements to be withheld on payments made pursuant to this Agreement. To the extent any amounts are so withheld, the Service Recipient shall (i) pay, in addition to the amount otherwise due to the Service
Provider under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by the Service Provider will equal the full amount the Service Provider would have received had no such deduction or withholding
been required, (ii) pay such deducted and withheld amount to the proper Governmental Authority, and (iii) promptly provide to the Service Provider evidence of such payment to such Governmental Authority. 

  
 10 

 ARTICLE V 

TERM, DISCONTINUATION OF SERVICES 

Section 5.1 Term. The term of this Agreement shall commence on the Effective Date and shall continue in force until the
last to occur of (i) the expiration of the term of the last of the Petrobras Local Services Agreements (without giving effect to any extensions of the term of such agreements following the date of this Agreement), (ii) the expiration of
the term of the last of the Shell Local Services Agreements (without giving effect to any extensions of the term of such agreements following the date of this Agreement), (iii) the end of any period of time required to complete the export or
transition to the next contract of any Noble Rig after the termination of the Petrobras Local Services Agreement or the Shell Local Services Agreement, as applicable (the “Termination Date”). The Noble Group may terminate any
Services provided by Non-Brazilian Rig Personnel at any time upon thirty (30) days advance written notice to the Service Provider. Except as otherwise provided in a Schedule with respect to a specific Service, all Services shall terminate on
the Termination Date. Subject to not providing Services past the Termination Date, the Parties agree that the Service Provider will provide applicable Services in respect of any Noble Rig for as long as such Noble Rig is under contract (or being
exported or transitioned to the next contract, as the case may be) (such period, the “Contracted Time Period”), and shall discontinue providing applicable Services after the Contracted Time Period, without prior notice from, or any
excess payment by, the Service Recipient. Notwithstanding the foregoing, the Service Recipient will also have the right to terminate all or any portion of the Services with respect to any Noble Rig prior to the end of the Contracted Time Period upon
six (6) months advance notice to the Service Provider. 
 ARTICLE VI 

COVENANTS 

Section 6.1 Insurance. Each of the Parties will maintain insurance coverage customary for offshore drilling contractors in Brazil.

 Section 6.2 Noble Employees. During the term of this Agreement, the Service Recipient will provide, or cause to be provided
to the Service Provider (or otherwise provide in a manner consistent with past practice) expatriate employees of the Noble Group in order to fill certain positions on the Noble Rigs as set forth on Exhibit F (each, a “Rig
Position”). During the term of the Agreement, the Service Recipient will be responsible for providing “backfill” replacements for each such Rig Position; provided, that, if the Service Recipient is unable to provide, or cause to
be provided, any such replacement (as a result of visa issues or otherwise), the Service Provider will use its commercially reasonable efforts to provide such backfill replacement. During the term of the Agreement, the Noble Group will continue to
pay all salary and benefits of each person in a Rig Position (including any such person provided by the Service Provider as a backfill replacement) and otherwise be responsible for such person’s conduct and performance. 

  
 11 

 Section 6.3 Engineering Services. During the term of this Agreement, the Service
Recipient will provide, or cause an Affiliate to provide, engineering services in respect of the Noble Rigs in the same manner and to the same extent as such services were provided by a member of the Noble Group prior to the Effective Date. Such
engineering services shall be provided without any charge to the Service Provider. 
 ARTICLE VII 

DEFAULT 

Section 7.1 Termination for Default. In the event of (i) a failure of a Service Recipient to pay for Services in accordance
with the terms of this Agreement, or (ii) a failure of the Service Provider to perform, or cause to be performed, the Services in accordance with the terms of this Agreement, which failure described in this clause (ii) results or could
reasonably be expected to result in a material adverse impact on the Services, then in the case of either clause (i) or clause (ii) the non-defaulting Party shall have the right, at its sole discretion, to terminate this Agreement if the
defaulting Party has (A) failed to cure the default within forty five (45) days of receipt of the written notice of default or, (B) if such default is not reasonably susceptible to cure within a 45-day period, failed to take action
within forty five (45) days of receipt of the written notice of default reasonably designed to cure such default as soon as is reasonably practicable. The Service Recipient’s right to terminate this Agreement pursuant to a failure
described in clause (ii) above and the rights set forth in Section 8.4 shall constitute the Service Recipient’s sole and exclusive rights and remedies for a breach by the Service Provider hereunder (including any breach caused by an
Affiliate of the Service Provider or any Permitted Subcontractor). Notwithstanding the foregoing, the Service Recipient shall have the right, at its sole discretion, to terminate this Agreement immediately upon notice to the Service Provider if the
Service Recipient has a good faith reason to believe that the Service Provider has breached any of the provisions of Section 2.6. 

Section 7.2 Termination for Bankruptcy. In the event that a Party shall (i) file a petition in bankruptcy, (ii) become
or be declared insolvent, or become the subject of any proceedings (not dismissed within sixty (60) calendar days) related to its liquidation, insolvency or the appointment of a receiver, (iii) make an assignment on behalf of all or
substantially all of its creditors, or (iv) take any corporate action for its winding up or dissolution, then a Party from the other Group shall have the right to terminate this Agreement by providing written notice in accordance with
Section 11.4. 
 ARTICLE VIII 

INDEMNIFICATION 

Section 8.1 Liabilities and Indemnities. 
  

	 	(A)	Indemnity by the Service Recipient.  

  

	 	(i)	 THE SERVICE RECIPIENT SHALL FULLY INDEMNIFY AND DEFEND THE SERVICE PROVIDER AND ITS AFFILIATES (THE “PARAGON INDEMNIFIED PARTIES”)
FROM AND AGAINST ANY AND ALL LIABILITY, DEMANDS, CLAIMS, 

  
 12 

	 	
ACTIONS OR CAUSES OF ACTION, ASSESSMENTS, LOSSES, DAMAGES, FINES, PENALTIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES, EXPENSES AND BRAZILIAN INDIRECT TAXES, BUT EXCLUDING
TAXES, AS DEFINED IN THE TAX SHARING AGREEMENT) (“DAMAGES”) DIRECTLY OR INDIRECTLY RELATED TO THIS AGREEMENT, EXCEPT ONLY TO THE EXTENT CAUSED BY THE WILLFUL MISCONDUCT OF ANY OF THE PARAGON INDEMNIFIED PARTIES. EXCEPT TO THE EXTENT
EXPRESSLY PROVIDED IN THE IMMEDIATELY PRECEDING SENTENCE, THIS INDEMNIFICATION IS EXPRESSLY INTENDED TO APPLY REGARDLESS OF CAUSE. THIS INDEMNIFICATION SHALL SURVIVE AND CONTINUE IN FULL FORCE AND EFFECT NOTWITHSTANDING THE EXPIRATION OR TERMINATION
OF THIS AGREEMENT FOR ANY REASON WHATSOEVER. 

  

	 	(ii)	THE SERVICE RECIPIENT SHALL FULLY INDEMNIFY AND DEFEND THE PARAGON INDEMNIFIED PARTIES FROM AND AGAINST ANY DAMAGES OR LOSS TO ANY OF THE NOBLE RIGS OR ANY RELATED EQUIPMENT OR PARTS, EXCEPT ONLY TO THE EXTENT CAUSED BY
THE WILLFUL MISCONDUCT OF ANY OF THE PARAGON INDEMNIFIED PARTIES. EXCEPT TO THE EXTENT EXPRESSLY PROVIDED IN THE IMMEDIATELY PRECEDING SENTENCE, THIS INDEMNIFICATION IS EXPRESSLY INTENDED TO APPLY REGARDLESS OF CAUSE. THIS INDEMNIFICATION SHALL
SURVIVE AND CONTINUE IN FULL FORCE AND EFFECT NOTWITHSTANDING THE EXPIRATION OR TERMINATION OF THIS AGREEMENT FOR ANY REASON WHATSOEVER. 

  

	 	(B)	 Indemnity by the Service Provider. THE SERVICE PROVIDER SHALL FULLY INDEMNIFY AND DEFEND THE SERVICE RECIPIENT AND ITS AFFILIATES (THE
“NOBLE INDEMNIFIED PARTIES”) FROM AND AGAINST ANY AND ALL DAMAGES DIRECTLY OR INDIRECTLY RELATED TO THIS AGREEMENT ONLY TO THE EXTENT CAUSED BY THE WILLFUL MISCONDUCT OF THE SERVICE PROVIDER OR ITS AFFILIATES. NOTWITHSTANDING
ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT (REGARDLESS OF CAUSE) SHALL THE SERVICE PROVIDER BE LIABLE TO THE NOBLE INDEMNIFIED PARTIES WITH RESPECT TO CLAIMS ARISING OUT OF THIS AGREEMENT (A) RELATED TO THE ACTIONS OF ANY
SUPERVISORY EMPLOYEE, FOR AMOUNTS IN THE AGGREGATE EXCEEDING 

  
 13 

	 	
THE AGGREGATE CHARGES PAID TO THE SERVICE PROVIDER UNDER THIS AGREEMENT IN THE TWELVE MONTH PERIOD PRIOR TO THE DATE ON WHICH THE ACTION GIVING RISE TO SUCH CLAIM OCCURRED (OR, IF SUCH TWELVE
MONTH PERIOD HAS NOT FULLY RUN, THE AMOUNT EXPECTED TO BE PAID TO THE SERVICE PROVIDER DURING SUCH TWELVE MONTH PERIOD BY WAY OF EXTRAPOLATION ON THE AMOUNTS PAID DURING SUCH SHORTER PERIOD) AND (B) RELATED TO THE ACTIONS OF ANY PARAGON PERSON
OTHER THAN A SUPERVISORY EMPLOYEE, FOR AMOUNTS IN THE AGGREGATE EXCEEDING THE AGGREGATE CHARGES PAID TO THE SERVICE PROVIDER UNDER THIS AGREEMENT IN THE FIRST FULL MONTH AFTER THE EFFECTIVE DATE. 

 

	 	(C)	Special Note on Allocation of Liabilities. 

  

	 	(i)	Notwithstanding anything in this Agreement to the contrary, (A) any Liability, whether of the Noble Group, the Paragon Group or any third-party, arising (i) prior to the Effective Date or (ii) outside the
scope of this Agreement shall be subject solely to the provisions of the Master Separation Agreement, the Employee Matters Agreement, the Transition Services Agreement and/or the Tax Sharing Agreement, as applicable, and shall not be subject to
indemnification or other remedy hereunder and (B) any Liability whether of the Noble Group, the Paragon Group or any third-party, arising (i) after the Effective Date and (ii) within the scope of this Agreement and which relates both
to the Noble Group and the Paragon Group or their respective assets or businesses shall, prior to being subject to the indemnification provisions of this Section 8.1, be allocated between the Noble Group and the Paragon Group in proportion to
the number of Rigs of each Group bears to the total number of Rigs in Brazil of both Groups (in each case, irrespective of operational status) at the time the Liability arose. 

 

	 	(ii)	Notwithstanding anything in this Agreement to the contrary, in the event that the Service Provider or any member of the Paragon Group seeks to enforce any indemnification obligation of the Service Recipient or any
member of the Noble Group pursuant to this Article VIII with respect to the Bully II, the Service Provider or such applicable member of the Paragon Group shall be obligated to seek indemnification or other satisfaction pursuant to the Bully II Shell
Charter or the Bully II Shell Local Services Agreement to the fullest extent provided under such agreements and any recovery pursuant to the Bully II Shell Charter or the Bully II Shell Local Services Agreement shall offset any amounts owed by the
Service Recipient or any member of the Noble Group under this Agreement or result in a refund to the Service Recipient or applicable member of the Noble Group for any amount previously paid pursuant to such matter. 

  
 14 

	 	(D)	Indemnification Procedures. 

  

	 	(i)	Third-Party Claim. The Service Recipient’s indemnification obligation pursuant to Section 8.1(A) and the Service Provider’s indemnification obligation pursuant to Section 8.1(B), in each case,
with respect to Damages claimed or asserted against a person claiming indemnification under this Agreement (an “Indemnified Party”) by a third party (that third-party claim or assertion, a “Claim”), are subject to
the following terms and conditions: 

  

	 	(1)	The Indemnified Party shall, with reasonable promptness after the Indemnified Party has notice of a Claim, (A) notify the Party from whom indemnification is sought (the “Indemnifying Party”) of the
existence of that Claim and (B) transmit to the Indemnifying Party a notice (a “Claim Notice”) describing, in reasonable detail, the nature of the Claim, and copies of any papers served with respect to such Claim. Within thirty
(30) calendar days after receipt of any Claim Notice (the “Election Period”), the Indemnifying Party shall notify the Indemnified Party (A) whether the Indemnifying Party disputes its potential liability to the Indemnified
Party under this Article VIII with respect to such Claim and (B) whether the Indemnifying Party desires, at its sole cost and expense, to defend the Indemnified Party against such Claim. If the Indemnifying Party does not notify the Indemnified
Party within the Election Period that the Indemnifying Party disputes its potential liability with respect to such Claim, any Damages resulting from such Claim shall be payable by the Indemnifying Party under this Agreement. The Indemnified Party is
hereby authorized, at the sole cost and expense of the Indemnifying Party (but only if the Indemnified Party is entitled to indemnification under this Agreement), to file, during the Election Period, any motion, answer or other pleadings that the
Indemnified Party shall reasonably deem necessary or appropriate to protect its interests or those of the Indemnifying Party. 

  

	 	(2)	 If the Indemnifying Party notifies the Indemnified Party within the Election Period that the Indemnifying Party elects to assume the defense of the
Claim, then this Section 8.1(D)(i)(2) shall apply (but not otherwise) and the Indemnifying Party shall have the right to defend, at its sole cost and expense (if it is determined that the Indemnified

  
 15 

	 	
Party is entitled to indemnification under this Agreement), such Claim by all appropriate proceedings, which proceedings shall be prosecuted diligently by the Indemnifying Party to a final
conclusion or settled at the discretion of the Indemnifying Party in accordance with this Section 8.1(D)(i)(2). The Indemnified Party may, at its own cost and expense, participate in, but not control, any defense or settlement of any Claim
controlled by the Indemnifying Party pursuant to this Section 8.1(D)(i)(2). Notwithstanding anything in this Section 8.1(D)(i)(2) to the contrary, the Indemnifying Party may not, without the express written consent of the Indemnified
Party, agree to any compromise or settlement which does not include an unconditional release of the Indemnified Party from all Damages. 

  

	 	(3)	If the Indemnifying Party fails to notify the Indemnified Party within the Election Period that the Indemnifying Party elects to assume the defense of the Claim or if the Indemnifying Party elects to assume the defense
of the Claim but fails to satisfy its obligations under Section 8.1(D)(i)(2), then this Section 8.1(D)(i)(3) shall apply (but not otherwise) and the Indemnified Party shall have the right to defend, at the sole cost and expense of the
Indemnifying Party (if it is determined that the Indemnified Party is entitled to indemnification under this Agreement), the Claim by all appropriate proceedings, which proceedings shall be prosecuted diligently by the Indemnified Party to a final
conclusion or settled at the discretion of the Indemnified Party. The Indemnified Party shall have full control of such defense and proceedings, including any compromise or settlement of such defense and proceedings, provided that the Indemnifying
Party shall not be liable for any such compromise or settlement unless such compromise or settlement is made with the Indemnifying Party’s express written consent (which shall not be unreasonably withheld, conditioned or delayed). The
Indemnifying Party may, at its own cost and expense, participate in, but not control, any defense or settlement of any Claim controlled by the Indemnified Party pursuant to this Section 8.1(D)(i)(3). 

 

	 	(4)	 Notwithstanding anything in this Section 8.1(D)(i) to the contrary, to the extent (A) the Indemnifying Party has delivered a notice to the
Indemnified Party that the Indemnifying Party disputes its potential liability to the Indemnified Party under this Article VIII and (B) such 

  
 16 

	 	
dispute is resolved in favor of the Indemnifying Party, the Indemnifying Party shall not be required to bear the costs and expenses of the defense pursuant to Section 8.1(D)(i)(2) or
Section 8.1(D)(i)(3), and the Indemnified Party shall reimburse the Indemnifying Party in full for all of those costs and expenses. 

  

	 	(ii)	No Third-Party Claim. In the event any Indemnified Party claims indemnification against any Indemnifying Party under this Agreement but that claim for indemnification does not involve a Claim, the Indemnified
Party shall (A) notify the Indemnifying Party and (B) transmit to the Indemnifying Party a notice (an “Indemnity Notice”) describing, in reasonable detail, the nature of the claim. Within thirty (30) calendar days
after receipt of any Indemnity Notice, the Indemnifying Party shall notify the Indemnified Party whether the Indemnifying Party disputes its potential liability to the Indemnified Party under this Article VIII. If the Indemnifying Party does not
notify the Indemnified Party within such 30-day period that the Indemnifying Party disputes its potential liability with respect to such Indemnity Notice, any Damages resulting from such Indemnity Notice shall be payable by the Indemnifying Party
under this Agreement. 

  

	 	(iii)	The provisions of this Section 8.1(D) are in all cases subject to the limitations set forth in Sections 8.1 and 8.2 and elsewhere in this Agreement. 

Section 8.2 Limitations on Damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, IN NO EVENT SHALL
EITHER PARTY, THEIR RESPECTIVE AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS AND EMPLOYEES BE LIABLE UNDER THIS AGREEMENT FOR ANY CONSEQUENTIAL DAMAGES, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT
OF ANY PROVISION OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES TO
THIRD PARTIES AS SET FORTH IN THIS ARTICLE VIII. FOR PURPOSES OF THIS ARTICLE VIII, “CONSEQUENTIAL DAMAGES” MEANS ANY EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES (INCLUDING IN RESPECT OF LOST
PROFITS OR REVENUES). 
 Section 8.3 Limited Recourse. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, (A) NO
AFFILIATE OF ANY PARTY WILL HAVE ANY LIABILITY OR RESPONSIBILITY FOR, RELATING TO OR IN CONNECTION WITH A PARTY’S FAILURE TO PERFORM ANY TERM, COVENANT, CONDITION OR PROVISION OF THIS AGREEMENT AND (B) IN PURSUING ANY REMEDY FOR

  
 17 

 
ANY PARTY’S BREACH OF ANY TERM, COVENANT, CONDITION OR PROVISION OF THIS AGREEMENT OR OF 

ANY DUTY OR STANDARD OF CONDUCT BASED ON NEGLIGENCE, GROSS NEGLIGENCE, STRICT LIABILITY OR PERSONAL INJURY OR OTHER TORT OR VIOLATION OF APPLICABLE
GOVERNMENTAL REQUIREMENTS, OR OTHERWISE, THE OTHER PARTY WILL NOT HAVE RECOURSE AGAINST ANY PERSON OTHER THAN THE DEFAULTING OR BREACHING PARTY ITSELF NOR AGAINST ANY ASSETS OTHER THAN THE ASSETS OF THE DEFAULTING OR BREACHING PARTY ITSELF. 

Section 8.4 Limitation on Remedies. The Parties hereby acknowledge and agree that: 

 

	 	(A)	In the event the Service Provider fails to provide the Services (or a portion thereof) in accordance herewith, the sole and exclusive remedy of the Service Recipient shall be (i) to make a claim for indemnification
pursuant to Section 8.1(D) (if available), (ii) to have the Service (or relevant portion) reperformed, without having to reimburse the Service Provider for its direct internal cost of such reperformance, (iii) to withhold payment for
such Service (or relevant portion thereof), (iv) to the extent applicable, to have the right to terminate the Agreement under Section 7.1 or (v) pursue its rights under Section 11.12. The Service Recipient may pursue more than
one remedy at the same time but ultimately may not recover more than once. Such rights are the Service Recipient’s sole remedy for any non-performance, inadequate performance, faulty performance or other failure or breach by the Service
Provider under or relating to this Agreement. EXCEPT AS SET FORTH IN THE FIRST SENTENCE OF THIS SECTION 8.4(a), THE SERVICE RECIPIENT HEREBY EXPRESSLY WAIVES ANY RIGHT THE SERVICE RECIPIENT MAY OTHERWISE HAVE TO CLAIM, COLLECT OR RECEIVE DAMAGES,
TO ENFORCE SPECIFIC PERFORMANCE OR TO PURSUE ANY OTHER REMEDY AVAILABLE IN CONTRACT, AT LAW OR IN EQUITY IN THE EVENT OF ANY NON-PERFORMANCE, INADEQUATE PERFORMANCE, FAULTY PERFORMANCE OR OTHER FAILURE OR
BREACH BY THE SERVICE PROVIDER UNDER OR RELATING TO THIS AGREEMENT, REGARDLESS OF CAUSE EXCEPT ONLY TO THE EXTENT CAUSED BY THE WILLFUL MISCONDUCT OF THE SERVICE PROVIDER OR ITS AFFILIATES. 

 

	 	(B)	 Without limiting the generality of any other provision hereof, it is not the intent of the Service Provider or its Affiliates to render professional
advice or opinions, whether with regard to tax, legal, treasury, finance, intellectual property, employment or other matters; the Service Recipient shall not rely on any Service rendered by or on behalf of the Service Provider or its Affiliates for
such professional advice or opinions; and notwithstanding the Service Recipient’s receipt of any proposal, recommendation or suggestion in any way relating to tax, legal, treasury,

  
 18 

	 	
finance, intellectual property, employment or any other subject matter, the Service Recipient shall seek all third-party professional advice and opinions as it may desire or need, and in any
event the Service Recipient shall be solely responsible for and assume all risks associated with the Services, except to the limited extent set forth in this Section; and, with respect to any software or documentation within the Services, the
Service Recipient shall use such software and documentation internally and for their intended purpose only, shall not distribute, publish, transfer, sublicense or in any manner make such software or documentation available to other organizations or
persons, and shall not act as a service bureau or consultant in connection with such software. 

  

	 	(C)	A material inducement to the provision of the Services is the limitation of liability, damages and recourse set forth herein and the release and indemnity provided by the Service Recipient. 

Section 8.5 Express Negligence. EXCEPT AS OTHERWISE EXPRESSED THEREIN, THE INDEMNITY, RELEASES AND LIMITATIONS ON
DAMAGES, RECOURSE AND LIABILITIES IN THIS AGREEMENT (INCLUDING ARTICLES II AND VIII) ARE INTENDED TO BE ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF, REGARDLESS OF CAUSE. 

ARTICLE IX 

CONFIDENTIALITY 

Section 9.1 Confidentiality. The Parties each acknowledge and agree that the terms of the Master Separation Agreement shall
apply to information, documents, plans and other data made available or disclosed by one Party to the other in connection with this Agreement, including any such information the Service Recipient may gain from access to the Service Provider Systems.

 ARTICLE X 
 FORCE
MAJEURE 
 Section 10.1 Effect and Definition. No failure or omission by either Party to perform or carry out its
obligations in accordance with this Agreement (other than the obligation to make payment or submit currencies for exchange) shall give rise to any claim by the other Party or be deemed a breach of this Agreement if such failure or omission arises
from a Force Majeure Event. “Force Majeure Event” shall mean any event or circumstance that is beyond the reasonable control of the Party affected thereby, including lightning, earthquakes, tornadoes, hurricanes, floods, wash outs,
storms, fires, explosions, epidemics, acts of God, other natural disasters, acts of the public enemy, computer crimes, cyber terrorism, actions by any Governmental Authority or other governmental interference, insurrections, riots, civil
disturbance, sabotage, terrorism, threats of sabotage or terrorism, vandalism, wars and war like actions (whether declared or undeclared and whether actual, pending or expected), confiscation, seizure, arrests or other restraints by a Governmental
Authority, blockades, embargoes, boycotts, strikes, lockouts, labor unrest and other labor disputes, and any shortage of adequate power or transportation facilities. 

  
 19 

 Section 10.2 Notification Requirements. The Party claiming to be affected by a
Force Majeure Event shall, as soon as reasonably practicable, notify the other Party of the beginning and end of any event claimed to be a Force Majeure Event and use commercially reasonable efforts to resume performance in accordance with this
Agreement as soon as is reasonably practicable after the end of the Force Majeure Event. 
 Section 10.3 Cooperation. The
Parties shall cooperate in reasonable respects with each other to find alternative means and methods for the provision of any suspended Service with respect to a Force Majeure Event. 

ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Construction Rules. 
  

	 	(A)	A reference to an Article, Section or Schedule shall mean an Article or Section of, or a Schedule to, this Agreement unless otherwise explicitly set forth. The titles and headings herein are for reference purposes only
and shall not in any manner limit the construction of this Agreement which shall be considered as a whole. 

  

	 	(B)	The words “include,” “includes” and “including” when used in this Agreement shall be deemed in each case to be followed by the words “without limitation.” 

 

	 	(C)	The words “hereof,” “herein” and “herewith” and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision
of this Agreement. 

  

	 	(D)	The word “or” when used in this Agreement will not be exclusive. 

  

	 	(E)	Words in the singular when used in this Agreement will be held to include the plural. 

  

	 	(F)	Unless specifically stated otherwise, all dollar amounts referred to in this Agreement or required to be paid pursuant to this Agreement are expressed in and shall be paid in United States Dollar funds.

 Section 11.2 Entire Agreement. This Agreement and the Schedules referenced or attached hereto constitute
the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. To the extent
that there are any conflicts between the provisions of this Agreement and the Master Separation Agreement, the Employee Matters Agreement, the Transition Services Agreement or the Tax Sharing Agreement, the provisions of this Agreement shall
control. 

  
 20 

 Section 11.3 Governing Law. 

 

	 	(A)	This Agreement shall be governed and construed and enforced in accordance with the laws of the State of New York without regard to principles of conflicts of laws thereof that would result in the application of the laws
of any other jurisdiction. 

  

	 	(B)	The procedures for discussion, negotiation and arbitration set forth in Article V of the Master Separation Agreement shall apply to any dispute, controversy or claim (whether sounding in contract, tort or otherwise)
that arises out of or relates to, this Agreement any alleged breach hereof, or the transactions contemplated hereby (including all actions taken in furtherance of the transactions contemplated hereby or thereby on or prior to the date hereof), the
construction, interpretation, enforcement or validity hereof or thereof (a “Dispute”). Each Party agrees on behalf of itself and each member of its respective Group that the procedures set forth in the Master Separation Agreement
shall be the sole and exclusive remedy in connection with any Dispute and irrevocably waives any right to commence any Action in or before any Governmental Authority, except as set forth in Section 5.1 of the Master Separation Agreement.

  

	 	(C)	Each Party on behalf of itself and each member of its respective Group irrevocably waives any right to any trial by jury with respect to any Dispute to which this Section 11.3 applies. 

Section 11.4 Notices. Unless expressly provided herein, all notices, claims, certificates, requests, demands and other
communications hereunder shall be in writing and shall be deemed to be duly given (i) when personally delivered or (ii) if mailed registered or certified mail, postage prepaid, return receipt requested, on the date the return receipt is
executed or the letter is refused by the addressee or its agent or (iii) if sent by overnight courier which delivers only upon the signed receipt of the addressee, on the date the receipt acknowledgment is executed or refused by the addressee
or its agent or (iv) if sent by facsimile or electronic mail, on the date confirmation of transmission is received (provided that a copy of any notice delivered pursuant to this clause (iv) shall also be sent pursuant to clause (i),
(ii) or (iii)), addressed to the attention of the addressee’s General Counsel at the address of its principal executive office or to such other address or facsimile number for a party as it shall have specified by like notice. 

Section 11.5 Counterparts. This Agreement, including the Schedules hereto and the other documents referred to herein, may
be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 

Section 11.6 Binding Effect; Assignment. This Agreement shall inure to the benefit of and be binding upon the
Parties and their respective legal representatives and successors. This Agreement may not be assigned by any Party, except that the Service Provider may assign any or all of its rights, interests and obligations hereunder to an Affiliate of the
Service Provider, provided that any such Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained herein. 

  
 21 

 Section 11.7 No Third Party Beneficiaries. This Agreement is
solely for the benefit of the Service Recipient, the Service Provider and any Affiliate of the Service Provider providing Services hereunder and is not intended to confer upon any other Person except such Persons any rights or remedies hereunder,
and except for any Indemnified Party under Article VIII. 
 Section 11.8 Severability. If any term or other provision of
this Agreement or the Schedules attached hereto is determined by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions
and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so
broad as is enforceable. 
 Section 11.9 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on
the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of
any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise
available. 
 Section 11.10 Amendment. No change or amendment will be made to this Agreement except by an instrument in
writing signed on behalf of each of the Parties. 
 Section 11.11 Authority. Each of the Parties represents to the other
that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate
or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with their respective terms subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 

Section 11.12 Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms,
conditions and provisions of this Agreement, the Party or the Parties who are or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of their rights under this Agreement, in addition to
any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation
for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived. 

  
 22 

 Section 11.13 Construction. This Agreement shall be construed as if jointly drafted
by the Service Provider and the Service Recipient and, except as set forth in this Section 11.13, no rule of construction or strict interpretation shall be applied against any Party. 

Section 11.14 Relationship of Parties. The Service Recipient understands and agrees that the Service Provider’s relationship
to the Service Recipient under this Agreement is strictly a contractual arrangement on the terms and conditions set forth in this Agreement, that no fiduciary, trust, partnership, joint venture, agency or advisory relationship exists between the
Service Provider and the Service Recipient, that all Services are provided by the Service Provider as an independent contractor and that each of the Service Recipient hereby waives any and all rights that it may otherwise have under applicable
Governmental Requirements to make any claims or take any action against the Service Provider or any of its Affiliates based on any theory of agency, fiduciary duty, relationship of trust or other special standard of care. 

Section 11.15 Further Assurances. From time to time, each Party agrees to execute and deliver such additional documents, and will
provide such additional information and assistance as either Party may reasonably require to carry out the terms of this Agreement. 

Section 11.16 Survival. The Parties agree that Articles IV, VIII, IX, and XI and any limitations on liability or responsibility
and any exculpatory, disclaimer, waiver or similar provisions will survive the termination of this Agreement and that any such termination shall not affect any obligation for the payment of Services rendered or any other amounts due to the Service
Provider under this Agreement prior to termination. 
 [Signature Page Follows] 

  
 23 

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

  

			
	PARAGON DO BRASIL LIMITADA
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	PARAGON DRILLING NEDERLAND B.V.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	PARAGON OFFSHORE PLC
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Brazil Services Agreement] 

 
			
	NOBLE CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	NOBLE DAVE BEARD LIMITED
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	BULLY 2 (SWITZERLAND) GMBH
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	NOBLE DRILLING NEDERLAND BV II
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Brazil Services Agreement]EX-10.6

 Exhibit 10.6 

FORM OF PARAGON OFFSHORE PLC 

2014 DIRECTOR OMNIBUS PLAN 

 PARAGON OFFSHORE PLC 

2014 DIRECTOR OMNIBUS PLAN 

1. Plan. Paragon Offshore Limited, a company organized under the laws of England and Wales (as predecessor to Paragon Offshore
plc, a company organized under the laws of England and Wales) (the “Company”), established this Paragon Offshore plc 2014 Director Omnibus Plan (this “Plan”), effective as of [        ]
(the “Effective Date”); provided that this Plan has received the requisite stockholder approval. This Plan shall continue in effect for a term of 10 years after the Effective Date unless sooner terminated by action of the Board of
Directors of the Company. 
 2. Purpose. This Plan is designed to attract and retain non-employee directors of the Company, to
encourage the sense of proprietorship of such directors and to stimulate the active interest of such persons in the development and financial success of the Company and its Subsidiaries. These objectives are to be accomplished by making awards under
this Plan and thereby providing such directors with a proprietary interest in the growth and performance of the Company and its subsidiaries. 

3. Definitions. As used herein, the terms set forth below shall have the following respective meanings: 

“Annual Retainer” shall be the compensation to which a Director is entitled as a retainer for his or her services as a member
of the Board during the Plan Year, including fees paid for serving on Board committees. 
 “Award” means the grant of any
Option, Stock Appreciation Right, Stock Award, or Cash Award, any of which may be structured as a Performance Unit Award, whether granted singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions and
limitations as the Board may establish in accordance with the objectives of this Plan. 
 “Award Agreement” means the
document (in written or electronic form) communicating the terms, conditions and limitations applicable to an Award. The Board may, in its discretion, require that the Participant execute such Award Agreement, or may provide for procedures through
which Award Agreements are made available but not executed. Any Participant who is granted an Award and who does not affirmatively and in writing reject the applicable Award and Award Agreement shall be deemed to have accepted the terms of Award as
embodied in the Award Agreement. 
 “Board” means the Board of Directors of the Company. 

“Cash Award” means an Award denominated in cash. 

“Change in Control” means a Change in Control as defined in Attachment A to this Plan. 

  
 1 

 “Code” means the United States Internal Revenue Code of 1986, as amended from
time to time. 
 “Committee” means the Compensation Committee of the Board, and any successor committee thereto or such
other committee of the Board as may be designated by the Board to administer this Plan in whole or in part including any subcommittee of the Board as designated by the Board. 

“Company” means Paragon Offshore plc, a company organized under the laws of England and Wales, and, when applicable, its
predecessor, Paragon Offshore Limited, a company organized under the laws of England and Wales. 
 “Director” means an
individual serving as a non-executive member of the Board who is not an Employee, and an individual who has agreed to become a Director and actually becomes a Director following such date of agreement. 

“Disability” means a disability whereby the Director is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Notwithstanding the foregoing, if an Award is subject to Section 409A of
the Code, the definition of Disability shall conform to the requirements of Treasury Regulation § 1.409A-3(i)(4)(i) to the extent necessary to avoid the imposition of any tax by such Section 409A of the Code. 

“Dividend Equivalents” means, in the case of an Award comprising Restricted Stock Units or Performance Units, an amount equal
to all dividends and other distributions (or the economic equivalent thereof (excluding, unless the Committee determines otherwise special dividends)) that are payable to shareholders of record in respect of the relevant record dates that occur
during the Restriction Period or performance period, as applicable, on a like number of Shares that are subject to the Award. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended from time to time. 

“Exercise Price” means the price at which a Participant may exercise his right to receive cash or Shares, as applicable,
under the terms of an Award. 
 “Fair Market Value” of a Share means, as of a particular date, 

 

	 	(1)	if Shares are then listed on a national securities exchange, the closing sales price per Share on the consolidated transaction reporting system for the principal national securities exchange on which Shares are listed
on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, 

  

	 	(2)	if the Shares are not so listed, the average of the closing bid and asked price on that date, or, if there are no quotations available for such date, on the last preceding date on which such quotations shall be
available, as reported by an inter-dealer quotation system, 

  
 2 

	 	(3)	if Shares are not publicly traded, the most recent value determined by an independent appraiser appointed by the Board for such purpose, or 

 

	 	(4)	if none of the above are applicable, the fair market value of a Share as determined in good faith by the Board. 

“Grant Date” means the date an Award is granted to a Participant pursuant to this Plan. 

“Nonqualified Stock Option” means an Option that is not intended to comply with the requirements set forth in
Section 422 of the Code. 
 “Option” means a right to purchase a specified number of Shares at a specified Exercise
Price, which shall be in the form of a Nonqualified Stock Option. 
 “Participant” means a Director to whom an Award has
been made under this Plan. 
 “Performance Unit” means a unit evidencing the right to receive in specified circumstances
one Share or equivalent value in cash, the value of which at the time it is settled is determined as a function of the extent to which established performance criteria have been satisfied. 

“Performance Unit Award” means an Award in the form of Performance Units. 

“Plan” means this Paragon Offshore plc 2014 Director Omnibus Plan, as such plan may be amended from time to time. 

“Plan Year” means the calendar year. 

“Restricted Stock” means Shares allotted and issued or transferred pursuant to Paragraphs 8 or 9 that are restricted or
subject to forfeiture provisions. 
 “Restricted Stock Award” means an Award in the form of Restricted Stock. 

“Restricted Stock Unit” means a unit that provides for the allotment and issuance, transfer, or delivery of one Share or
equivalent value in cash upon the satisfaction of the terms, conditions, and restrictions applicable to such Restricted Stock Unit. 

“Restricted Stock Unit Award” means an Award in the form of Restricted Stock Units. 

  
 3 

 “Restriction Period” means a period of time beginning as of the date upon which
a Restricted Stock Award or Restricted Stock Unit Award is made pursuant to this Plan and ending as of the date upon which such Award is no longer restricted or subject to forfeiture provisions. 

“Share” means one registered share of the Company, or any stock or other security hereafter allotted and issued or which may
be allotted and issuable in substitution or exchange for a Share. 
 “Stock Appreciation Right” or “SAR”
means a right to receive a payment, in cash or by allotment and issuance, transfer, or delivery of Shares, equal to the excess of the Fair Market Value of a specified number of Shares on the date the right is exercised over a specified Exercise
Price. 
 “Stock Award” means an Award in the form of Shares, including a Restricted Stock Award, a Restricted Stock Unit
Award, a Performance Unit Award that may be settled in Shares, or an Award of unrestricted Shares, but excluding Options and SARs. 

“Subsidiary” means (1) in the case of a corporation, any corporation of which the Company directly or indirectly owns
shares representing more than 50% of the combined voting power of the shares of all classes or series of capital stock of such corporation that have the right to vote generally on matters submitted to a vote of the stockholders of such corporation,
and (2) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly more than 50% of the voting, capital or profits interests (whether in the form of
partnership interests, membership interests or otherwise). 
 4. Eligibility. 

(a) Directors. All Directors are eligible for grants of Awards under this Plan, provided, however, that if the Board makes an
Award to an individual whom it expects to become a Director following the Grant Date of such Award, such Award shall be subject to (among other terms and conditions) the individual actually becoming a Director. 

(b) Board (or the Committee pursuant to Paragraph 7) shall determine the type or types of Awards to be made under this Plan and shall
designate from time to time the Directors who are to be granted Awards under this Plan. 
 5. Shares Available for Awards.

 (a) Available Shares. Subject to the provisions of Paragraph 15 hereof, the maximum number of Shares that may be allotted and
issued, transferred, or delivered pursuant to Awards under this Plan (including rights or Options that may be exercised for or settled in Shares) shall be 500,000 Shares (the “Maximum Share Limit”), which Shares shall be available pursuant
to the general authority that is granted to the Board from time to time by the Company’s shareholder(s) for the purposes of Section 551 of the U.K. Companies Act 2006. Each Stock 

  
 4 

 
Award granted under this Plan shall be counted against the Maximum Share Limit as 1 Share. Shares available under the Plan may be unissued Shares from the Company’s authorized or conditional
share capital, Shares held in treasury by the Company or one or more subsidiaries of the Company. 
 Awards settled in cash shall not reduce
the Maximum Share Limit under the Plan. If an Award expires or is terminated, cancelled or forfeited, the Shares associated with the expired, terminated, cancelled or forfeited Awards shall again be available for Awards under the Plan, and the
Maximum Share Limit shall be increased by the same amount as such shares were counted against the Maximum Share Limit. The following Shares shall not become available again for allotment and issuance, transfer, or delivery under the Plan: 

 

	 	(i)	Shares that are tendered or surrendered, or to which the right to require the Company to allot and issue, transfer or deliver Shares is forfeited or surrendered, in payment of the option price of an Option, or withheld
or delivered, or to which the right to require the Company to allot and issue, transfer or deliver Shares is forfeited or surrendered, to satisfy withholding obligations, if any; and 

 

	 	(ii)	Shares underlying a free-standing grant of an SAR, to the extent the number of such Shares exceeds the number of Shares actually allotted and issued, transferred, or delivered upon exercise or settlement of such SAR.

 The Board may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example,
in the case of tandem or substitute awards) and make adjustment if the number of Shares actually delivered differs from the number of Shares previously counted in connection with an Award. 

The Board, the Committee and the appropriate officers of the Company shall from time to time take whatever actions are necessary to file any
required documents with governmental authorities, stock exchanges and transaction reporting systems to ensure that Shares are available for allotment and issuance, transfer, or delivery pursuant to Awards. 

6. Administration. 

(a) Authority of the Administrator. Except as otherwise provided in this Plan, this Plan shall be administered by the Board. Subject to
the provisions hereof, the Board shall have full and exclusive power and authority to administer this Plan and to take all actions that are specifically contemplated hereby or are necessary or appropriate in connection with the administration
hereof. The Board shall also have full and exclusive power to interpret this Plan and the Award Agreements thereunder and to adopt such rules, regulations and guidelines for carrying out this Plan as it may deem necessary or proper. Subject to
Paragraph 6(c) hereof, the Board may, in its discretion, (x) provide for the extension of the exercisability of an Award, or (y) in the event of a Change in Control, death or termination of service for Disability, accelerate the vesting or
exercisability of an Award, eliminate or make less restrictive any restrictions contained in an Award, waive any restriction or other provision of this Plan or an Award or otherwise amend or modify an Award in any manner that is, in either case,
(1) not adverse to the 

  
 5 

 
Participant to whom such Award was granted, (2) consented to by such Participant or (3) authorized by Paragraph 15(c) hereof; provided, however, that no such action shall
permit the term of any Option to be greater than 10 years from its Grant Date. The Board may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Award Agreement in the manner and to the extent the Board
deems necessary or desirable to further this Plan’s purposes. Any decision of the Board in the interpretation and administration of this Plan and the Award Agreements thereunder shall lie within its sole and absolute discretion and shall be
final, conclusive and binding on all parties concerned. 
 (b) Indemnity. No member of the Board or any person to whom the Board has
delegated authority in accordance with the provisions of Paragraph 7 of this Plan shall be liable for anything done or omitted to be done by him, by any member of the Board, any member of the Committee or by any officer of the Company in
connection with the performance of any duties under this Plan, except for his own willful misconduct or as expressly provided by statute. 

(c) Prohibition on Repricing of Awards. Subject to the provisions of Paragraph 16 hereof, the terms of outstanding Award
Agreements may not be amended without the approval of the Company’s stockholders so as to (i) reduce the Exercise Price of any outstanding Options or SARs or (ii) cancel any outstanding Options or SARs in exchange for cash or other
Awards, or Options or SARs with an Exercise Price that is less than the Exercise Price of the original Options or SARs. 
 7.
Delegation of Authority. The Board may delegate any of its authority to administer all or any portion of the Plan to the Committee, in which case references herein to the Board shall be deemed
to be references to the Committee, and the Board or Committee as applicable may delegate to the Chief Executive Officer and to other senior officers of the Company certain its duties under this Plan (other than the granting authority or amendment
authority of the Board or Committee described in Paragraphs 8, 9 and 13); provided, that, such delegation is made in writing and specifically sets forth such delegated authority. The Board, the Committee or officer of the Company, as
applicable, may engage or authorize the engagement of a third party administrator to carry out administrative functions under this Plan. Any such delegation hereunder shall only be made to the extent permitted by applicable law. 

8. Awards. 
 (a)
Awards; Conditions. The Board shall determine the type or types of Awards to be made under this Plan and shall designate from time to time the Directors who are to be the recipients of such Awards. Each Award shall be embodied in an Award
Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Board, in its sole discretion, and, if required by the Board, shall be signed by the Participant to whom the Award is granted and by a member of the
Board for and on behalf of the Company. Awards may consist of those listed in this Paragraph 8(a) and may be granted singly, in combination or in tandem. Awards may also be made in combination or in tandem with, in replacement of, or as
alternatives to, grants or rights under this Plan; provided, however, that, except as contemplated in Paragraph 15 hereof, no Option or SAR may be issued in exchange for the cancellation of an Option or SAR with a higher Exercise Price nor
may the Exercise Price of any Option or SAR be reduced. All or part of an Award may be subject to conditions established by the Board. 

  
 6 

 If a Participant ceases to be a Director, any unexercised, unvested or unpaid Awards shall be
treated as set forth in the applicable Award Agreement or in any other written agreement the Company has entered into with the Participant, it being understood that the Board may, in its sole and absolute discretion, prescribe additional terms,
conditions, restrictions and limitations applicable to the Award, including without limitation rules pertaining to the cessation of being a Director by reason of death or Disability. All rights to exercise an Option and any SARs that relate to such
Option shall, terminate five years after the date the Participant ceases to be a Director (or the remaining term of the Option if shorter), unless the Award Agreement provides otherwise in connection with any such termination of service by reason of
death or Disability. Notwithstanding the foregoing, in the event the Participant ceases to be a Director on account of fraud, dishonesty or other acts detrimental to the interests of the Company or an affiliate, the Option and any SARs that relate
to such Option shall thereafter be null and void for all purposes. 
  

	 	(i)	Options. An Award may be in the form of an Option. An Option awarded pursuant to this Plan shall consist of a Nonqualified Stock Option. The price at which Shares may be purchased upon the exercise of an Option
shall be not less than the Fair Market Value of the Shares on the Grant Date; provided that in relation to an Option comprising the right to subscribe for Shares, the price shall not be less than the nominal value of a Share. The term of an Option
shall not exceed 10 years from the Grant Date; provided that the period during which an Option may be exercised may be extended by the Board or pursuant to procedures of the Board if the last day of such period occurs at a time when the Company has
imposed a prohibition on trading of the Company’s securities in order to avoid violations of applicable Federal, state, local or foreign law; provided further, that the period during which the Option may be extended is not more than 30 days
after the date on which such prohibition on trading is terminated. Options may not include provisions that “reload” the Option upon exercise. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any
Option, including, but not limited to, the term of any Option and the date or dates upon which the Option becomes vested and exercisable, shall be determined by the Board. 

 

	 	(ii)	 Stock Appreciation Rights. An Award may be in the form of an SAR. The Exercise Price for an SAR shall not be less than the Fair Market Value of
the Shares on the Grant Date; provided that in relation to an SAR comprising the right to subscribe for Shares, the price shall not be less than the nominal value of a Share. In relation to an SAR, an Award holder may be required by or pursuant to
procedures of the Committee, in its discretion, to pay the nominal value of any Shares awarded hereunder, and the provisions of Paragraph 11 (relating to the payment of the Exercise Price of Options) shall apply to such SAR mutatis mutandis in
respect of any applicable payment of nominal value. The holder of a tandem SAR 

  
 7 

	 	
may elect to exercise either the Option or the SAR, but not both. The exercise period for an SAR shall extend no more than 10 years after the Grant Date. SARs may not include provisions that
“reload” the SAR upon exercise. Subject to the foregoing provisions, the terms, conditions, and limitations applicable to any SAR, including, but not limited to, the term of any SAR and the date or dates upon which the SAR becomes vested
and exercisable, shall be determined by the Board. 

  

	 	(iii)	Stock Awards. An Award may be in the form of a Stock Award. The terms, conditions and limitations applicable to any Stock Award, including, but not limited to, vesting or other restrictions, shall be determined
by the Board, and subject to Restriction Period and performance period requirements, if any, and any other applicable requirements described in this Plan. In relation to a Stock Award, including an Award of Restricted Stock, or an Award of
unrestricted Shares, comprising a right to new issue Shares, an Award holder may be required by or pursuant to procedures of the Board, in its discretion, to pay the nominal value of any Shares awarded hereunder, and the provisions of Paragraph 11
(relating to the payment of the Exercise Price of Options) shall apply to such Awards mutatis mutandis in respect of any applicable payment of nominal value. To the extent otherwise, and subject to any provision of any applicable law or regulation
of any governmental authority or any national securities exchange, there shall not be any purchase price charged for any Stock Award under the Plan. 

  

	 	(iv)	Restricted Stock Unit Awards. An Award may be in the form of a Restricted Stock Unit Award. The terms, conditions and limitations applicable to a Restricted Stock Unit Award, including, but not limited to, the
Restriction Period, if any, and the right to Dividend Equivalents, if any, shall be determined by the Board. Subject to the terms of this Plan, the Board, in its sole discretion, may settle Restricted Stock Units in the form of cash or by the
allotment and issuance, transfer or delivery of Shares (or in a combination thereof) equal to the value of the vested Restricted Stock Units. In relation to an award of Restricted Stock Units to be satisfied by the allotment and issuance, transfer
or delivery by the Company of Shares, an Award holder may be required by or pursuant to procedures of the Board, in its discretion, to pay the nominal value of any Shares to be allotted and issued, transferred or delivered, and the provisions of
Paragraph 11 (relating to payment of the Exercise Price of Options) shall apply to such Awards mutatis mutandis in respect of any applicable payment of nominal value. To the extent otherwise, and subject to any provision of any applicable law or
regulation of any governmental authority or any national securities exchange, there shall not be any purchase price charged for any Restricted Stock Units award under the Plan. 

  
 8 

	 	(v)	Performance Unit Awards. An Award may be in the form of a Performance Unit Award. The terms, conditions and limitations applicable to a Performance Unit Award, including, but not limited to, the Restriction
Period, if any, and the right to Dividend Equivalents, if any, shall be determined by the Board. Each Performance Unit shall have an initial value that is established by the Board on the Grant Date. Subject to the terms of this Plan, after the
applicable performance period has ended, the Participant shall be entitled to receive settlement of the value and number of Performance Units earned by the Participant over the performance period, to be determined as a function of the extent to
which the corresponding performance goals have been achieved. Settlement of earned Performance Units shall be as determined by the Board and as evidenced in an Award Agreement. Subject to the terms of this Plan, the Board, in its sole discretion,
may settle earned Performance Units in the form of cash or by the allotment and issuance, transfer or delivery of Shares (or in a combination thereof) equal to the value of the earned Performance Units as soon as practicable after the end of the
performance period and following the Board’s determination of actual performance against the performance measures and related goals established by the Board. In relation to a Performance Unit Award, an Award holder may be required by or
pursuant to procedures of the Committee, in its discretion, to pay the nominal value of any Shares awarded hereunder, and the provisions of Paragraph 11 (relating to the payment of the Exercise Price of Options) shall apply to such Performance Unit
Award mutatis mutandis in respect of any applicable payment of nominal value. 

  

	 	(vi)	Cash Awards. An Award may be in the form of a Cash Award. The terms, conditions and limitations applicable to a Cash Award, including, but not limited to, vesting or other restrictions, shall be determined by the
Board in accordance with this Plan. 

 9. Director Compensation. 

(a) Annual Retainer; Voluntary Share Purchases. The amount of the Annual Retainer to be paid to each Outside Director for each Plan Year
may, in the discretion of the Board, be payable pursuant to Cash Awards granted under this Plan. To the extent the Annual Retainer is payable Director in the form of a Cash Award, the Board may permit the Director to elect to have up to 100% of the
amount of such Cash Award to be applied to the purchase of unrestricted Shares pursuant to the provisions of this Paragraph 9(b). Such elections shall be on a form prescribed for this purpose by the Board and in accordance with Section 409A of
the Code. The amount to be applied to the purchase of Shares shall be designated by the Director as a percentage of his Annual Retainer (or applicable payment thereof) in integral multiples of 5%. 

(b) Other Fees and Reimbursement of Expenses. For the avoidance of doubt, Directors may be entitled, for their service as directors, to
compensation other than the Annual Retainer in the discretion of the Board and to the reimbursement of certain expenses in accordance with the policies, practices and procedures of the Company from time to time in

  
 9 

 
effect. Expenses may be reimbursed in the discretion of the Board in the form of Cash Awards that provide for an immediate payment; provided, that, such reimbursement is made no
later than the last day of the year following the year in which such expenses are incurred. 
 10. Award Payment; Dividends and
Dividend Equivalents. 
 (a) General. Payment of Awards by the Company may be made in the form of cash or by the allotment and
issuance, transfer of delivery of Shares (in book-entry or certificated form), or a combination thereof, and may include such restrictions as the Board shall determine, including, but not limited to, in the case of Shares, restrictions on transfer
and forfeiture provisions. For a Restricted Stock Award, the certificates evidencing the shares of such Restricted Stock (to the extent that such shares are so evidenced) shall contain appropriate legends and restrictions that describe the terms and
conditions of the restrictions applicable thereto. For a Restricted Stock Unit Award that may be settled by the allotment and issuance, transfer or delivery of Shares, the Restricted Stock Units shall be evidenced by book entry registration or in
such other manner as the Board may determine. 
 (b) Dividends and Dividend Equivalents. Rights to (1) dividends will be
extended to and made part of any Restricted Stock Award and (2) Dividend Equivalents may be extended to and made part of any Restricted Stock Unit Award and Performance Unit Award, subject in each case to such terms, conditions and restrictions
as the Board may establish as set forth in the Award Agreement thereto. Dividends and/or Dividend Equivalents shall not be made part of any Options or SARs. 

11. Option Exercise. The Exercise Price shall be paid in full at the time of exercise in cash or, if permitted by
the Board and elected by the Participant, the Participant may purchase such shares by means of surrendering, or otherwise forfeiting or surrendering the right to require the Company to allot and issue, transfer, or deliver Shares with respect to
which the Option is being exercised, or tendering Shares, valued at Fair Market Value on the date of exercise, or any combination of the foregoing methods, or otherwise entering into arrangements to pay the Exercise Price in a form acceptable to the
Company. The Board, in its sole discretion, shall determine acceptable methods for Participants to tender Shares, including tender by attestation of shares held by a broker. The Board may provide for procedures to permit the exercise or purchase of
such Awards by use of the proceeds to be received from the sale of Shares issuable pursuant to an Award (including cashless exercise procedures approved by the Board involving a broker or dealer approved by the Board). The Board may adopt additional
rules and procedures regarding the exercise of Options from time to time, provided that such rules and procedures are not inconsistent with the provisions of this Paragraph 11. 

12. Taxes. The Company shall have the right to require payment of applicable taxes, social security obligations
and pension plan obligations (or similar charges) as a condition to settlement of any Award. The amount determined by the Board to be due upon the grant or vesting of any Award, or at any other applicable time, shall be paid in full at the time of
exercise in cash or, if permitted by the Board and elected by the Participant, the Participant may arrange for such payment by means of surrendering, or otherwise forfeiting or surrendering the right to require the Company to allot and issue,
transfer, or deliver Shares with respect to the Award, or tendering Shares, valued at Fair Market Value on the date of exercise, or any 

  
 10 

 
combination of the foregoing methods, or otherwise entering into arrangements to pay the withholding amount, if any, in a form acceptable to the Company. The Board may take or require such other
action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes, if any, and other charges; provided, however, that the number of Shares a Participant surrenders, or as to which a Participant
otherwise forfeits or surrenders the right to require the Company to allot and issue, transfer, or deliver Shares, must equal in Fair Market Value no more than the required minimum withholding taxes, if any. If Shares subject to the Award are used
as set forth above to satisfy tax or other withholding, such shares shall be valued based on the Fair Market Value on the date as of which the amount tax withholding, if any, is determined. Other Shares tendered to pay taxes will be valued based on
the Fair Market Value on the date received by the Company. 
 13. Amendment, Modification, Suspension or Termination. The
Board may amend, modify, suspend or terminate this Plan (and the Board may amend an Award Agreement) for the purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by law, except that (1) no
amendment or alteration that would adversely affect the rights of any Participant under any Award previously granted to such Participant shall be made without the consent of such Participant and (2) no amendment or alteration shall be effective
prior to its approval by the stockholders of the Company to the extent stockholder approval is otherwise required by applicable legal requirements or the requirements of the securities exchange on which the Company’s stock is listed, including
any amendment that expands the types of Awards available under this Plan, materially increases the number of Shares available for Awards under this Plan, materially expands the classes of persons eligible for Awards under this Plan, materially
extends the term of this Plan, materially changes the method of determining the Exercise Price of Options, deletes or limits any provisions of this Plan that prohibit the repricing of Options or SARs, or decreases any minimum vesting requirements
for any Stock Award. 
 14. Assignability. Unless otherwise determined by the Board and expressly provided for in an Award
Agreement, no Award or any other benefit under this Plan shall be assignable or otherwise transferable except (1) by will or the laws of descent and distribution or (2) pursuant to a domestic relations order issued by a court of competent
jurisdiction that is not contrary to the terms and conditions of this Plan or applicable Award and in a form acceptable to the Board. The Board may prescribe and include in applicable Award Agreements other restrictions on transfer. Any attempted
assignment of an Award or any other benefit under this Plan in violation of this Paragraph 14 shall be null and void. Notwithstanding the foregoing, no Award may be transferred for value or consideration. 

15. Adjustments. 

(a) No Limit on Corporate Power. The existence of outstanding Awards shall not affect in any manner the right or power of the Company or
its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, debentures,
preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the Shares) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above. 

  
 11 

 (b) Adjustments. If at any time while the Plan is in effect there shall be any increase or
decrease in the number of allotted and issued and outstanding Shares of the Company effected without receipt of consideration therefor by the Company, through the declaration of a dividend in Shares or through any recapitalization, amalgamation,
merger, demerger or conversion or otherwise in which the Company is the surviving corporation, resulting in a split-up, combination or exchange of Shares of the Company, then and in each such event: 

(i) An appropriate adjustment shall be made in the maximum number of Shares then subject to being optioned or awarded under the
Plan, to the end that the same proportion of the Company’s allotted and issued and outstanding Shares shall continue to be subject to being so optioned and awarded; 

(ii) An appropriate adjustment shall be made in the Stock-Based Award Limitations, to the end that the Stock-Based Award
Limitations shall apply to the same proportion of the Company’s allotted and issued and outstanding Shares; 
 (iii)
Appropriate adjustment shall be made (i) in the number of Shares and the exercise price per Share thereof then subject to purchase pursuant to each Option or Stock Appreciation Right previously granted and then outstanding, to the end that the
same proportion of the Company’s allotted and issued and outstanding Shares in each such instance shall remain subject to purchase at the same aggregate exercise price; and (ii) in the number of Shares then subject to each Stock Award
previously awarded and then outstanding, to the end that the same proportion of the Company’s allotted and issued and outstanding Shares in each such instance shall remain subject to allotment and issuance, transfer or delivery in settlement of
such award; 
 (c) Actions not Triggering Adjustments. Except as is otherwise expressly provided herein, the allotment and issuance
by the Company of shares of its capital securities of any class, or securities convertible into shares of capital securities of any class, either in connection with a direct sale or upon the exercise of rights or warrants to subscribe therefor, or
upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of or option price of Shares then subject to
outstanding Options or the number of Shares then subject to outstanding awards of Restricted Stock Units. 
 (d) Certain Corporate
Transactions. In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Board may make such adjustments to Awards or other provisions for the disposition of Awards as it
deems equitable, and shall be authorized, in its discretion, (1) to provide for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Board determines) for an Award or
the assumption of the Award, regardless of whether in a transaction to which Section 424(a) of the Code applies, (2) to provide, prior to the 

  
 12 

 
transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the Award and, if the transaction is a cash merger, provide for the termination
of any portion of the Award that remains unexercised at the time of such transaction, or (3) to cancel any such Awards and to deliver to the Participants cash in an amount that the Board shall determine in its sole discretion is equal to the
fair market value of such Awards on the date of such event, which in the case of Options or Stock Appreciation Rights shall be the excess of the Fair Market Value of Shares on such date over the Exercise Price of such Award. 

(e) Section 409A. No adjustment or substitution pursuant to this Paragraph 15 shall be made in a manner that results in
noncompliance with the requirements of Section 409A of the Code, to the extent applicable. 
 16. Restrictions. No Shares
or other form of payment shall be allotted and issued, transferred, or delivered with respect to any Award unless the Company shall be satisfied based on the advice of its counsel that such allotment and issuance, transfer, or delivery will be in
compliance with applicable federal and state securities laws. Certificates evidencing Shares delivered under this Plan (to the extent that such shares are so evidenced) may be subject to such stop transfer orders and other restrictions as the Board
may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or transaction reporting system upon which the Shares is then listed or to which it is admitted for quotation
and any applicable federal or state securities law. The Board may cause a legend or legends to be placed upon such certificates (if any) to make appropriate reference to such restrictions. The Board may, in its discretion, condition the
Company’s obligation to allot and issue, transfer or deliver Shares under the Plan upon its receipt from the person to whom such Shares are to be allotted and issued, transferred or delivered of an executed investment letter containing such
representations and agreements as the Company may determine to be necessary or advisable in order to enable the Company to allot, issue, transfer or deliver such Shares to such person in compliance with the Securities Act of 1933 and other
applicable federal, state or local securities laws or regulations. 
 17. Unfunded Plan. This Plan is unfunded. Although
bookkeeping accounts may be established with respect to Participants who are entitled to cash, Shares or rights thereto under this Plan, any such accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to
segregate any assets that may at any time be represented by cash, Shares or rights thereto, nor shall this Plan be construed as providing for such segregation, nor shall the Company or the Board be deemed to be a trustee of any cash, Shares or
rights thereto to be granted under this Plan. Any liability or obligation of the Company to any Participant with respect to an Award of cash, Shares or rights thereto under this Plan shall be based solely upon any contractual obligations that may be
created by this Plan and any Award Agreement, and no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. None of the Company or the Board shall be required to
give any security or bond for the performance of any obligation that may be created by this Plan. With respect to this Plan and any Awards granted hereunder, Participants are general and unsecured creditors of the Company and have no rights or
claims except as otherwise provided in this Plan or any applicable Award Agreement. 

  
 13 

 18. Section 409A of the Code. 

(a) Intention to Comply. Awards made under this Plan are intended to comply with or be exempt from Section 409A of the Code, and
ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for an Award if such action would result in the imposition of taxes under
Section 409A of the Code. Notwithstanding anything in this Plan to the contrary, if any Plan provision or Award under this Plan would result in the imposition of an additional tax under Section 409A of the Code, that Plan provision or
Award shall be reformed, to the extent permissible under Section 409A of the Code, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant’s rights to an Award. 

(b) Unit and Cash Awards. Unless the Board provides otherwise in an Award Agreement, each Restricted Stock Unit Award, Performance Unit
Award or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled no later than the 15th day of the third month after the end of the first calendar year in which the Award (or such portion thereof) is no longer
subject to a “substantial risk of forfeiture” within the meaning of Section 409A of the Code. If the Board determines that a Restricted Stock Unit Award, Performance Unit Award or Cash Award is intended to be subject to
Section 409A of the Code, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Section 409A of the Code. 

19. Awards to Foreign Nationals and Directors Outside the United States. The Board may, without amending this Plan,
(1) establish special rules applicable to Awards granted to Participants who are foreign nationals or otherwise providing services outside the United States, or both, including rules that differ from (but do not enlarge on) those set forth in
this Plan, and (2) grant Awards to such Participants in accordance with those rules. 
 20. Governing Law. This Plan and
all determinations made and actions taken pursuant hereto, shall be undertaken by application of the laws of the State of Texas, except to the extent Texas law is preempted by Federal law of the United States, or the laws of England and Wales. 

21. Right to Continued Service. Nothing in this Plan or an Award Agreement or any document describing or relating to the Plan,
or any part hereof, shall confer upon any Director any right to continue as a Director of the Company. 
 22. Rights of Third
Parties. It is not intended that any of the terms of this Plan should be enforceable by any third party pursuant to the UK Contract (Rights of Third Parties) Act 1999. 

23. Consent to Holding and Processing of Personal Data. By participating in the Plan, participants give their consent to the
holding and processing of data relating to them (including personal data) in relation to and as a consequence of the Plan and to the disclosure of data (even outside the European Economic Area) to the Company, or any Subsidiary, to any possible
purchaser of the Company or its business or of any Subsidiary and their respective advisors in relation to the Plan. 

  
 14 

 24. Usage. Words used in this Plan in the singular shall include the plural and in
the plural the singular, and the gender of words used shall be construed to include whichever may be appropriate under any particular circumstances of the masculine, feminine or neuter genders. 

25. Headings. The headings in this Plan are inserted for convenience of reference only and shall not affect the meaning or
interpretation of this Plan. 

  
 15 

 ATTACHMENT A 

DEFINITION OF 
 CHANGE IN
CONTROL 
 For purposes of this Plan, a “Change in Control” shall be deemed to have occurred upon the occurrence of any
of the following events: 
 (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (A) the then outstanding registered Shares of the Company (the “Outstanding
Shares”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however, that for
purposes of this subparagraph (c)(i) the following acquisitions shall not constitute a Change in Control: (w) any acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a conversion privilege), (x) any
acquisition by the Company, (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any company controlled by the Company, or (z) any acquisition by any corporation pursuant to a
reorganization, merger, amalgamation or consolidation, if, following such reorganization, merger, amalgamation or consolidation, the conditions described in clauses (A), (B) and (C) of subparagraph (iii) of this definition are
satisfied; or 
 (ii) individuals who, as of the date of this Agreement, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute a majority of such Board; provided, however, that any individual becoming a director of the Company subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by
a vote of a majority of the directors of the Company then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

(iii) consummation of a reorganization, merger, amalgamation or consolidation of the Company, with or without approval by the shareholders of
the Company, in each case, unless, following such reorganization, merger, amalgamation or consolidation, (A) more than 50% of, respectively, the then outstanding shares of common stock (or equivalent security) of the company resulting from such
reorganization, merger, amalgamation or consolidation and the combined voting power of the then outstanding voting securities of such company entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly,
by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Shares and Outstanding Voting Securities immediately prior to such reorganization, merger, amalgamation or consolidation in
substantially the same proportions as their ownership, immediately prior to such reorganization, merger, amalgamation or consolidation, of the Outstanding Shares and Outstanding Voting Securities, as the case may be, (B) no Person (excluding
the Company, any employee benefit plan (or related trust) of the 

  
 A-1 

 
Company or such company resulting from such reorganization, merger, amalgamation or consolidation, and any Person beneficially owning, immediately prior to such reorganization, merger,
amalgamation or consolidation, directly or indirectly, 25% or more of the Outstanding Shares or Outstanding Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding shares
of common stock (or equivalent security) of the company resulting from such reorganization, merger, amalgamation or consolidation or the combined voting power of the then outstanding voting securities of such company entitled to vote generally in
the election of directors, and (C) a majority of the members of the board of directors of the company resulting from such reorganization, merger, amalgamation or consolidation were members of the Incumbent Board at the time of the execution of
the initial agreement providing for such reorganization, merger, amalgamation or consolidation; or 
 (iv) consummation of a sale or other
disposition of all or substantially all the assets of the Company, with or without approval by the shareholders of the Company, other than to a corporation, with respect to which following such sale or other disposition, (A) more than 50% of,
respectively, the then outstanding shares of common stock (or equivalent security) of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of
directors is then beneficially owned, directly or indirectly, by all or substantially all the individuals and entities who were the beneficial owners, respectively, of the Outstanding Shares and Outstanding Voting Securities immediately prior to
such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Shares and Outstanding Voting Securities, as the case may be, (B) no Person
(excluding the Company, any employee benefit plan (or related trust) of the Company or such corporation, and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 25% or more of the Outstanding
Shares or Outstanding Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding shares of common stock (or equivalent security) of such corporation or the combined voting
power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors, and (C) a majority of the members of the board of directors of such corporation were members of the Incumbent Board at
the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the Company; or 

(v) approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding the foregoing, or anything to the contrary set forth herein, a transaction or series of related transactions will not be
considered to be a Change in Control if (i) the Company becomes a direct or indirect wholly owned subsidiary of a holding company and (ii) (A) immediately following such transaction(s), the then outstanding shares of common stock (or
equivalent security) of such holding company and the combined voting power of the then outstanding voting securities of such holding company entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly,
by all or substantially all the individuals and entities who were the beneficial owners, respectively, of the Outstanding Shares and Outstanding Voting Securities immediately prior to such transaction(s) in substantially the

  
 A-2 

 
same proportion as their ownership immediately prior to such transaction(s) of the Outstanding Shares and Outstanding Voting Securities, as the case may be, or (B) the shares of Outstanding
Voting Securities outstanding immediately prior to such transaction(s) constitute, or are converted into or exchanged for, a majority of the outstanding voting securities of such holding company immediately after giving effect to such
transaction(s). 
 Notwithstanding the foregoing, if an Award is subject to Section 409A of the Code, the definition of Change in
Control shall conform to the requirements of Section 409A(2)(A)(v) of the Code and the Treasury Regulations promulgated thereunder to the extent necessary to avoid the imposition of any tax by such Section 409A of the Code 

  
 A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}]]