Document:

Exhibit 10.1

 

BILL
OF SALE AND ASSIGNMENT AND ASSUMPTION AGREEMENT

 

This Bill
of Sale and Assignment and Assumption Agreement (this “Agreement”)
is entered into on August 23, 2018, by
and between Southeastern Holdings, Inc., a Delaware
corporation (the “Buyer”), and Blockchain Holdings, LLC,
a California limited liability company (the “Seller”),
which is owned by Omnivance Advisors,
Inc. (“OAI”), Wannemacher, Inc. (“WI”)
and Wingspan Ventures, Inc. (“WV” and together with OAI and WI,
the “Seller Parties”).

 

The Seller
owns and operates a business for the sourcing
of blockchain mining equipment from various
suppliers for their customers and also provide management
of the equipment hosted, mining pools
and tech work on such equipment known as
“BLOCKCHAIN HOLDINGS, LLC”
with an address at 6540 Lusk Blvd
Suite C239, San Diego CA 92121(the “Business”).

 

The Seller
has agreed to sell and the Buyer has
agreed to purchase the Purchased
Assets (as defined below).

 

The Seller
Parties own 100% of the issued
and outstanding equity of the Seller and have
agreed to join in this Agreement for
the purpose of making certain representations
and agreements.

 

Therefore, the parties
agree as follows:

 

1. 
Sale of the Purchased
Assets; Assumption of the Assumed
Contracts. Subject to the provisions
set forth in this Agreement, as of
midnight at the beginning of the date
of this Agreement (the “Effective
Time”), the Seller hereby sells,
conveys, assigns, and
transfers to the Buyer the assets set
forth on Schedule 1 (the “Purchased
Assets”) free and
clear of any and all liens and encumbrances,
and the Buyer hereby accepts the sale,
conveyance, assignment, and transfer of the Purchased Assets and
assumes the Buyer’s obligations under the contracts
listed on Schedule 1 (the “Assumed
Contracts”).

 

2. 
No Other Assumption
of Liabilities. Except for the
Assumed Contracts, the Buyer does
not assume any obligation or liability
of the Seller or the Seller Parties, and
the Seller or the Seller Parties or
both, as applicable, will continue to
be liable for any and all liabilities
of the Seller or the Seller Parties
or both. The Buyer does not assume
any liability under the Assumed
Contracts arising before the Effective Time.
The Seller will not be responsible
for any liability that arises from the Buyer’s
operation of the Business after
the Effective Time.

 

3. 
Purchase Price. The
purchase price is $300,000 (the “Purchase
Price”) to be delivered to the Seller
Parties by Buyer and to be allocated
among the Seller Parties based on each
of their respective percentage membership
interest in the Seller. The parties
to this Agreement agree to allocate
the Purchase Price among the Purchased
Assets for all purposes (including
tax purposes) as mutually agreed by the parties
to this Agreement. The Buyer shall pay the
Purchase Price as follows:

 

    	 	1	 

     

    

 

		(a)	Three Hundred Million (300,000,000)
shares of Southeastern Holdings, Inc., common
stock par value $0.0001 per share valued for purposes
of this Agreement at $0.001 per share.

 

Buyer
shall instruct the transfer agent to issue,
within 72 hours, or as
soon as possible, from the closing of the transaction
contemplated by this Agreement. The Buyer
acknowledges and agrees that the Seller Parties shall be reflected
as owners of record of the common stock of Buyer
described in Section 3(a) above
from the Effective Time.

 

The Seller
Parties may sell the shares under Section 3(a) above,
subject to an exemption from registration
or after registration of the offering
of such securities
of Southeastern Holdings, Inc., under the Securities
Act, provided that a Seller Party does not sell
more than 10% of the average
daily volume of the common stock in any
given trading day, as reported
by applicable stock market.

 

		4.	Representations and Warranties.

 

a.                  
The Seller and each of the Seller
Parties, jointly and severally,
represent and warrant, as applicable, to the Buyer that all of
the representations and warranties set
forth on Schedule 4A are true
and correct in all respects as of the date
of this Agreement.

 

b.                  
The Buyer represents and warrants to the Seller
and each of the Seller Parties that all of the representations
and warranties set forth on Schedule
4B are true and correct in all respects
as of the date of this Agreement.

 

5. 
Proration of Expenses.
Any costs associated with operating the Business in the ordinary course,
including, but not limited to,
payroll expenses and utility or similar
charges, payable with respect to the period in which the Effective
Time falls will be prorated based on
the actual number of days applicable
to the pre-Effective Time and post-Effective
Time occupancy and use. The Seller will be liable
for the prorated amount of all such expenses
during the period through the Effective Time,
and the Buyer will be liable
for the prorated amount of all such expenses
during the period after the Effective
Time.

 

6. 
Survival. Except as otherwise provided in this Agreement,
the representations and promises of the parties
contained in this Agreement will survive
(and not be affected in any respect by)
the Effective Time for the applicable statute
of limitations as well as any investigation conducted by any
party and any information which any party may receive.

 

7. 
Further Actions. At any time and
from time to time after the date
of this Agreement: (i) the Seller
shall execute and deliver or
cause to be executed and
delivered to the Buyer such other instruments and take such other action, all as
the Buyer may reasonably request, in order
to carry out the intent and purpose of
this Agreement; and (ii) the Buyer shall
execute and deliver or cause
to be executed and delivered to the Seller
such other instruments and take such other action,
all as the Seller may reasonably request, in order to carry out
the intent and purpose of this Agreement.

 

8.  Governing Law; Venue. This
Agreement and the transactions
contemplated hereby will be construed in accordance
with and governed by the internal laws (without reference to 

 

    	 	2	 

     

    

 

 

choice or conflict
of laws principles) of the State of New
York. Any suit, action, or other
proceeding brought against any of the parties
to this Agreement or any
dispute arising out of this Agreement or the transactions
contemplated hereby must be brought either in the courts sitting
in New York, NY, or in the United
States District Court for the Southern District of New York and by
its execution and delivery of this Agreement, each party accepts
the jurisdiction of such courts and
waives any objections based on personal jurisdiction or venue.

 

9. 
Assignment. No party may
assign either this Agreement
or any of its rights, interests,
or obligations hereunder without the prior written
approval of each other party,
except that the Buyer
may assign any or all
of its rights under this Agreement, in
whole or in part, without obtaining the
consent or approval of
any other party, (1) to any
current or future affiliate of
the Buyer, (2) to any
entity into which the Buyer may
be merged or consolidated, (3)
in connection with any acquisition, restructuring, merger, conversion, or consolidation
to which the Buyer may be a party, or
(4) to a lender to the Buyer or its affiliates
as collateral security for current or future obligations
owed by the Buyer or its affiliates
to the lender.

 

10. 
Notices. All notices and other communications under this agreement
must be in writing and given by
first class mail, return receipt requested,
nationally recognized overnight delivery service, such as Federal Express,
or personal delivery against receipt
to the party to whom it is given,
in each case, at
the party’s address set forth in this section
10 or such other address as the
party may hereafter specify by notice
to the other parties given in accordance
with this section. Any such notice or
other communication will be deemed to
have been given as
of the date the applicable delivery
receipt for such communication is executed
as received or in the case of
mail, three days after it is mailed.

 

	If to the Seller:	6540 Lusk Blvd Suite
C239

                           San Diego CA, 92121

	 	 
	With
a copy to:	Carrasquillo Law Group PSC

        1177 Avenue of the Americas

        5th Floor

        New York, NY 10036

        Attn: Rogelio J. Carrasquillo. Esq.

        Fax No.: (844) 452-6958

        Email: Roy@CarrasquilloLaw.com

	 	 
	If to the Seller
Parties:	6540 Lusk Blvd Suite C239

        San Diego CA, 92121

        Attention: Daniel Wong

	 	 
	With
a copy to:	Carrasquillo Law Group PSC

        1177 Avenue of the Americas

        5th Floor

        New York, NY 10036

        Attn: Rogelio J. Carrasquillo. Esq.

        Fax No.: (844) 452-6958

        Email: Roy@CarrasquilloLaw.com 

 

    	 	3	 

     

    

	 	 
	If to the Buyer:

	4880 Havana Street, Suite 201 South

        Denver, Colorado 80239

        Attention: Paul Dickman

 

 

11. 
Miscellaneous. This Agreement
contains the entire agreement between the parties
with respect to the subject matter hereof and all
prior negotiations, writings, and understandings relating to the subject
matter of this Agreement are merged
in and are superseded and canceled by,
this Agreement. This Agreement may not
be modified or amended except
by a writing signed by the parties.
This Agreement is not intended to confer
upon any person or entity not a party
(or their successors and
permitted assigns) any rights or
remedies hereunder. This Agreement may
be signed in any number of counterparts,
each of which will be an original
with the same effect as if the signatures
were upon the same instrument, and it may
be signed electronically. The captions
in this Agreement are included for
convenience of reference only and
will be ignored in the construction or
interpretation hereof. If any date
provided for in this Agreement
falls on a day which is not a business day,
the date provided for will be deemed
to refer to the next business day. Any provision
in this Agreement that is held to
be invalid, illegal, or unenforceable
in any respect by a court of competent jurisdiction
will be ineffective only to the
extent of such invalidity, illegality,
or unenforceability without affecting in any
way the remaining provisions hereof; provided,
however, that the parties will
attempt in good faith to reform this Agreement
in a manner consistent with the intent of
any such ineffective provision for the purpose
of carrying out such intent. The Exhibits
and Schedules to this Agreement are a material
part of this Agreement
and are incorporated by reference herein.

 

[Signature
page follows.]

 

    	 	4	 

     

    

 

 

 

Each of the undersigned
has caused this Bill of Sale and
Assignment and Assumption Agreement to be duly executed and
delivered as of the date first written above.

 

 

	 	Seller
	 	 
	 	Blockchain Holdings, LLC
	 	 
	 	By: 	/s/ Daniel Wong

	 	 	Name: Daniel Wong
Title: Authorized Signatory

	 	Buyer
	 	 
	 	Southeastern Holdings, Inc.
	 	 
	 	By: 	/s/ Paul Dickman

	 	 	Name: Paul Dickman
Title: CEO

	 	Seller Parties
	 	 
	 	Omnivance Advisors, Inc.
	 	 
	 	By: 	/s/ Daniel Wong

	 	 	Name: Daniel Wong
Title: CEO

	 	
	 	 
	 	Wannemacher, Inc.
	 	 
	 	By: 	/s/ Delray Wannemacher

	 	 	Name: Delray Wannemacher
Title: President

	 	
	 	 
	 	Wingspan Ventures, Inc.
	 	 
	 	By: 	/s/ Leonard J. Castaneda

	 	 	Name: Leonard J. Castaneda
Title: CFO & Treasurer

 

    	 	5	 

     

    

Schedule
1

 

Purchased
Assets

 

“Purchased
Assets” means
all of the assets of the Seller used or
useful in the operation of the Business,
including the following assets, but specifically
excluding the Excluded Assets:

 

a)   
all books, records, mailing lists, customer lists, advertising and promotional materials,
equipment maintenance records, and all other documents used by the Seller in
the Business (whether in hard copy or
electronic form);

 

		b)	all websites and bank account transferred to buyer

 

c)   
the trade name “Blockchain Holdings, LLC”
and associated goodwill and all copyrights, patents, trademarks, trade secrets, and other
intellectual property and associated goodwill;

 

d)  
the internet domain name www.blockchainholdings.us and all variants owned
by the Seller and/or used in the Business;

 

		e)	all social media accounts, including, without limitation Facebook, Google Plus,

LinkedIn,
Twitter and YouTube accounts, used in the Business; and

 

f)  
the “Inventory,” as set
forth on Exhibit A to this
Schedule 1, all of which
will be acquired at no cost to
the buyer.

 

“Excluded
Assets” means
the following:

 

a) all accounts
receivable or sales
in progress of the Seller
that closes within 30 days.

 

Exhibit
A to Schedule 1

 

Inventory

 

[See attached.]

 

    	 	6	 

     

    

 

Schedule
4A

 

Representations
and Warranties

 

1. 
Capitalization. The only equity
owners of the Seller are the Seller
Parties and no person has any existing
right to purchase any equity of the Seller.

 

2. 
Consents. The Seller
is not required to obtain
the consent of any
party to a contract or any governmental
entity in connection with the execution,
delivery, or performance by it
of this Agreement or the consummation
of the transactions contemplated in this Agreement.

 

3. 
Compliance with Laws.
With respect to the operation of the
Business by the Seller before the Effective
Time, the Seller and its employees
and officers are and at all times have been in compliance
in all material respects with each law applicable to the Seller
or to the operation of the Business.

 

4. 
Taxes. The Seller has,
in respect of the Business, filed all tax
returns that are required to be filed and has
paid all taxes that have become
due under the tax returns or under
any assessment that
has become payable or for which the
Buyer may otherwise have any transferee liability. All
monies required to be withheld
by the Seller from employees for income
taxes and social security and other payroll taxes
have been collected or withheld and either paid
to the respective governmental bodies or set
aside in accounts for such
purpose.

 

5. 
Litigation.There are no
claims or suits
pending or, to the Seller’s knowledge, threatened by or against
the Seller (1) relating
to or affecting the Business or Purchased
Assets or

(2) by or against
any employee of the Seller relating to
or affecting the Business or Purchased
Assets. There are no judgments, decrees,
orders, writs, injunctions, rulings, decisions,
or awards of any court or governmental
body to which the Seller is a party
or is subject with respect to any of
the Purchased Assets is subject.

 

6. 
Financial Information; Ordinary Course. To
the knowledge of the Seller, the financial
information the Seller provided to the Buyer
is accurate, correct, and complete in all material
respect, is in accordance with the books and
records of the Seller, and presents fairly the results
of operation and financial condition of
the Seller’s Business. The Seller has operated
the Business in the ordinary course before
the Effective Time according to commercial
reasonable standards0.

 

7. 
Title; Condition of
Purchased Assets. The Seller
has good and marketable title to all
of the Purchased Assets free and clear
of all liens and encumbrances.
Pursuant to this Agreement, the Seller
conveys to the Buyer good and marketable
title to all of the Purchased Assets,
free and clear of all liens and encumbrances.
The Inventory is salable in the ordinary course
of business and consists of items that are
current, standard, and first-quality. All equipment and signs are in working order
and the premises will pass all inspections necessary to conduct
the Business.

 

    	 	7	 

     

    

 

8. 
Product Warranties. The Seller
provides no express or implied warranty, indemnification,
or guarantee to any
of its customers
at any time in excess of the warranty
provided by the applicable product manufacturer.Each
product sold or service rendered by the
Seller is and has been sold or rendered,
as applicable, in conformity with all applicable contractual commitments and all
express and implied warranties, and the
Seller does not have any liability (and
there is no basis for any present
or future proceeding) for replacement or
repair thereof or other damages, liabilities,
or obligations in connection therewith.

 

9. 
Status. Seller is
a limited liability company duly organized,
validly existing and in good standing
under the laws of California.
There is no pending or threatened
proceeding for the dissolution, liquidation, insolvency or rehabilitation
of Seller.

 

10. 
Power and Authority. Seller
(i) has the power
and authority to execute and
deliver this Agreement, to perform
its respective obligations hereunder and
to consummate the transactions contemplated
hereby, and (ii) has taken all action necessary to authorize
its execution and delivery of this Agreement,
the performance of its respective obligations
hereunder and the consummation of the transactions
contemplated hereby.

 

11. 
Enforceability. This Agreement
has been duly executed and delivered
by Seller and constitutes its legal, valid and
binding obligation enforceable against it in accordance
with its terms, except as
the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors
rights generally and general equitable principles regardless of whether
such enforceability is considered in a proceeding
at law or in equity.

 

    	 	8	 

     

    

 

Schedule
4B

 

Representations
and Warranties

 

1. 
Consents. The Buyer
is not required to obtain the consent
of any party to a contract or
any governmental entity in connection with
the execution, delivery, or performance
by it of this Agreement or the consummation
of the transactions contemplated in this Agreement.

 

2. 
Compliance with Laws.
The Buyer and its employees and officers
are and at all times have been in compliance
in all material respects with each law applicable to the Buyer
or to the operation of the business
of the Buyer.

 

3. 
Litigation. There are no
claims or suits
pending or, to the Buyer’s knowledge, threatened by or against
the Buyer relating to or affecting
the transactions contemplated by this Agreement
or (2) by or against any employee of
the Buyer relating to or affecting
the transactions contemplated by this Agreement.
There are no judgments, decrees, orders, writs, injunctions, rulings, decisions, or
awards of any court or governmental
body to which the Buyer is a party
or is subject.

 

4. 
Financial Information; Ordinary Course. The financial
information the Buyer provided to the Seller
is accurate, correct, and complete, is in accordance
with the books and records of the Seller,
and presents fairly the results
of operation and financial condition of the Buyer.

 

5.Status.
Buyer is a corporation duly organized,
validly existing and in good standing
under the laws of Delaware. There
is no pending or threatened
proceeding for the dissolution, liquidation, insolvency or rehabilitation
of Buyer.

 

6.Power and
Authority. Buyer (i) has
the power and authority to execute and
deliver this Agreement, to perform
its respective obligations hereunder and
to consummate the transactions contemplated
hereby, and (ii) has taken all action necessary to authorize
its execution and delivery of this Agreement,
the performance of its respective obligations
hereunder and the consummation of the transactions
contemplated hereby.

 

7.Enforceability.
This Agreement has been duly executed and delivered
by Buyer and constitutes its legal, valid and
binding obligation enforceable against it in accordance
with its terms, except as
the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors
rights generally and general equitable principles regardless of whether
such enforceability is considered in a proceeding
at law or in equity.

 

    	 	9EX-4.6

 Exhibit 4.6 

SEADRILL LIMITED 

EMPLOYEE INCENTIVE PLAN 

(Effective as of 16 August 2018) 
  

	1.	 Purpose of the Plan 

This Seadrill Limited Employee Incentive Plan (as may be amended from time to time, the “Plan”) is intended to promote the
interests of Seadrill Limited, a Bermuda exempted company (together with its Subsidiaries, where relevant, the “Company”), and its shareholders by providing certain employees, consultants or independent contractors of the Company
with incentives to encourage them to continue in the service of the Company. 
  

	2.	 Definitions 

As used in the Plan or in any instrument governing the terms of any Incentive Award, the following definitions apply to the terms indicated
below: 
 (a)    “Award Certificate” means a written or electronic certificate in a form determined by the
Committee from time to time, entered into by each Participant and the Company, evidencing the grant of an Incentive Award under the Plan. 

(b)    “Board of Directors” means the board of directors of the Company. 

(c)    “Change in Control” means, unless otherwise determined by the Committee in the applicable Award
Certificate or other written agreement with a Participant approved by the Committee, (i) any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned,
directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of Common Shares of the Company), becomes the beneficial owner (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the Voting Power of the Company’s then issued and outstanding securities, excluding for purposes herein, acquisitions pursuant to a
Business Combination (as defined below) that does not constitute a Change in Control as defined in subsection (ii) below; (ii) an amalgamation, a merger, reorganization, or consolidation of the Company or in which equity securities of the
Company are issued (each, a “Business Combination”), other than an amalgamation, a merger, reorganization or consolidation as a result of which the holders of Voting Securities of the Company immediately before such event
beneficially own, directly or indirectly, immediately after such event more than 50% of the combined Voting Power of the issued and outstanding Voting Securities of the parent corporation resulting from, or issuing its Voting Securities as part of,
such event; provided, however, that an amalgamation, a merger, reorganization or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than those covered by the exceptions in
subsection (i) above) acquires more than 50% of the Voting Power of the Company’s then issued and outstanding securities shall not constitute a Change in Control of the Company; (iii) a majority of members of the Board of Directors is
replaced during any 36-month period by directors whose appointment or election is (x) not endorsed by a majority of the members of the Board of Directors 

 
before the date of each appointment or election or (y) approved in connection with any actual or threatened contest for election to positions on the Board of Directors; or (iv) any one
Person, or more than one Person acting as a group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that
have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. 

(d)    “Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and all
regulations, interpretations and administrative guidance issued thereunder. 
 (e)    “Committee” means the
Compensation Committee of the Board of Directors or such other committee as the Board of Directors shall appoint from time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the Committee
under the terms of the Plan. 
 (f)    “Common Shares” means the Company’s common shares, par value
US$0.10 as of the date hereof, or any other security into which the common shares shall be changed pursuant to the adjustment provisions of Section 8 of this Plan. 

(g)    “Company” has the meaning set forth in Section 1. 

“Companies Act” means the Companies Act 1981 of Bermuda. 

(h)    “Deferred Compensation Plan” means any plan, agreement or arrangement maintained by the Company from time
to time that provides opportunities for deferral of compensation. 
 (i)    “Effective Date” has the meaning
set forth in Section 23. 
 (j)    “Employment” means the period during which an individual is classified
or treated by the Company as an employee, consultant or independent contractor of the Company. 
 (k)    “Exchange
Act” means the United States Securities Exchange Act of 1934, as amended. 
 (l)    “Fair Market Value”
means, with respect to a Common Share, as of the applicable date of determination or if the exchange is not open for trading on such date, the immediately preceding day on which the exchange is open for trading, the closing price as reported on the
date of determination on the principal securities exchange on which Common Shares are then listed or admitted to trading (the “Securities Exchange”). In the event that the price of a Common Share shall not be so reported, the Fair
Market Value of a Common Share shall be determined by the Committee in its sole discretion. 
 (m)    “Incentive
Award” means one or more share incentive award, including any Option or Other Share-Based Award granted to a Participant pursuant to the Plan. 

  
 2 

 (n)    “Option” means a share option to purchase Common Shares
granted to a Participant pursuant to Section 6. 
 (o)    “Other Share-Based Award” means an award
granted to a Participant pursuant to Section 7. 
 (p)    “Participant” means an employee, consultant or
independent contractor of the Company who is eligible to participate in the Plan and to whom one or more Incentive Awards have been granted pursuant to the Plan and have not been fully settled or cancelled and, following the death of any such
Person, his successors, heirs, executors and administrators, as the case may be. 
 (q)    “Person” means a
“person” as such term is used in Section 13(d) and 14(d) of the Exchange Act, including any “group” within the meaning of Section 13(d)(3) under the Exchange Act. 

(r)    “Plan” has the meaning set forth in Section 1. 

(s)    “Section 409A” means Section 409A of the Code. 

(t)    “Securities Act” means the United States Securities Act of 1933, as amended. 

(u)    “Subsidiary” means any “subsidiary” within the meaning of Rule 405 under the Securities Act.

 (v)    “Substitute Award” means Incentive Awards that result from the assumption of, or are in substitution
for, outstanding awards previously granted by a company or other entity acquired, directly or indirectly, by the Company or with which the Company or one of its Subsidiaries combines. 

(w)    “Voting Power” means the number of votes available to be cast (determined by reference to the maximum
number of votes entitled to be cast by the holders of Voting Securities upon any matter submitted to shareholders where the holders of all Voting Securities vote together as a single class) by the holders of Voting Securities. 

(x)    “Voting Securities” means any securities or other ownership interests of an entity entitled, or which may
be entitled, to vote on the election of directors, or securities or other ownership interests which are convertible into, or exercisable in exchange for, such Voting Securities, whether or not subject to the passage of time or any contingency. 

 

	3.	 Shares Subject to the Plan 

The maximum number of Common Shares that may be covered by Incentive Awards granted under the Plan shall not exceed 11,111,111 Common Shares
in the aggregate (the “Share Limit”) .The maximum number of shares referred to in the preceding sentence of this Section 3 shall be subject to adjustment as provided in Section 8 and the following provisions of this
Section 3. Of the shares described, 100% may be delivered in connection with “full-value Awards,” meaning Incentive Awards other than Options or stock appreciation rights. Any shares granted

  
 3 

 
under any Incentive Awards shall be counted against the Share Limit on a one-for-one basis. Common Shares delivered
under the Plan may be either authorized and unissued shares, treasury shares, shares purchased by the Company in the open market, or any combination of the preceding categories as the Committee determines in its sole discretion. 

For purposes of the preceding paragraph, Common Shares covered by Incentive Awards shall only be counted as used to the extent they are
actually issued and delivered or transferred to a Participant (or such Participant’s permitted transferees as described in the Plan) pursuant to the Plan; provided, however, that if Common Shares are tendered (either actually or through
attestation or bare trust) or if, (a) the rights to receive the Common Shares are purchased by the Company or (b) Common Shares are issued but then immediately repurchased by the Company, in each case, in order to pay the exercise price of
an Option or stock appreciation right or to satisfy any withholding obligations in respect of tax or any social security contributions in connection with an Option or stock appreciation right, any Common Shares or rights thereto that are purchased
by the Company pursuant to (a) or (b) will be deemed delivered for purposes of determining the number of Common Shares that are available for delivery under the Plan. In addition, if Common Shares are issued subject to conditions which may
result in the forfeiture, cancellation or return of such shares to the Company, any portion of the shares forfeited, cancelled or returned shall be treated as not issued pursuant to the Plan. Common Shares underlying Incentive Awards that are
settled for cash shall be added to the number of Common Shares that are available for delivery under the Plan. Common Shares covered by Incentive Awards granted pursuant to the Plan in connection with the assumption, replacement, conversion or
adjustment of outstanding equity-based awards in the context of a corporate acquisition or merger or for inducement awards (in each case, within the meaning of Section 303A.08 of the New York Stock Exchange Listed Company Manual) shall not
count as used under the Plan for purposes of this Section 3. 
  

	4.	 Administration of the Plan 

The Plan shall be administered by a Committee of the Board of Directors consisting of two or more Persons, each of whom qualifies as a “non-employee director” (within the meaning of Rule 16b-3 promulgated under Section 16 of the Exchange Act), and, with respect to a majority of the Committee,
as “independent” as required by NYSE or any security exchange on which the Common Shares are listed, in each case if and to the extent required by applicable law or necessary to meet the requirements of such rule, section or listing
requirement of such security exchange at the time of determination. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in
substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall, consistent with the terms of the Plan, from time to time designate those individuals who shall be granted Incentive Awards under the Plan and the
amount, type and other terms and conditions of such Incentive Awards. All of the powers and responsibilities of the Committee under the Plan may be delegated by the Committee, in writing, to any subcommittee thereof, in which case the acts of such
subcommittee shall be deemed to be acts of the Committee hereunder. The Committee may also from time to time authorize a subcommittee consisting of one or more members of the Board of Directors (including members who are employees of the Company) or
employees of the Company to grant Incentive Awards to Persons who are not “executive officers” of the Company (within the meaning of Rule 16a-1 under the Exchange Act), subject to such restrictions
and limitations as the Committee may specify and to the requirements of applicable law. 

  
 4 

 The Committee shall have full discretionary authority to administer the Plan, including
discretionary authority to interpret and construe any and all provisions of the Plan and any Award Certificate thereunder, and to adopt, amend and rescind from time to time such rules and regulations for the administration of the Plan, including
rules and regulations related to sub-plans established for the purpose of satisfying applicable foreign laws and/or qualifying for preferred tax treatment under applicable foreign tax laws, as the Committee
may deem necessary or appropriate. Decisions of the Committee shall be final, binding and conclusive on all parties. For the avoidance of doubt, the Committee may exercise all discretion granted to it under the Plan in a non-uniform manner among Participants. 
 The Committee may delegate the administration of the Plan to one
or more officers or employees of the Company, and such administrator(s) may have the authority to execute and distribute Award Certificates, to maintain records relating to Incentive Awards, to process or oversee the issuance of Common Shares under
Incentive Awards, to interpret and administer the terms of Incentive Awards, and to take such other actions as may be necessary or appropriate for the administration of the Plan and of Incentive Awards under the Plan, provided that in no case shall
any such administrator be authorized (i) to grant Incentive Awards under the Plan (except in connection with any delegation made by the Committee pursuant to the first paragraph of this Section 4) or (ii) to take any action
inconsistent with applicable law. Any action by any such administrator within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and, except as otherwise specifically provided, references in this Plan to
the Committee shall include any such administrator. The Committee and, to the extent it so provides, any subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations of any such administrator, and if the
Committee shall decide to conduct such a review, any such actions and/or interpretations of any such administrator shall be subject to approval, disapproval, or modification by the Committee. 

On or after the date of grant of an Incentive Award under the Plan, the Committee may (i) accelerate the date on which any such Incentive
Award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Incentive Award, including, without limitation, extending the period following a termination of a Participant’s Employment during which
any such Incentive Award may remain outstanding, (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Incentive Award, (iv) adopt rules and regulations regarding the settlement or
exercise of Incentive Awards, including by implementing “blackout periods” during which Incentive Awards may not be settled or exercised, or (v) provide for the payment of distributions, dividends or dividend equivalents (payable, in
the Board of Directors’ sole discretion but subject to the Companies Act , in the form of cash or a transfer of Common Shares, rounded down to the number of whole shares, having a Fair Market Value equal to the amount otherwise payable in cash)
with respect to any such Incentive Award. Notwithstanding anything herein to the contrary, except in connection with a Change in Control or as permitted under Section 9, the Company shall not (x) reprice (within the meaning of
Section 303A.08 of the New York Stock Exchange Listed Company Manual and any other formal or informal guidance issued by the New York Stock Exchange) any Option or stock appreciation right or (y) purchase underwater Options or stock
appreciation rights from a Participant for value in excess of zero, in each case without the approval of the shareholders of the Company. 

  
 5 

 The Company shall pay any amount payable with respect to an Incentive Award in accordance
with the terms of such Incentive Award, provided that the Committee may, in its discretion, defer, or give a Participant the election to defer, the payment of amounts payable with respect to an Incentive Award subject to and in accordance with the
terms of a Deferred Compensation Plan. 
 No member of the Committee shall be liable for any action, omission, or determination relating to
the Plan, and the Company shall indemnify and hold harmless each member of the Committee and each other director or employee of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been delegated,
against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Committee) arising out of any action, omission or determination relating to the Plan, unless, in either case,
such liability attaches to such member, director or employee in respect of any fraud or dishonesty of which they may be guilty in relation to the Company. 
  

	5.	 Eligibility 

The Persons who shall be eligible to receive Incentive Awards pursuant to the Plan shall be those employees, consultants and independent
contractors of the Company whom the Committee shall select from time to time, including officers of the Company, whether or not they are directors. Each Incentive Award granted under the Plan shall be evidenced by an Award Certificate. 

 

	6.	 Options 

The Committee may from time to time grant Options on such terms as it shall determine, subject to the terms and conditions set forth in the
Plan. 
 (a)    Exercise Price 

The exercise price per Common Share covered by any Option shall be not less than 100% of the Fair Market Value of a Common Share on the date
on which such Option is granted, it being understood that the exercise price of an Option that is a Substitute Award may be less than the Fair Market Value per Common Share on the date such Substitute Award is assumed, provided that such
substitution complies with applicable laws and regulations. In no event shall the exercise price be less than the par value of a Common Share. 

(b)    Term and Exercise of Options 

(1)    Each Option shall become vested and exercisable on such date or dates, during such period and for
such number of Common Shares as set forth in the Award Certificate; provided that each Option shall be subject to earlier termination, expiration or cancellation as provided in the Plan or the Award Certificate. Notwithstanding the foregoing,
no Option shall be exercisable after the expiration of ten years from the date such Option is granted; provided, however that the expiration of the Option may be 

  
 6 

 
suspended while the Participant cannot exercise such Option because an exercise would violate an applicable law, or would jeopardize the ability of the Company to continue as a going concern,
provided, further that the period during which the Option may be exercised shall not be extended more than 30 days after the exercise of the Option first would no longer violate any such applicable laws or jeopardize the ability of the
Company to continue as a going concern. 
 (2)    Each Option shall be exercisable in whole or in part.
The partial exercise of an Option shall not cause the expiration, termination or cancellation of the remaining portion thereof. 

(3)    An Option shall be exercised by such methods and procedures as the Committee determines from time to
time, including without limitation through net physical settlement or other method of cashless exercise. 
  

	7.	 Other Share-Based Awards 

The Committee may from time to time grant equity-based or equity-related awards to a Participant not otherwise described herein (“Other
Share-Based Awards”) in such amounts and on such terms as it shall determine, subject to the terms and conditions set forth in the Plan, including the Share Limit. Without limiting the generality of the preceding sentence, each such Other
Share-Based Award may (i) involve the transfer of Common Shares to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of Common Shares, (ii) be subject to
performance-based and/or service-based conditions, (iii) be in the form of share appreciation rights, phantom shares, restricted shares, restricted share units, performance shares, deferred share units or share-denominated performance units,
and (iv) be designed to comply with applicable laws of jurisdictions other than the United States; provided, that each Other Share-Based Award shall be denominated in, or shall have a value determined by reference to, a number of Common
Shares that is specified at the time of the grant of such Incentive Award. 
  

	8.	 Adjustment Upon Certain Changes 

Subject to any action by the shareholders of the Company required by law, applicable tax rules or the rules of any exchange on which shares of
Common Shares of the Company are listed for trading: 
 (a)    Shares Available for Grants 

In the event of any change in the number of Common Shares issued and outstanding by reason of any share or cash dividend, bonus issue,
subdivision or split, recapitalization, amalgamation, merger, reorganization, consolidation, combination or exchange of shares, spin-off or similar corporate change, the maximum aggregate number of Common
Shares with respect to which the Committee may grant Incentive Awards, exercise or base price of any Option or stock appreciation right and the applicable performance targets or criteria shall be equitably adjusted or substituted by the Committee to
prevent an enlargement or reduction in rights granted under the Incentive Award. In the event of any change in the number of Common Shares of the Company issued and outstanding by reason of any other event or transaction, the Committee shall, to the
extent deemed appropriate by the Committee, make such adjustments to the type or number of Common Shares with respect to which Incentive Awards may be granted. 

  
 7 

 (b)    Increase or Decrease in Issued Shares Without
Consideration 
 In the event of any increase or decrease in the number of issued Common Shares resulting from a subdivision or
consolidation of Common Shares or the payment of a share dividend or bonus issue (but only on the Common Shares), or any other increase or decrease in the number of such shares effected without receipt or payment of consideration by the Company, the
Committee shall, to the extent deemed appropriate by the Committee, adjust the type or number of Common Shares subject to each outstanding Incentive Award and the exercise price per Common Share of each such Incentive Award. 

(c)    Certain Mergers and Other Transactions 

In the event of any amalgamation, merger, consolidation or similar transaction as a result of which the holders of Common Shares receive
consideration consisting exclusively of securities of the continuing or surviving corporation in such transaction, the Committee shall, to the extent deemed appropriate by the Committee, adjust each Incentive Award outstanding on the date of such
amalgamation, merger or consolidation so that it pertains and applies to the securities which a holder of the number of Common Shares subject to such Incentive Award would have received in such amalgamation, merger or consolidation. 

In the event of (i) a dissolution or liquidation of the Company, (ii) a sale of all or substantially all of the Company’s
assets (on a consolidated basis), (iii) an amalgamation, a merger, consolidation or similar transaction involving the Company in which the holders of Common Shares receive securities and/or other property, including cash, other than or in addition
to shares of the continuing or surviving corporation in such transaction, the Committee shall, to the extent deemed appropriate by the Committee, have the power to: 

(i)    cancel, effective immediately prior to the occurrence of such event, each Incentive Award (whether
or not then exercisable or vested), and, in full consideration of such cancellation, pay to the Participant to whom such Incentive Award was granted an amount in cash, for each Common Share subject to such Incentive Award, equal to the value, as
determined by the Committee, of such Incentive Award, provided that with respect to any outstanding Option or stock appreciation right such value shall be equal to the excess of (A) the value, as determined by the Committee, of the property
(including cash) received by the holder of a Common Share as a result of such event over (B) the exercise price of such Option or stock appreciation right (which, for the avoidance of doubt, may be the par value of a Common Share in the case of
underwater Options and stock appreciation rights); or 
 (ii)    provide for the exchange of each
Incentive Award (whether or not then exercisable or vested) for an Incentive Award with respect to (A) cash or some or all of the property which a holder of the number of Common Shares subject to such Incentive Award would have received in such
transaction or (B) securities of the acquiror, continuing or surviving entity and, incident thereto, make an equitable adjustment as determined by the 

  
 8 

 
Committee in the exercise price of the Incentive Award, or the number of shares or amount of property subject to the Incentive Award or provide for a payment (in cash or other property) to the
Participant to whom such Incentive Award was granted in partial consideration for the exchange of the Incentive Award. 

(d)    Other Changes 

In the event of any change in the capitalization of the Company or corporate change other than those specifically referred to in Sections
9(a), (b) or (c), the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments in the number and class of shares subject to Incentive Awards outstanding on the date on which such change occurs and in such other terms
of such Incentive Awards as the Committee may consider appropriate. 
 (e)    Administrative Errors 

Without limiting the discretion granted to the Committee pursuant to the Plan, including as set forth in Section 4 and this
Section 9, where the Committee, in its sole discretion, determines that an Incentive Award was granted or that its terms (including the number of Common Shares underlying such Incentive Award) were decided on the basis of an error, the
Committee may revoke the Incentive Award wholly or in part or change its terms (including the number of Common Shares underlying such Incentive Award) in any way it deems appropriate, provided that such changed terms are consistent with the Plan.
Any such amendment or revocation may have retrospective effect on the applicable Incentive Award. 
 (f)    No Other
Rights 
 Except as expressly provided in the Plan or any Award Certificate, no Participant shall have any rights by reason of any
subdivision or consolidation of shares of any class, the payment of any distributions, dividends or dividend equivalents, any increase or decrease in the number of shares of any class or any dissolution, liquidation, amalgamation, merger or
consolidation of the Company or any other corporation. Except as expressly provided in the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number of shares or amount of other property subject to, or the terms related to, any Incentive Award. 

(g)    Savings Clause 

No provision of this Section 8 shall be given effect to the extent such provision would result in short-swing profits liability under
Section 16 of the Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act. 
  

	9.	 Change in Control; Termination of Employment 

(a)    Change in Control 

The consequences of a Change in Control, if any, will be set forth in the Award Certificate in addition to what is provided in this
Section 9. 

  
 9 

 (b)    Termination of Employment 

(1)    Termination of Employment shall mean a cessation of service with the Company, unless the Participant
is retained as a consultant pursuant to a written agreement and such agreement provides otherwise. The Employment of a Participant with the Company shall be deemed to have terminated for all purposes of the Plan if such Person is employed by or
provides services to a Person that is a Subsidiary of the Company and such Person ceases to be a Subsidiary of the Company, unless the Committee determines otherwise. Unless otherwise agreed by the Committee, a Participant who ceases to be an
employee of the Company but continues, or simultaneously commences, services as a director of the Company shall be deemed to have had a termination of Employment for purposes of the Plan. Without limiting the generality of the foregoing, the
Committee shall determine whether an authorized leave of absence shall constitute termination of Employment, provided that a Participant who is an employee will not be deemed to cease employment in the case of (i) any leave of absence approved
by the Company (which shall include in the United Kingdom, for these purposes, any period of maternity leave, paternity leave, adoption leave and /or shared parental leave, and any other period of absence where subjecting someone to detriment for
such absence would be unlawful) or (ii) any statutory leave of absence permitted by applicable statute. 

(2)    The Award Certificate shall specify the consequences with respect to such Incentive Award of the
termination of Employment of the Participant holding the Incentive Award. 
  

	10.	 Rights Under the Plan 

No Person shall have any rights as a shareholder with respect to any Common Shares covered by or relating to any Incentive Award until the
date of the issuance or transfer of such shares on the books and records of the Company. Except as otherwise expressly provided in Section 8 hereof or in a Participant’s Award Certificate, no adjustment of any Incentive Award shall be made
for dividends or other rights for which the record date occurs prior to the date of such issuance or transfer. Nothing in this Section 10 is intended, or should be construed, to limit authority of the Committee to cause the Company to make
payments based on the dividends that would be payable with respect to any Common Share if it were issued and outstanding, or from granting rights related to such dividends; provided that distributions, dividends or dividend equivalents that would be
payable with respect to any Common Share subject to a performance-based Incentive Award shall not be paid until, and only to the extent that, the performance-based conditions are met. 

The Company shall have no obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the
Plan and the Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. To the extent any Person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than those
of an unsecured creditor. 

  
 10 

	11.	 No Special Employment Rights; No Right to Incentive Award 

(a)    Nothing contained in the Plan or any Award Certificate shall confer upon any Participant any right with respect to
the continuation of his or her Employment by the Company or interfere in any way with the right of the Company at any time to terminate such Employment or to increase or decrease the compensation of the Participant from the rate in existence at the
time of the grant of an Incentive Award. The Participant waives any and all rights to compensation or damages in consequence of the termination of his office, contract or employment for any reason whatsoever insofar as those rights arise or may
arise from him ceasing to have rights under an Award Certificate as a result of such termination. 
 (b)    No Person
shall have any claim or right to receive an Incentive Award hereunder. The Committee’s granting of an Incentive Award to a Participant at any time shall neither require the Committee to grant an Incentive Award to such Participant or any other
Participant or other Person at any time nor preclude the Committee from making subsequent grants to such Participant or any other Participant or other Person. 
  

	12.	 Securities Matters 

(a)    The Company shall be under no obligation to effect the registration pursuant to the Securities Act of any Common
Shares to be issued hereunder or to effect similar compliance under any United States state or other local laws. Notwithstanding anything herein to the contrary, the Company shall not be obligated to issue Common Shares pursuant to the Plan if the
Company is advised by its counsel that the issuance would violate any applicable laws, regulations of governmental authority or the requirements of any securities exchange on which Common Shares are traded. The Committee may require, as a condition
to the issuance of Common Shares pursuant to the terms hereof, that the recipient of such shares make such covenants, agreements and representations, and that any related certificates representing such shares bear such legends, as the Committee, in
its sole discretion, deems necessary or desirable. 
 (b)    The exercise or settlement of any Incentive Award
(including, without limitation, any Option) granted hereunder shall be effective unless at such time counsel to the Company determines that the issuance and delivery of Common Shares pursuant to such exercise would not be in compliance with all
applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Common Shares are traded. The Company may, in its sole discretion, defer the effectiveness of any exercise or settlement of an Incentive
Award granted hereunder in order to allow the issuance of shares pursuant thereto to be made pursuant to registration or an exemption from registration or other methods for compliance available under any applicable securities laws. The Company shall
inform the Participant in writing of its decision to defer the effectiveness of the exercise or settlement of an Incentive Award granted hereunder. During the period that the effectiveness of the exercise of an Incentive Award has been deferred, the
Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 

  
 11 

	13.	 Withholding Taxes 

(a)    Cash Remittance 

Whenever withholding obligations in respect of tax or any social security contributions are incurred in connection with any Incentive Award,
the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any applicable withholding tax or any social security requirements attributable to such event. In addition, upon the exercise
or settlement of any Incentive Award in cash, the Company shall have the right to withhold from any payment required to be made pursuant thereto an amount sufficient to satisfy any applicable withholding obligations in respect of tax or any social
security contributions attributable to such exercise, settlement or payment. 
 (b)    Share Remittance;
Repurchase 
 At the election of the Participant, subject to applicable law and the approval of the Committee, whenever withholding
obligations in respect of tax or any social security contributions are incurred in connection with any Incentive Award, (i) the Participant may tender to the Company a number of Common Shares that have been owned by the Participant or
(ii) the Company may (x) purchase a number of Participant’s rights to receive Common Shares or (y) issue to and then, contemporaneously or subsequently, repurchase from the Participant a number of Common Shares that are or were
subject to such Incentive Award, in each case, having a Fair Market Value at the tender or purchase date determined by the Committee to be sufficient to satisfy any minimum withholding obligations in respect of tax and social security contributions
attributable to such event. Such election shall satisfy the Participant’s obligations under Section 13(a) hereof. 
  

	14.	 Amendment or Termination of the Plan 

The Board of Directors may at any time suspend or discontinue the Plan or revise or amend it in any respect whatsoever; provided,
however, that to the extent that any applicable law, tax requirement, or rule of a stock exchange requires shareholder approval in order for any such revision or amendment to be effective, such revision or amendment shall not be effective
without such approval. The preceding sentence shall not restrict the Committee’s ability to exercise its discretionary authority hereunder pursuant to Section 4 hereof, which discretion may be exercised without amendment to the Plan.
Except as expressly provided in the Plan, no action hereunder may, without the consent of a Participant, adversely affect in any material respect the Participant’s rights under any previously granted and outstanding Incentive Award. Nothing in
the Plan shall limit the right of the Company to pay compensation of any kind outside the terms of the Plan. 
  

	15.	 Recoupment 

Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Company will be entitled to the extent (i) required
by applicable law (including, without limitation, the United States Dodd-Frank Wall Street Reform and Consumer Protection Act), (ii) permitted or required by Company policy as in effect on the date of grant and/or (iii) required by the rules of
an exchange on which the Company’s shares are listed for trading, to recoup compensation of whatever kind paid or to be paid by the Company at any time to a Participant under this Plan. 

  
 12 

	16.	 No Obligation to Exercise 

The grant to a Participant of an Incentive Award shall impose no obligation upon such Participant to exercise such Incentive Award. 

 

	17.	 Transfers 

Incentive Awards may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws
of intestacy, descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant; provided, however that the Committee may permit Options to be sold, pledged, assigned, hypothecated,
transferred, or disposed of, on a general or specific basis, subject to such conditions and limitations as the Committee may determine. Upon the death of a Participant, outstanding Incentive Awards granted to such Participant may be exercised only
by the executors or administrators of the Participant’s estate or by any Person or Persons who shall have acquired such right to exercise by will or by the laws of intestacy, descent and distribution. No transfer by will or the laws of
intestacy, descent and distribution of any Incentive Award, or the right to exercise any Incentive Award, shall be effective to bind the Company unless the Committee shall have been furnished with (a) written notice thereof and with a copy of
the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b) an agreement by the transferee to comply with all the terms and conditions of the Incentive Award that are or would have been
applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection with the grant of the Incentive Award. 
  

	18.	 Expenses and Receipts 

The expenses of the Plan shall be paid by the Company. Any proceeds received by the Company in connection with any Incentive Award will be
used for general corporate purposes. 
  

	19.	 Failure to Comply 

In addition to the remedies of the Company elsewhere provided for herein, failure by a Participant to comply with any of the material terms
and conditions of the Plan or any Award Certificate, unless such failure is remedied by such Participant within ten days after having been notified of such failure by the Committee, shall be grounds for the cancellation and forfeiture of such
Incentive Award, in whole or in part, as the Committee, in its absolute discretion, may determine. 
  

	20.	 Relationship to Other Benefits 

No payment with respect to any Incentive Awards under the Plan shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan. 

  
 13 

	21.	 Governing Law 

The Plan and the rights of all Persons under the Plan shall be construed and administered in accordance with the laws of Bermuda without
regard to its conflict of law principles. 
  

	22.	 Severability 

If all or any part of this Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity
shall not serve to invalidate any portion of this Plan not declared to be unlawful or invalid. Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms of
such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 
  

	23.	 Effective Date and Term of Plan 

The Effective Date of the Plan is 16 August 2018, the date upon which the Plan was approved. Incentive Awards may only be granted within
the 42-day period after any of the following: (i) the date of shareholder approval of the Plan; (ii) the day following the day the Company’s audited financial statements for any financial year
are completed; (iii) any day on which the Board of Directors determines, in its sole discretion, that extraordinary circumstances exist such that a grant of Incentive Awards is justified; (iv) any day on which changes to legislation or
regulations affecting the grant of Incentive Awards are announced or finalized; or (v) any day on which any applicable restrictions on issuance or trading that previously prevented the grant of Incentive Awards during any period specified
herein expire or are otherwise no longer effective. In addition to the foregoing, no grant of any Incentive Award shall be made under the Plan after 16 August 2028, being the tenth anniversary of the Effective Date. 

 

	24.	 Disclaimer of Award 

The Participant may disclaim all or part of his or her Incentive Award within 12 weeks of the grant date of such Incentive Award by providing
notice in writing to a Person nominated by the Company, as set forth in the applicable Award Certificate. Immediately upon provision of such written notice, the Incentive Award shall be deemed cancelled or returned and the Common Shares covered by
the Incentive Award shall be treated as not issued pursuant to the Plan for the purposes of Section 3 hereof. Consideration on behalf of the Participant is not required to disclaim his or her Incentive Award. 

 

	25.	 Data Privacy 

By accepting any benefit in respect of an Incentive Award, the Participant acknowledges that the Company (or any Subsidiary) may hold, process
and transit or disclose any personal data (as defined in the EU General Data Protection Regulation 5419/16 and/or any implementing legislation) held and controlled by the Company or any Subsidiary and related to any Incentive Awards granted pursuant
to this Plan for legitimate business purposes (including, without limitation, the administration of the Plan), and in accordance with the terms of the Company’s privacy notice, data protection policy and/or employee handbook in force from time
to time which are available from the Chief Compliance Officer at Seadrill Limited, 2nd Floor, Building 11, Chiswick Business Park, 566 Chiswick High Road, London W4 5YS, U.K. 

  
 14 

	26.	 Exchange Rate 

Where it is necessary to make any currency conversion under the Plan, the applicable exchange rate will be determined by the Company in its
sole discretion. 
  

	27.	 Section 409A 

The Plan is intended to comply with or qualify for an exemption from Section 409A, and shall be construed and administered in accordance
with such intent. Notwithstanding any other provision of the Plan, payments provided hereunder may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments to be made under the Plan in
connection with a termination of Employment shall only be made if such termination of Employment constitutes a “separation from service” under Section 409A. An event shall not be considered to be a Change in Control under the Plan for
purposes of payment of an Incentive Award unless such event is also a “change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within
the meaning of Section 409A. The Committee shall not have any authority under, make any adjustments to or terminate the Plan to the extent that the grant of such authority or the taking of any such action would cause any tax to become due under
Section 409A. 

  
 15

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