Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”), is entered into as of May 11, 2021 (the “Effective Date”), by and between Color
Star Technology Co., Ltd., a Cayman Islands corporation (the “Company”), and Jehan Zeb Khan, an individual (the “Director”).
Except with respect to the direct employment of the Director by the Company, the term “Company” as used herein with respect
to all obligations of the Director hereunder shall be deemed to include the Company and all of its subsidiaries and affiliated entities
(collectively, the “Group”).

 

RECITALS

 

A. The Company desires to employ the Director
as its Executive Director to assure itself of the services of the Director during the term of Employment (as defined below).

 

B. The Director desires to be employed by the
Company as its Executive Director during the term of Employment and upon the terms and conditions of this Agreement.

 

AGREEMENT

 

The parties hereto agree as follows:

 

	1.	POSITION

 

The Director hereby accepts a position
of Executive Director (the “Employment”) of the Company.

 

	2.	TERM

 

Subject to the terms and conditions
of this Agreement, the term of the Employment shall commence on the Effective Date, until the Company’s next annual meeting of shareholders
and until Director’s earlier death, resignation or removal.

 

	3.	DUTIES AND RESPONSIBILITIES

 

	 	(a)	The Director’s duties at the Company will include all jobs assigned by the Company’s Board of the Directors (the “Board”).

 

	 	(b)	The Director shall devote all of his working time, attention and skills to the performance of his duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement, the Certificate of Incorporation and Bylaws of the Company, as amended and restated from time to time (the “Charter Documents”), and the guidelines, policies and procedures of the Company approved from time to time by the Board.

 

	 	(c)	The Director shall use his best efforts to perform his duties hereunder. The Director shall not, without the prior written consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that engages in the same business in which the Company engages (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude the Director from holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities. The Director shall notify the Company in writing of his interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

 

     

     

    

 

	4.	NO BREACH OF CONTRACT

 

The Director hereby represents to the
Company that: (i) the execution and delivery of this Agreement by the Director and the performance by the Director of the Director’s
duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Director
is a party or otherwise bound, except for agreements entered into by and between the Director and any member of the Group pursuant to
applicable law, if any; (ii) that the Director has no information (including, without limitation, confidential information and trade secrets)
relating to any other person or entity which would prevent, or be violated by, the Director entering into this Agreement or carrying out
his duties hereunder; (iii) that the Director is not bound by any confidentiality, trade secret or similar agreement (other than this)
with any other person or entity except for other member(s) of the Group, as the case may be.

 

	5.	COMPENSATION AND BENEFITS

 

	 	(a)	Base Salary. The Director’s base salary shall be $3,000 per month, paid in accordance with the Company’s regular payroll practices, and such compensation is subject to annual review and adjustment by the Board.

 

	 	(b)	Bonus. The Director shall be eligible for Bonuses determined by the Board.

 

	 	(c)	Equity Incentives. To the extent the Company adopts and maintains a share incentive plan, the Director will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

 

	 	(d)	Benefits. The Director is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

 

	 	(e)	Expenses. The Director shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses incurred by the Director in the performance of his duties under this Agreement; provided that he properly accounts for such expenses in accordance with the Company’s policies and procedures.

 

	6.	TERMINATION OF THE AGREEMENT

 

	 	(a)	By the Company.

 

(i) For Cause. The Company
may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required
by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

 

(1) the Director is convicted or pleads
guilty to a felony or to an act of fraud, misappropriation or embezzlement,

 

(2) the Director has been grossly negligent
or acted dishonestly to the detriment of the Company,

 

(3) the Director has engaged in actions
amounting to willful misconduct or failed to perform his duties hereunder and such failure continues after the Director is afforded a
reasonable opportunity to cure such failure; or

 

(4) the Director violates Section 7
or 9 of this Agreement.

 

Upon termination for cause, the Director
shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Director will not be entitled to
receive payment of any severance benefits or other amounts by reason of the termination, and the Director’s right to all other benefits
will terminate, except as required by any applicable law.

 

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(ii) For death and disability.
The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically
required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

 

(1) the Director has died, or

 

(2) the Director has a disability which
shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Director unable to perform the essential
functions of his employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period,
unless a longer period is required by applicable law, in which case that longer period would apply.

 

Upon termination for death or disability,
the Director shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Director will not be
entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Director’s right to
all other benefits will terminate, except as required by any applicable law.

 

(iii) Without Cause. The
Company may terminate the Employment without cause, at any time, upon a prior written notice. Upon termination without cause, the Company
shall provide the following severance payments and benefits to the Director: (1) a lump sum cash payment equal to 12 months of the Director’s
base salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his target annual bonus for
the year immediately preceding the termination, if any; (3) payment of premiums for continued health benefits under the Company’s
health plans for 12 months fo1lowing the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding
equity awards held by the Director.

 

Upon termination without, the Director
shall be entitled to the amount of base salary earned and not paid prior to termination.

  

(iv) Change of Control Transaction.
If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of all or substantially all
of the assets of the Company with or to any other individual(s) or entity (the “Change of Control Transaction”), the
Director shall be entitled to the following severance payments and benefits upon such termination: (1) a lump sum cash payment equal to
12 months of the Director’s base salary at a rate equal to the greater of his/her annual salary in effect immediate1y prior to the
termination, or his/her then current annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated
amount of his/her target annual bonus for the year immediately preceding the termination; and (3) immediate vesting of 100% of the then-unvested
portion of any outstanding equity awards held by the Director.

 

	 	(b)	By the Director. The Director may terminate the Employment at any time with a prior written notice to the Company, if (1) there is a material reduction in the Director’s authority, duties and responsibilities, or (2) there is a material reduction in the Director’s annual salary. Upon the Director’s termination of the Employment due to either of the above reasons, the Company shall provide compensation to the Director equivalent to 12 months of the Director’s base salary that he is entitled to immediately prior to such termination. In addition, the Director may resign prior to the expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed to by the Board.

 

	 	(c)	Notice of Termination. Any termination of the Director’s employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party.

 

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	7.	CONFIDENTIALITY AND NON-DISCLOSURE

 

	 	(a)	Confidentiality and Non-disclosure. The Director hereby agrees at all times during the term of the Employment and after his termination, to hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without prior written consent of the Company, any Confidential Information. The Director understands that “Confidential Information” means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other business information disclosed to the Director by or obtained by the Director from the Company, its affiliates, or their respective clients, customers or partners, either directly or indirectly, in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Director.

 

	 	(b)	Company Property. The Director understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his work or using the facilities of the Company are property of the Company and subject to inspection by the Company at any time. Upon termination of the Director’s employment with the Company (or at any other time when requested by the Company), the Director will promptly deliver to the Company all documents and materials of any nature pertaining to his work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will the Director have, following his termination, in his possession any property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

 

	 	(c)	Former Employer Information. The Director agrees that he has not and will not, during the term of his employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Director has an agreement or duty to keep in confidence information acquired by Director, if any, or (ii) bring into the premises of the Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Director will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

	 	(d)	Third Party Information. The Director recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Director agrees that the Director owes the Company and such third parties, during the Director’s employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party.

 

This Section 7 shall survive the termination
of this Agreement for any reason. In the event the Director breaches this Section 7, the Company shall have right to seek remedies permissible
under applicable law.

 

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	8.	CONFLICTING EMPLOYMENT.

 

The Director hereby
agrees that, during the term of his employment with the Company, he or she will not engage in any other employment, occupation, consulting
or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Director’s
employment, nor will the Director engage in any other activities that conflict with his obligations to the Company without the prior written
consent of the Company.

 

	9.	NON-COMPETITION AND NON-SOLICITATION

 

In consideration
of the salary paid to the Director by the Company and subject to applicable law, the Director agrees that during the term of the Employment
and for a period of one (1) year following the termination of the Employment for whatever reason:

 

	 	(a)	The Director will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Director in the Director’s capacity as a representative of the Company for the purposes of doing business with such persons or entities which will harm the business relationship between the Company and such persons and/or entities;

 

	 	(b)	The Director will not assume employment with or provide services as a director or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

 

	 	(c)	The Director will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such termination.

 

The provisions contained in
Section 9 are considered reasonable by the Director and the Company. In the event that any such provisions should be found to be void
under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions
shall apply with such modification as may be necessary to make them valid and effective.

 

This Section 9 shall survive
the termination of this Agreement for any reason. In the event the Director breaches this Section 9, the Director acknowledges that there
will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and
such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all
remedies permissible under applicable law.

 

	10.	WITHHOLDING TAXES

 

Notwithstanding anything else
herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or
payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be
required to be withheld pursuant to any applicable law or regulation.

 

	11.	ASSIGNMENT

 

This Agreement is personal
in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights
or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder
to any member of the Group without such consent, and (ii) in the event of a Change of Control Transaction, this Agreement shall, subject
to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all
the promises, covenants, duties, and obligations of the Company hereunder.

 

	12.	SEVERABILITY

 

If any provision of this Agreement
or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can
be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable. 

 

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	13.	ENTIRE AGREEMENT

 

This Agreement constitutes
the entire agreement and understanding between the Director and the Company regarding the terms of the Employment and supersedes all prior
or contemporaneous oral or written agreements concerning such subject matter, including any prior agreements between the Director and
a member of the Group. The Director acknowledges that he or she has not entered into this Agreement in reliance upon any representation,
warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the
Director and the Company.

 

	14.	GOVERNING LAW; JURISDICTION

 

This Agreement shall be governed
by and construed in accordance with the laws of the Cayman Islands.

 

	15.	AMENDMENT

 

This Agreement may not be
amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement,
which agreement is executed by both of the parties hereto.

 

	16.	WAIVER

 

Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or
of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence
be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver.

 

	17.	NOTICES

 

All notices, requests, demands
and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and
made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day
or second-day delivery to the last known address of the other party.

 

	18.	COUNTERPARTS

 

This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all
of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

 

Photographic copies of such
signed counterparts may be used in lieu of the originals for any purpose.

 

	19.	NO INTERPRETATION AGAINST DRAFTER

 

Each party recognizes that
this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity to consult with legal counsel
of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that
party being the drafter of such terms.

  

[remainder of this page
left intentionally blank]

 

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IN WITNESS WHEREOF, this Agreement has been executed as of the date
first written above.

  

	 	Color Star Technology Co., Ltd.
	 	 
	 	By:	/s/ Biao Lu
	 	Name: 	Biao Lu
	 	Title:	CEO 

  

	 	Director
	 	 
	 	By:	/s/ Jehan Zeb Khan
	 	Name: 	Jehan Zeb Khan

 

 

7Exhibit 4.1

 

VALARIS LIMITED

2021 MANAGEMENT INCENTIVE PLAN

 

Article
I. PURPOSE

 

The Valaris Limited 2021 Management
Incentive Plan (the “Plan”) is designed to provide certain key persons, on whose initiative and efforts the successful conduct
of the business of Valaris Limited, an exempted company incorporated under the laws of the Bermuda (the “Company”) depends,
and who are responsible for the management, growth and protection of the business of the Company, with incentives to: (a) enter into and
remain in the service of the Company Group, (b) acquire a proprietary interest in the success of the Company Group, (c) maximize their
performance and (d) enhance the long-term performance of the Company Group.

 

Article
II. DEFINITIONS

 

As used in the Plan, the following terms shall
have the respective meanings set forth below:

 

(a)               
“Award” means the grant of any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Dividend
Equivalent or cash award.

 

(b)               
“Award Agreement” means the document (in written or electronic form) communicating the terms, conditions and
limitations applicable to an Award. The Committee may, in its discretion, require that the Grantee execute such Award Agreement or may
provide for procedures through which Award Agreements are made available but not executed.

 

(c)               
“Board” means the Board of Directors of the Company.

 

(d)               
“Bye-laws” means the bye-laws of the Company, as amended and/or restated and in effect from time to time.

 

(e)               
“Cause” in connection with a termination of employment or other service to the Company Group unless otherwise
provided in an Award Agreement, has the meaning ascribed to such term in any employment, offer letter, severance or similar arrangement
between a Grantee and any member of the Company Group at the time of the grant of an Award if applicable, or in the absence of any such
agreement that defines cause, “Cause” shall mean:

 

(i)              
any failure by the Grantee substantially to perform the Grantee’s employment or other duties (fiduciary or otherwise);

 

(ii)             
any excessive unauthorized absenteeism by the Grantee;

 

(iii)            
any refusal by the Grantee to obey the lawful orders of the Board or any other person or committee to whom the Grantee reports;

 

(iv)            
any act or omission by the Grantee that is or may be injurious to any member of the Company Group, monetarily or otherwise;

 

(v)             
any act or omission by the Grantee that is inconsistent with the best interests of any member of the Company Group;

 

     

     

    

 

(vi)           
 the Grantee’s material violation of any policies of any member of the Company Group, including, without limitation,
those policies relating to discrimination, sexual harassment or anti-bribery and anti-corruption and money laundering;

 

(vii)           
the Grantee’s unauthorized (a) removal from the premises of any member of the Company Group of any document (in any
medium or form) relating to the Company or an affiliate or the customers or clients of any member of the Company Group or (b) disclosure
to any person or entity of any of the Company’s, or any other member of the Company Group’s, confidential or proprietary information;

 

(viii)          
the Grantee’s commission of any felony, or any other crime involving moral turpitude;

 

(ix)             
the Grantee’s commission or omission of any act involving dishonesty or fraud; and

 

(x)              
in respect of the termination of a director, in addition to the above, as the term “cause” is defined in the
Bye-laws.

 

(f)                
“Code” shall mean the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code
shall include the rules, regulations and guidance promulgated pursuant to such Code section.

 

(g)               
“Committee” has the meaning set forth in Section 3.1.

 

(h)               
“Company Group” shall mean the Company and its subsidiaries. Any reference in the Plan and any Award Agreement
to the “Company Group” shall mean and be a reference to all of the entities included in the definition of Company Group on
a collective basis, and each entity included in the definition of Company Group on an individual basis, unless otherwise specified in
the Plan or such Award Agreement or the context otherwise requires.

 

(i)                
“Disability” means, unless otherwise defined in an Award Agreement, a permanent and total disability (as defined
in Code Section 22(e)(3)), whereby the Grantee 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
twelve (12) months. A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect,
the Grantee will submit to any reasonable examination(s) required by such physician upon request. Notwithstanding the foregoing, in the
event that an Award is subject to Code Section 409A, then, in lieu of the foregoing definition and to the extent necessary to comply with
the requirements of Code Section 409A, the definition of “Disability” for purposes of such Award will be the definition of
 “disability” provided under Code Section 409A if and to the extent inconsistent with the above definition.

 

(j)                
“Dividend Equivalents” means, in the case of Restricted Stock Units, an amount equal to all dividends
and other distributions (or the economic equivalent thereof), excluding, unless the Committee determines otherwise in its discretion,
any dividends deemed by the Committee to be special, extraordinary or non-recurring, 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.

 

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(k)               
 The term “employment” and “employed” shall be deemed to mean an employee’s employment with,
or a consultant’s provision of services to, the Company Group and each director’s service as a director.

 

(l)                
“Exercise Price” means the price at which a Grantee may exercise his or her right to receive cash or Shares,
as applicable, under the terms of an Award.

 

(m)             
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

(n)               
“Fair Market Value” of a Share means, as of a particular date, (i) if Shares are then listed or admitted to
trading on a national securities exchange, the closing sales price per Share on the date in question (or if there was no reported sale
on such date, on the last preceding date on which any reported sale occurred) on the principal national securities exchange on which such
Share is so listed or admitted to trading, (ii) if the Shares are not so listed or admitted to trading, the average of the closing high
bid and low asked quotations as reported on an inter-dealer quotation system for such Share on the date in question, or, if there are
no quotations available for such date, on the last preceding date on which such quotations shall be available, (iii) if none of the above
are applicable, the fair market value as determined in good faith by the Committee in accordance with any applicable requirements of Section
409A or 422 of the Code.

 

(o)               
“Grantee” means the recipient of an Award under the Plan, including any employee, officer, director, consultant
or other service provider who is selected by the Committee to participate in the Plan, including any person to whom one or more Awards
have been made and remain outstanding.

 

(p)               
“Incentive Stock Option” means an Option that is designated as such in the applicable Award Agreement and intended
to comply with the requirements set forth in Section 422 of the Code.

 

(q)               
“Nonqualified Stock Option” means an Option that is not intended to comply with the requirements set forth in
Section 422 of the Code and any Option that is not designated as an Incentive Stock Option.

 

(r)                
“Plan” has the meaning set forth in Article I.

 

(s)                
“Option” means a right to purchase a specified number of Shares at a specified Exercise Price, which is either
an Incentive Stock Option or a Nonqualified Stock Option.

 

(t)                
“Restricted Stock” means Shares allotted and issued or transferred pursuant to Section 6.4 that are restricted
and/or subject to forfeiture provisions.

 

(u)               
“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.

 

(v)               
“Share” means one common share of the Company, par value $0.01 per share, or any shares hereafter allotted and
issued or which may be allotted and issuable in substitution or exchange for a Share.

 

(w)             
“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.

 

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(x)               
 “Tax Equalization” or “Hypothetical Tax” shall mean the methodology established by the Company,
either through general personnel policies or specific agreement, to neutralize, in whole or in part, the tax consequences to employees
assigned to locations outside of the employee’s home country.

 

(y)               
The terms “termination of employment,” “terminated employment” and related terms or usages shall
mean (i) the Grantee ceasing to be employed by, or to provide consulting services for, any member of the Company Group, or any corporation
(or any of its subsidiaries) which assumes the Grantee’s award in a transaction to which Section 424(a) of the Code applies; (ii)
the Grantee ceasing to be a director; or (iii) in the case of a Grantee who is, at the time of reference, both an employee or consultant
and a director, the later of the events set forth in subparagraphs (i) and (ii) above. For purposes of clauses (i) and (ii) above, a Grantee
who continues his employment, consulting relationship or service as a director with a Company subsidiary subsequent to its sale by the
Company, shall have a termination of employment upon the date of such sale. The Committee may in its sole discretion determine whether
any leave of absence constitutes a termination of employment for purposes of the Plan and the impact, if any, of any such leave of absence
on awards theretofore made under the Plan. A person whose status changes from consultant, employee, or director to any other of such positions
without interruption shall not be considered to have had a termination of employment by reason of such change. Employment shall not be
deemed to have ceased by reason of the transfer of employment, without interruption of service, between or among the Company and any of
its subsidiaries.

 

Article
III. ADMINISTRATION

 

3.1              
Administration by Committee; Constitution of Committee. The Plan shall
be administered by the Compensation Committee of the Board or such other committee or subcommittee as the Board may designate or a committee
formed by the abstention or recusal of a non-Qualified Member (as defined below) of the Compensation Committee or such other committee
appointed by the Board (the “Committee”). The members of the Committee shall be appointed by, and serve at the pleasure of,
the Board. While it is intended that at all times that the Committee acts in connection with the Plan, the Committee shall consist solely
of two or more Qualified Members, the fact that the Committee is not so comprised will not invalidate any grant hereunder that otherwise
satisfies the terms of the Plan. A “Qualified Member” is an individual who is a “non-employee director” within
the meaning of Rule 16b-3 promulgated under the Exchange Act. If the Committee does not exist, or for any other reason determined by the
Board, the Board may take any action under the Plan that would otherwise be the responsibility of the Committee. The term “Committee”
as used herein shall refer to the Board to the extent that the Board is acting in place of the Committee.

 

3.2              
Committee’s Authority. Subject to Article VII, the Committee
shall have the full authority and discretion to take any actions it deems necessary or advisable for the administration and operation
of the Plan and to carry out its functions as described herein, including but not limited to complete authority (i) to select individuals
to whom Awards may from time to time be granted and the terms and conditions (not inconsistent with the terms of the Plan) of such Awards,
(ii) to determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more individuals
eligible for Awards pursuant to Article IV hereof, (iii) to interpret, construe and administer the Plan, any Awards granted under the
Plan and any Award Agreements hereunder, (iv) to exercise all of the powers granted to it under the Plan, (v) to prescribe, amend and
rescind rules and regulations relating to the Plan and any Award Agreements, including rules governing its own operations, (vi) to make
all determinations necessary or advisable in administering the Plan or any Award Agreements, (vii) to correct any defect, supply any omission
and reconcile any inconsistency in the Plan or in any Award Agreement, (viii) to delegate such powers and authority to such Person as
it deems appropriate with respect to the Plan, Awards and any Award Agreements, (ix) to waive any conditions, restrictions or limitations
under any Awards (including any such conditions, restrictions or limitations contained in any Award Agreements), and (x) to amend the
Plan to reflect changes in applicable law.

 

    - 4 -

     

    

 

3.3              
 Committee Action; Delegation. Actions of the Committee shall be taken
by the vote of a majority of its members (or a unanimous decision in the event the Committee is comprised of two members). To the extent
permitted by applicable law, any action may be taken by a written instrument signed by a majority of the Committee members, and action
so taken shall be fully as effective as if it had been taken by a vote at a meeting. Notwithstanding the foregoing or any other provision
of the Plan, to the fullest extent permitted by applicable law, the Committee may delegate to one or more officers of the Company the
authority to designate the individuals (other than such officer(s)), among those eligible to receive Awards pursuant to the terms of the
Plan, who will receive Awards under the Plan and the size of each such grant, provided that the Committee shall itself grant Awards to
those individuals who could reasonably be considered to be subject to the insider trading provisions of Section 16 of the Exchange Act.

 

3.4              
Determinations Final. The determination of the Committee on all matters
relating to the Plan or any Award Agreement shall be final, binding and conclusive.

 

3.5              
Indemnity. No member of the Board or the Committee or officer of the
Company to whom the Committee has delegated authority in accordance with the provisions of this Article III shall be liable for anything
done or omitted to be done by him or her, by any member of the Board or the Committee or by any officer of the Company in connection with
the performance of any duties under the Plan, and shall, to the fullest extent permitted by applicable law and the Bye-laws, be indemnified
and held harmless by the Company from any claim, loss, damage or expense (including counsel fees) with respect to any such action or determination,
except for his or her own willful misconduct or fraud or dishonesty or as expressly provided by applicable law or the Bye-laws.

 

Article
IV. Eligibility

 

The persons eligible to receive
awards under the Plan are those current and prospective officers, directors (whether or not they are employed by the Company), and employees
of, and consultants or other service providers to, the Company Group (collectively, “key persons”) as the Committee in its
sole discretion shall select.

 

Article
V. Shares Available for Awards

 

5.1              
Aggregate Number of Shares.  Subject to Section 5.3, Awards
under the Plan may be granted with respect to up to an aggregate of 8,960,573
Shares.  Shares issued pursuant to the Plan may be authorized but unissued Shares or Shares acquired or repurchased
by the Company and cancelled or Shares acquired or repurchased by the Company and held in treasury for the purposes of the Plan, all
of which may be issued pursuant to Incentive Stock Options.

 

5.2              
Certain Shares to Become Available Again. If any Award is forfeited,
reacquired, expires unexercised, is unearned or otherwise terminates or is canceled without the delivery of Shares, or Shares owned by
a Grantee are tendered to satisfy the tax withholding obligations of any Award granted under the Plan, then the Shares covered by such
forfeited, reacquired, expired, unexercised, terminated or canceled Award or tendered for such tax withholding shall again become available
for issuance pursuant to new Awards granted or to be granted under this Plan. If an Award is settled for cash (in whole in part) or otherwise
does not result in the delivery or issuance of all or a portion of the Shares subject to such Award, such Shares shall to the extent of
such cash settlement, immediately become available for issuance pursuant to new Awards granted or to be granted under this Plan. Notwithstanding
the foregoing, the following Shares may not again be made available for issuance as Awards under the Plan: (i) Shares tendered by a Grantee
or withheld by the Company in payment of the Exercise Price of an Option; and (ii) Shares reacquired by the Company on the open market
or otherwise using cash proceeds from the exercise of Options.

 

    - 5 -

     

    

 

5.3              
 Adjustment Upon Changes in Share Capital. Upon certain changes in
the share capital of the Company, the number of Shares available for issuance under the Plan pursuant to Section 5.1 shall be adjusted
pursuant to Article VIII.

 

Article
VI. Awards Under the Plan

 

6.1              
General. The Committee shall designate from time to time the individuals
who are to be the recipients of Awards and shall determine the type or types of Awards to be granted to each such individual. Each Award
shall be embodied in an Award Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Committee,
in its sole discretion, and, if required by the Committee, shall be signed (electronically or otherwise) by the Grantee to whom the Award
is granted and by an authorized officer for and on behalf of the Company. Awards 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 the Plan or any other
plan of the Company or any of its subsidiaries, including the plan of any acquired entity.

 

Upon the termination of employment or service
with the Company Group by a Grantee, any unexercised, unvested or unpaid Awards shall be treated as set forth herein or in the applicable
Award Agreement or in any other written agreement the Company has entered into with the Grantee, it being understood that the Committee
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 termination of employment or service by reason of death or disability. Employment
shall not be deemed to have ceased by reason of the transfer of employment, without interruption of service, between or among the Company
and any of its subsidiaries.

 

Notwithstanding any other provision of the Plan
to the contrary, Awards granted under the Plan shall vest no earlier than the first anniversary of the date on which the Award is granted;
provided, that the following Awards shall not be subject to the foregoing minimum vesting requirement: any (i) Shares delivered
in lieu of fully vested cash awards under incentive plans of the Company Group, (ii) Awards to non-employee directors that vest on the
earlier of the one-year anniversary of the date of grant and the next annual general meeting of shareholders which is at least 50 weeks
after the immediately preceding year’s annual general meeting, and (iii) any additional Awards the Committee may grant, up to a
maximum of five percent (5%) of the available share reserve authorized for issuance under the Plan pursuant to Section 5.1 (subject to
adjustment under Article VIII); and, provided, further, that the foregoing restriction does not apply to the Committee’s
discretion to provide for accelerated exercisability or vesting of any Award, including in cases of retirement, death, disability or a
change in control of the Company, in the terms of the Award or otherwise.

 

6.2              
Stock Options. The Committee may grant Options to such individuals,
in such amounts and subject to such terms and conditions, including vesting and forfeiture (which may be based on continuing employment
or service, achievement of pre-established performance objectives, a combination of such conditions or such other conditions as the Committee
shall consider appropriate), as the Committee shall determine in its sole discretion.

 

(a)               
Types. The Committee shall determine at the time of grant whether an Option is an Incentive Stock Option or Nonqualified
Stock Option; provided, however, that an Incentive Stock Option may only be granted to individuals who are employees of the Company or
its “parent” or any “subsidiary” within the meaning of Code Sections 424(e) and (f) on the date of grant.

 

(b)                Exercise
Price. Each Award Agreement with respect to an Option shall set forth the Exercise Price of such Option. The Exercise Price
shall be determined by the Committee in its sole discretion; provided, however, that the Exercise Price shall be at least 100% of
the Fair Market Value of a Share on the date the Option is granted, and provided, further, that the Exercise Price per Share shall
be not less than the par value of a Share.

 

    - 6 -

     

    

 

(c)               
Exercise Period. The Committee shall determine the periods during which an Option shall be exercisable, whether in
whole or in part (which may depend upon or be related to a period of continued employment with the Company Group, the achievement of performance
goals or other conditions or a combination of such conditions) and the date on which the Option shall expire. Such periods shall be determined
by the Committee in its sole discretion; provided, however, that no Option shall be exercisable more than 10 years after the date of grant.
The Committee may provide that an Option will be automatically exercised on specific dates or upon the occurrence of a specified event.

 

(d)               
Incentive Stock Option Limitation. To the extent that the aggregate Fair Market Value (determined as of the time
the option is granted) of the Shares with respect to which an Incentive Stock Option is first exercisable by any employee during any calendar
year shall exceed $100,000, or such other amount as may be specified from time to time under Section 422 of the Code, such Option shall
be treated as a Nonqualified Stock Option. Notwithstanding the provisions of this Section to the contrary, an Incentive Stock Option may
not be granted under the Plan to an individual who, at the time the Option is granted, owns stock or shares possessing more than 10% of
the total combined voting power of all classes of stock or shares of his employer corporation or company or of its parent or subsidiary
corporations or companies (as such ownership may be determined for purposes of Section 422(b)(6) of the Code) unless (i) at the time such
Incentive Stock Option is granted the option exercise price is at least 110% of the Fair Market Value of the Shares subject thereto and
(ii) the Incentive Stock Option by its terms is not exercisable after the expiration of 5 years from the date it is granted.

 

(e)               
Method of Exercise. No Shares shall be delivered pursuant to any exercise of an Option until payment in full of the
Exercise Price is received by the Company and the Grantee has paid any required taxes. Options that have become exercisable may be exercised
by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Option. Any written notice
of exercise of an Option shall be accompanied by payment for the Shares being purchased. Such payment shall be made by one or more of
the following methods: (i) certified or official bank check (or the equivalent thereof acceptable to the Company or its exchange agent);
(ii) with the consent of the Committee, delivery of Shares having a Fair Market Value (determined as of the exercise date) equal to all
or part of the Exercise Price; (iii) a “net exercise” procedure effected by withholding the minimum number of Shares otherwise
deliverable in respect of the Option that are needed to pay the Exercise Price and all applicable required withholding taxes; or (iv) by
such other method as the Committee may permit in its sole discretion.

 

(f)                 Termination
of Employment or Service.  Except to the extent otherwise provided in an Award Agreement or determined by the
Committee, the following provisions will apply on termination of employment or services: A Grantee whose employment or service with
the Company Group terminates may exercise any outstanding Option (i) only to the extent that the Award was exercisable on (or became
exercisable in connection with) the effective date of the termination of employment or service and (ii) only during the three-month
period following the termination of employment or service, but in no event after the original expiration date of the
Option.  The Option, to the extent not exercisable on the effective date of the termination of employment or service or
not exercised before the earlier to occur of (A) the end of the three-month period following the termination of employment or
service and (B) the original expiration date of the Option, shall terminate. Notwithstanding the foregoing, if a Grantee’s
employment or service is terminated for Cause, all Options not theretofore exercised shall terminate as of the commencement of
business on the effective date of the Grantee’s termination of employment or service. A Grantee whose employment or service
terminates by reason of a Disability or on account of death, may (or, in the case of death, his designated beneficiary or, if none,
his estate) exercise any outstanding Option (i) only to the extent that the award was exercisable on (or became exercisable in
connection with) the effective date of the termination of employment or service; and (ii) only during the period ending on the
earlier of (A) the first anniversary of the Grantee’s termination of employment or service and (B) the original expiration
date of the Option.  The Option, to the extent not exercisable on the effective date of the termination of employment or
service or not exercised before the earlier to occur of (A) the first anniversary of the date of the Grantee’s termination of
employment or service and (B) the original expiration date of the Option, shall terminate. If a Grantee dies subsequent to
terminating employment or service but prior to the expiration of an Option (as provided by paragraphs (a) or (c) above), the Option
shall remain exercisable until the earlier to occur of (A) the first anniversary of the Grantee’s death or (B) the original
expiration date of the Option. The Option, to the extent not exercised before the earlier to occur of (A) the first anniversary of
the Grantee’s death and (B) the original expiration date of the Option, shall terminate. An Option may not be treated as an
Incentive Stock Option to the extent that it remains exercisable for more than three months following a Grantee’s termination
of employment for any reason other than death or Disability (including death within three months after a termination of employment
or within the one year after a termination due to Disability), or for more than one year following a Grantee’s termination of
employment as the result of Disability.

 

    - 7 -

     

    

 

6.3              
Stock Appreciation Rights. The Committee may grant Stock Appreciation
Rights (“SAR”) to such individuals, in such amounts and subject to such terms and conditions, including vesting, reacquisition
and forfeiture (which may be based on continuing employment or service, achievement of pre-established performance objectives, a combination
of such conditions or such other conditions as the Committee shall consider appropriate), as the Committee shall determine in its sole
discretion.

 

(a)               
Exercise Price. The Exercise Price per Share of an SAR shall be an amount determined by the Committee but in no event
shall such amount be less than 100% of the Fair Market Value of a Share on the date the SAR is granted (other than in the case of an SAR
granted in substitution of previously granted awards). Unless otherwise determined by the Committee, or as otherwise provided in the applicable
Award Agreement, upon exercise of an outstanding exercisable SAR, each SAR shall entitle a Grantee upon exercise to an amount equal to
(i) the excess of (a) the Fair Market Value of a Share on the exercise date over (b) the Exercise Price of such SAR multiplied
by (ii) the number of SARs exercised, and payment to the Grantee shall be made in Shares (valued at such Fair Market Value) or in
cash (or a combination of the two), as determined by the Committee.

 

(b)               
Exercise Period. The Committee shall determine the periods during which a Stock Appreciation Right shall be exercisable,
whether in whole or in part (which may depend upon or be related to a period of continued employment with the Company, the achievement
of performance goals or other conditions or a combination of such conditions) and the date on which the SAR shall expire. Such periods
shall be determined by the Committee in its sole discretion; provided, however, that no Stock Appreciation Right shall be exercisable
more than 10 years after the date of grant. The Committee may provide that a Stock Appreciation Right will be automatically exercised
on specific dates or upon the occurrence of a specified event.

 

(c)               
Method of Exercise. Stock Appreciation Rights that have become exercisable may be exercised by delivery of written
or electronic notice of exercise to the Company in accordance with the terms of the Stock Appreciation Right.

 

    - 8 -

     

    

 

(d)                Termination
of Employment or Service.  Except to the extent otherwise provided in an Award Agreement or determined by the
Committee, the following provisions will apply on termination of employment or service: A Grantee whose employment or service with
the Company Group terminates may exercise any outstanding Stock Appreciation Right (i) only to the extent that the Award was
exercisable on (or became exercisable in connection with) the effective date of the termination of employment or service and (ii)
only during the three-month period following the termination of employment or service, but in no event after the original expiration
date of the SAR.  The Stock Appreciation Right, to the extent not exercisable on the effective date of the termination of
employment or service or not exercised before the earlier to occur of (A) the end of the three-month period following the
termination of employment or service and (B) the original expiration date of the SAR, shall terminate. Notwithstanding the
foregoing, if a Grantee’s employment or service is terminated for Cause, all Stock Appreciation Rights not theretofore
exercised shall terminate as of the commencement of business on the effective date of the Grantee’s termination of employment
or service. A Grantee whose employment or service terminates by reason of a Disability or on account of death, may (or, in the case
of death, his designated beneficiary or, if none, his estate) exercise any outstanding Stock Appreciation Right (i) only to the
extent that the award was exercisable on (or became exercisable in connection with) the effective date of the termination of
employment or service; and (ii) only during the period ending on the earlier of (A) the first anniversary of the Grantee’s
termination of employment or service and (B) the original expiration date of the award.  The Stock Appreciation Right, to
the extent not exercisable on the effective date of the termination of employment or service or not exercised before the earlier to
occur of (A) the first anniversary of the Grantee’s termination of employment or service and (B) the original expiration date
of the SAR, shall terminate. If a Grantee dies subsequent to terminating employment or service but prior to the expiration of a
Stock Appreciation Right (as provided by paragraphs (a) or (c) above), the SAR shall remain exercisable until the earlier to occur
of (A) the first anniversary of the Grantee’s death or (B) the original expiration date of the award. The Stock Appreciation
Right, to the extent not exercised before the earlier to occur of (A) the first anniversary of the Grantee’s termination of
employment or service and (B) the original expiration date of the SAR, shall terminate.

 

6.4              
Restricted Stock. The Committee may grant Awards of Restricted Stock
to such individuals, in such amounts and subject to such terms and conditions, including vesting, reacquisition and forfeiture, (which
may be based on continuing employment or service, achievement of pre-established performance objectives, a combination of such conditions
or such other conditions as the Committee shall consider appropriate) as the Committee shall determine in its sole discretion.

 

(a)               
Issuance of Shares. Promptly after a Grantee accepts an Award of Restricted Stock, the Company or its transfer agent
or branch registrar shall cause Shares to be registered in the name of the Grantee in the Company’s register of members or branch
register and may, but is not obligated to, also issue to the Grantee a share certificate or certificates for the Shares covered by the
Award. Upon such entry into the register of members or branch register, the Grantee shall have the rights of a shareholder with respect
to the Restricted Stock, subject to any other restrictions and conditions contained in the applicable Award Agreement, including any requirement
that any dividends or other distributions be held in custody by the Company until such Restricted Stock vests.

 

(b)               
Custody of Share Certificate(s). Unless the Committee shall otherwise determine, any share certificates issued evidencing
Shares of Restricted Stock shall remain in the possession of the Company or another custodian designated by the Company until such Shares
are free of any restrictions specified in the applicable Award Agreement. The Committee may direct that such share certificate(s) bear
a legend setting forth the applicable restrictions on transferability, and that any register entry related to such Shares be subject to
electronic coding or stop order reflecting the applicable restrictions.

 

(c)               
Election Under 83(b). No Grantee shall make an election under Section 83(b) of the Code with respect to any
Award of Restricted Stock without the written approval of the Committee, which the Committee may grant or withhold in its discretion.
Each Grantee making an election will provide a copy thereof to the Company within thirty (30) days of the filing of such election
with the U.S. Internal Revenue Service.

 

    - 9 -

     

    

 

6.5              
 Restricted Stock Units. The Committee may grant Awards of Restricted
Stock Units to such individuals, in such amounts and subject to such terms and conditions, including vesting, reacquisition and forfeiture,
(which may be based on continuing employment or service, achievement of pre-established performance objectives, a combination of such
conditions or such other conditions as the Committee shall consider appropriate) as the Committee shall determine in its sole discretion.

 

(a)               
Restricted Stock Unit Grants. A grant of a Restricted Stock Unit entitles the Grantee to receive a Share or, in the
sole discretion of the Committee, the value of a Share, on a date specified in the Award Agreement.  If no date is specified,
the Grantee shall receive such Share or value on the date that the Restricted Stock Unit vests. A grant of Restricted Stock Unit may include
Dividend Equivalents subject to such terms and conditions as prescribed for in the applicable Award Agreement.

 

(b)               
Vesting; Forfeiture.  The Committee shall specify at the time of grant the date or dates (which may depend
upon or be related to a period of continued employment with the Company, the achievement of performance goals or other conditions or a
combination of such conditions) on which the Restricted Stock Units shall vest.

 

6.6              
Unrestricted Stock

 

The Committee may grant (or
sell at a purchase price at least equal to par value) Shares free of restrictions under the Plan, to such key persons and in such amounts
and subject to such forfeiture and/or reacquisition provisions as the Committee shall determine in its sole discretion. Shares may be
thus granted or sold as settlement of cash awards under incentive plans of the Company Group or in respect of past services or other valid
consideration.

 

6.7              
Cash Awards. The Committee shall have the authority to
grant cash awards to such key persons and in such amounts and subject to such forfeiture, reacquisition and clawback provisions as the
Committee shall determine in its discretion. Cash awards may be granted subject to the satisfaction of vesting conditions or may be awarded
purely as a bonus and not subject to restrictions or conditions.

 

6.8              
Performance Awards. The Committee shall have the authority, at the
time of grant of any Award described in the Plan, to designate such Award as a “performance award.” The Committee shall also
have the authority to grant a standalone cash-based performance compensation award pursuant to this Section 6.8. The Committee shall determine
the length of the performance period, the type of performance award to be issued and the performance goals to apply and such other terms
and conditions as determined by the Committee.

 

(a)               
The performance criteria that will be used to establish the performance goal(s) may be based on the attainment of specific
levels of performance of the Company (and/or one or more affiliates, divisions or operational units, or any combination of the foregoing)
as determined by the Committee.

 

(b)               
The Committee may alter performance criteria or modify the calculation of a performance goal without obtaining shareholder
approval to reflect any event that would reasonably be expected to affect or alter such performance criteria or performance goal, including,
but not limited to: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes
in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring
programs; (v) nonrecurring items; (vi) acquisitions or divestitures; (vii) any other specific unusual or infrequently occurring
events, or objectively determinable category thereof; (viii) foreign exchange gains and losses; (ix) a change in the Company’s
fiscal year; or (x) any other event as determined by the Committee.

 

    - 10 -

     

    

 

(c)               
 Use of Negative Discretion. In determining the actual amount of an individual Grantee’s performance award
for a performance period, the Committee may reduce or eliminate the amount of the performance compensation award earned under the performance
formula in the performance period through the use of negative discretion if, in its sole judgment, such reduction or elimination is appropriate.

 

6.9              
Assumption under the Plan of Outstanding Stock Options. Notwithstanding
any other provision of the Plan, the Board or the Committee, in its discretion, may authorize the assumption and continuation under the
Plan of outstanding and unexercised stock options or other types of stock-based incentive awards that were granted under a stock option
plan (or any other type of stock incentive plan or agreement) that is or was maintained by a corporation or other entity that was merged
into, amalgamated or consolidated with, or whose stock or assets were acquired by, the Company as the surviving corporation. Any such
action will be upon such terms and conditions as the Board or the Committee, in its discretion, may deem appropriate, including provisions
to preserve the holder’s rights under the previously granted and unexercised stock option or other stock-based incentive award.
The exercise price and number of shares for any such stock options shall be determined in accordance with the principles of Sections 409A
and 424(a) of the Code.

 

Article
VII. Amendment of the Plan.

 

The Board may from time to
time suspend, discontinue, revise or amend the Plan (and the Committee may amend any Award Agreement) in any respect whatsoever, except
that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made under
the Plan without the consent of the Grantee (or, upon the Grantee’s death, the person having the right to exercise the Award). For
purposes of this Article VII any action of the Board or the Committee that in any way alters or affects the tax treatment of any Award
or that in the sole discretion of the Board is necessary to prevent the Grantee from being subject to tax with respect to an Award under
Section 409A of the Code shall not be considered to materially impair any rights of any Grantee. Notwithstanding the foregoing, no amendment
or alteration shall be effective prior to its approval by the shareholders of the Company to the extent shareholder approval is otherwise
required by applicable legal requirements or the requirements of the securities exchange on which the Company’s shares are listed,
including any amendment that expands the types of Awards available under the Plan, materially increases the number of Shares available
for Awards under the Plan, materially expands the classes of persons eligible for Awards under the Plan, materially extends the term of
the Plan, or limits any provisions of the Plan that prohibit the repricing of Options or SARs, or decreases any minimum vesting requirements
for any Award. The Committee shall have no right to suspend, discontinue, revise or amend the terms of the Plan other than as set forth
in Section 3.2.

 

Article
VIII. Adjustment

 

8.1              
Corporate Events.  In the event of any change in
the number of Shares issued and outstanding by reason of any share dividend or split, reverse share split, recapitalization, consolidation,
combination or exchange of shares or similar corporate change (collectively referred to as “corporate events”), the Committee
shall make the following adjustments:

 

(a)               
Shares Available for Grants.  The maximum number of Shares and/or the class of Shares with respect to which
the Committee may grant Awards, as described in Section 5.1, shall be appropriately adjusted by the Committee.  In the event
of any change in the number of Shares issued and outstanding by reason of any event or transaction other than a corporate event, the Committee
may, but need not, adjust the maximum number and class of Shares with respect to which the Committee may grant Awards, as described in
Section 5.1, in each case as the Committee may deem appropriate.

 

    - 11 -

     

    

 

(b)               
 Restricted Stock.  Unless the Committee in its sole discretion otherwise determines, any securities or
other property (including dividends paid in cash) received by a Grantee with respect to a Share of Restricted Stock as a result of a corporate
event will not vest until such Share of Restricted Stock vests, and shall be promptly deposited with the Company or another custodian
designated by the Company.

 

(c)               
Restricted Stock Units.  The Committee shall adjust outstanding grants of Restricted Stock Units to reflect
any corporate event as the Committee may deem appropriate to prevent the enlargement or dilution of rights of Grantees.

 

(d)               
Options and Stock Appreciation Rights.  Subject to any required action by the shareholders of the Company,
in the event of any increase or decrease in the number of issued Shares or a change in the class of Shares resulting from a corporate
event or any other increase or decrease in the number of Shares effected without receipt of consideration by the Company, the Committee
shall proportionally adjust the number or class of Shares subject to each outstanding Option and Stock Appreciation Right and the Exercise
Price of each such Option and Stock Appreciation Right.

 

(e)               
Outstanding Options, Stock Appreciation Rights and Restricted Stock Units – Certain Mergers.  Subject
to any required action by the shareholders of the Company, in the event that the Company shall be the surviving company in any merger,
amalgamation or consolidation (except a merger, amalgamation or consolidation as a result of which the holders of Shares receive securities
of another corporation or company and/or other property, including cash), each Option, Stock Appreciation Right and Restricted Stock Unit
outstanding on the date of such merger, amalgamation or consolidation shall pertain to and apply to the securities which a holder of the
number of Shares subject to such Option, Stock Appreciation Right or Restricted Stock Unit would have received in such merger, amalgamation
or consolidation.

 

(f)                
Outstanding Options, Stock Appreciation Rights and Restricted Stock Units – Certain Other Transactions.  In
the event of (i) a dissolution, winding up or liquidation of the Company, (ii) a sale of all or substantially all of the Company’s
assets, (iii) a merger, amalgamation or consolidation involving the Company in which the Company is not the surviving company or (iv)
a merger, amalgamation or consolidation involving the Company in which the Company is the surviving company but the holders of Shares
receive securities of another corporation or company and/or other property, including cash, the Committee shall, in its sole discretion,
have the power to:

 

(i)                
cancel, effective immediately prior to the occurrence of such event, each Option, Stock Appreciation Right and Restricted
Stock Unit outstanding immediately prior to such event (whether or not then vested or exercisable), and, in full consideration of such
cancellation, pay (A) to the Grantee to whom such Option or Stock Appreciation Right was granted an amount (whether in cash or, to the
extent holders of Shares receive securities in the applicable transaction and the Committee so elects, securities), for each Share subject
to such Option or Stock Appreciation Right, respectively, equal to the excess of (x) the value, as determined by the Committee in its
sole discretion, of the property (including cash) received by the holder of a Share as a result of such event over (y) the exercise price
of such Option or Stock Appreciation Right and (B) to the Grantee to whom such Restricted Stock Unit was granted, for each Share subject
to such Award, the value, as determined by the Committee in its sole discretion, of the property (including cash) received by the holder
of a Share as a result of such event, provided, however, that if such Option, Stock Appreciation Right or Restricted Stock Unit was subject
to vesting or exercisability based upon achievement of specified performance objectives, the Committee may provide that such payments
only shall be made to the extent that the applicable performance objective was achieved, assuming the performance period ended on the
date of the applicable event, or pay at target; or

 

    - 12 -

     

    

 

(ii)              
 (1) provide that each Option and Stock Appreciation Right outstanding immediately prior to such event (whether or not otherwise
vested and exercisable) (a) may be exercised during a period of not less than 30 days prior to the occurrence of such event and (b) shall
expire upon the occurrence of such event, and (2) cancel, effective immediately prior to the occurrence of such event, each Restricted
Stock Unit outstanding immediately prior to such event (whether or not then vested), and, in full consideration of such cancellation,
pay to the Grantee to whom such Restricted Stock Unit was granted, for each Share subject to such Award, the value, as determined by the
Committee in its sole discretion, of the property (including cash) received by the holder of a Share as a result of such event, provided,
however, that if such Option, Stock Appreciation Right or Restricted Stock Unit was subject to vesting or exercisability based upon achievement
of specified performance objectives, the Committee may provide that such Option and Stock Appreciation Right only shall be exercisable
and payment only shall be made with respect to such Restricted Stock Unit to the extent that the applicable performance objective was
achieved, assuming the performance period ended on the date of the applicable event, or pay at target; or

 

(iii)            
provide, in a manner consistent with Section 409A of the Code, for the exchange of each Option, Stock Appreciation Right
and Restricted Stock Unit outstanding immediately prior to such event (whether or not then exercisable) (the “original awards”)
for an Option on, Stock Appreciation Right and Restricted Stock Unit with respect to, as appropriate, some or all of the property which
a holder of the number of Shares subject to such Option, Stock Appreciation Right or Restricted Stock Unit would have received and, incident
thereto, make an equitable adjustment as determined by the Committee in its sole discretion in the exercise price of the Option or Stock
Appreciation Right, or the number of shares or amount of property subject to the Option, Stock Appreciation Right or Restricted Stock
Unit, with the other terms of such Awards the same as the terms of the applicable original awards, or, if the Committee so determines
in its sole discretion, provide for a cash payment to the Grantee to whom such Option, Stock Appreciation Right or Restricted Stock Unit
was granted in partial consideration for the exchange of the Option, Stock Appreciation Right or Restricted Stock Unit.

 

(g)               
Outstanding Options, Stock Appreciation Rights and Restricted Stock Units – Other Changes.  In the
event of any change in the capitalization of the Company or a corporate event other than those specifically referred to in Sections 8.1(a)-(f)
hereof, the Committee shall, in its discretion, in a manner consistent with Section 409A of the Code, make such adjustments in the number
and class of Shares or other property subject to Options, Stock Appreciation Rights and Restricted Stock Units outstanding on the date
on which such change occurs and in the Exercise Price of each such Option and Stock Appreciation Right as the Committee may, in its sole
discretion, consider appropriate to prevent dilution or enlargement of rights.  In addition, if and to the extent the Committee,
in its sole discretion, determines it is appropriate, the Committee may elect to cancel each or any Option, Stock Appreciation Right and
Restricted Stock Unit outstanding immediately prior to such event (whether or not then exercisable), and, in full consideration of such
cancellation, pay to the Grantee to whom such award was granted an amount in cash, (A) for each Share subject to such Option or Stock
Appreciation Right, respectively, equal to the excess of (i) the Fair Market Value of a Share on the date of such cancellation over (ii)
the exercise price of such Option or Stock Appreciation Right (B) for each Share subject to such Restricted Stock Unit equal to the Fair
Market Value of a Share on the date of such cancellation.

 

8.2              
No Other Rights. Except as expressly provided in the Plan,
no Grantee shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any
increase or decrease in the number of shares of any class or any dissolution, winding-up or liquidation, merger, amalgamation 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 subject to an Award or the exercise price of any Option or Stock Appreciation Right.

 

    - 13 -

     

    

 

8.3              
Share Fractions. No fractional Shares will be issued or delivered
pursuant to the Plan or any Award, unless otherwise determined by the Company or Committee, and the Company or Committee will determine
whether cash, other securities or other property will be paid or transferred in lieu of any fractional Shares.

 

Article
IX. Miscellaneous

 

9.1              
Repricing. Notwithstanding the foregoing and except as may be permitted
under Article VIII hereof, the Committee may not, without shareholder approval, directly or indirectly reduce the Exercise Price of an
outstanding Option or Stock Appreciation Right, including (i) changing the terms of an Option or Stock Appreciation Right to reduce the
Exercise Price of such Option or Stock Appreciation Right; (ii) cancelling an Option or Stock Appreciation Right in exchange for a new
Option or Stock Appreciation Right with a lower Exercise Price, (iii) cancelling an Option or Stock Appreciation Right in exchange for
a different type of Award under the Plan that has a value that is greater than the excess of the Fair Market Value of the applicable Shares
on the date of such payment over the Exercise Price, (iv) authorizing, in lieu of the exercise or in exchange for the cancellation of
an Option or Stock Appreciation Right, the payment of cash in an amount that is greater than the excess of the Fair Market Value of the
applicable Shares on the date of such payment over the Exercise Price, or (v) taking any other action that is treated as a “repricing”
under generally accepted accounting principles, unless the cancellation and exchange occurs in connection with an adjustment permitted
under Article VIII.

 

9.2              
Transfer. Except as otherwise provided in the Plan or the Award Agreement
or as approved by the Committee in writing, (a) no Award or right granted to any person under the Plan or under any Award Agreement shall
be assignable or transferable other than by will or by the laws of descent and distribution, in accordance with the terms of such Awards
and to the extent not forfeited upon death or pursuant to a domestic relations order issued by a court of competent jurisdiction that
is not contrary to the terms and conditions of the Plan or applicable Award and in the form acceptable to the Committee; and (b) all rights
granted under the Plan or any Award Agreement shall be exercisable during the life of the Grantee only by the Grantee or the Grantee’s
legal representative.

 

9.3              
Issuance of Shares. Notwithstanding anything herein to the contrary,
the Company will not be obligated to cause to enter a Grantee’s ownership of Shares in the Company’s register of members or
branch register or to be issued or delivered any certificates evidencing Shares pursuant to the Plan unless and until the Company is advised
by its counsel that the issuance and delivery of such certificates is in compliance with all applicable law and the requirements of any
securities exchange on which Shares are traded. The Committee may require, as a condition of entry into the register of members or branch
register or the issuance and delivery of certificates evidencing Shares pursuant to the terms hereof, that the recipient of such Shares
make such covenants, agreements and representations, and that such certificates bear such legends, as the Committee, in its discretion,
deems necessary or desirable. The Committee may, in its discretion, defer the effectiveness of any exercise or settlement of an Award
in order to allow the issuance of Shares to be made pursuant to a registered transaction or pursuant to an exemption from registration
or other methods for compliance available under applicable law. The Committee will inform the Grantee in writing of its decision to defer
the effectiveness of the exercise or settlement of an Award. During the period that the effectiveness of the exercise or settlement of
an Award has been deferred, the Grantee may, by written notice to the Committee, withdraw any applicable exercise election and obtain
the refund of any amount paid with respect thereto.

 

    - 14 -

     

    

 

9.4              
 Withholding Taxes. The Company shall have the right to require payment
of applicable federal, state, local or non-U.S. taxes, including social security obligations and any amounts owed to the Company under
the Company’s Tax Equalization or Hypothetical Tax policies or specific agreements relating thereto as a condition to the exercise,
vesting or settlement of any Award. The amount determined by the Committee to be due upon the exercise, vesting or settlement of any Award,
or at any other applicable time, shall be paid in full at the time of exercise, vesting or settlement in cash or, if permitted by the
Committee, the Grantee may arrange for such payment by means of surrendering, or otherwise forfeiting 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 combination of the foregoing methods, or otherwise entering into arrangements to pay the withholding amount in a form
acceptable to the Company. The Committee may take or require such other action as may be necessary in the opinion of the Committee to
satisfy all obligations for withholding of such taxes; provided, however, that to the extent a Grantee surrenders Shares, or otherwise
forfeits or surrenders the right to require the Company to allot and issue, transfer, or deliver Shares, the number of such Shares must
equal in Fair Market Value no more than the sum of the amount of withholding due based on the withholding rate(s) applied by the Company,
in its discretion, in accordance with the applicable withholding laws and regulations in effect at the time such withholding is required,
if at all; provided, however, that with the approval of the Committee, the Grantee may elect withholding at a rate up to the maximum rate
applicable to the Grantee. If Shares subject to the Award are used as set forth above to satisfy tax or other charges, such Shares shall
be valued based on the Fair Market Value on the date as of which the amount of the tax or charges is determined. Other Shares tendered
to pay taxes or charges will be valued based on the Fair Market Value on the date received by the Company.

 

9.5              
Employer NICs. In respect of a Grantee who is resident in the United
Kingdom, the Committee may, to the extent it is lawful to do so, require that the Grantee’s Award Agreement includes the Grantee’s
irrevocable agreement that: (i) the Company may recover the whole or any part of any secondary class 1 (employer) National Insurance Contributions
from the Grantee; and (ii) at the request of the Company, the Grantee will elect (using a form approved by Her Majesty’s Revenue
and Customs) that the whole or any part of the liability for any secondary class 1 (employer) National Insurance Contributions will be
transferred to the Grantee.

 

9.6              
Requirement to Enter into Tax Election. Where a Grantee is resident
in the United Kingdom, the Committee may require the Grantee to make or enter into a valid election with his or her employer under Section
431 of the UK Income Tax (Earnings and Pensions) Act 2003 to disapply the provisions of Chapter 2 of Part 7 of that Act in respect of
any Shares awarded as Restricted Stock.

 

9.7              
Right of Discharge Reserved. Nothing in the Plan or in any Award Agreement
shall confer upon any Grantee any right with respect to continuance of employment or service by the Company Group, or interfere in any
way with any right of the Company Group to terminate the Grantee’s employment or service at any time for any reason whatsoever without
liability to the Company Group or any of its affiliates. For purposes of the Plan, a sale of any subsidiary of the Company that employs
a Grantee or for which a Grantee provides service shall be treated as the termination of such Grantee’s employment or service unless
such Grantee’s employment or service with a Company Group continues following such sale.

 

9.8              
Nature of Payments. Any and all grants of Awards and
issuances of Shares under the Plan shall be in consideration of services performed for the Company Group by the Grantee and any Shares
issued under the Plan shall be issued fully paid. All such grants and issuances shall constitute a special incentive payment to the Grantee
and shall not be taken into account in computing the amount of salary or compensation of the Grantee for the purpose of determining any
benefits under any pension, retirement, profit-sharing, bonus, life insurance or other benefit plan of any member of the Company Group
or under any agreement between any member of the Company Group and the Grantee, unless such plan or agreement specifically otherwise
provides.

 

    - 15 -

     

    

 

9.9              
Restrictions on Share Transferability. The Committee may impose such
restrictions on any grant of Options or on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including,
without limitation, restrictions under (i) any shareholders’ agreement, buy/sell agreement, right of first refusal, non-competition,
and any other agreement between the Company and any of its securities holders or employees or (ii) any applicable law. Any certificate
issued to evidence Shares issued upon the exercise of an Award may bear such legends and statements as the Committee will deem advisable
to assure compliance with applicable law.

 

9.10          
Section 409A. Awards made under the Plan are intended to be exempt
from, or to the extent not exempt, to comply with, the requirements of Section 409A of the Code so as not to be subject to tax under Section
409A, and the Plan and Award Agreements shall be interpreted accordingly.  Notwithstanding the foregoing, none of the Company
Group, the Committee, or the Board guarantee any particular tax outcome and the Grantee is solely responsible for any tax in connection
with an Award, including any tax under Section 409A of the Code. Notwithstanding anything else herein to the contrary, if the Grantee
is a “specified employee”, any payment scheduled to be made to a Grantee after the Grantee’s termination of employment
shall not be made until the first business day following the date six months after the date of the termination of employment (or, if earlier
such Grantee’s death), to the extent necessary to comply with Section 409A(a)(B)(i) and applicable Treasury Regulations.  Following
any such six-month delay, all such delayed payments will be paid in a single lump sum on the date six months after such termination of
employment. For any Awards that are nonqualified deferred compensation subject to Section 409A of the Code, any iteration of the word
 “termination” (i.e., “terminated”) with respect to a Grantee’s employment or service, shall mean a separation
from service within the meaning of Section 409A of the Code.

 

9.11          
Non-Uniform Determinations. The Committee’s determinations under
the Plan and with respect to Awards granted under the Plan need not be uniform and may be made by it selectively among persons who receive,
or who are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality
of the foregoing, the Committee shall be entitled, among other things, to make non-uniform and selective determinations, and to enter
into non-uniform and selective Award Agreements, as to (a) the persons to receive Awards under the Plan, (b) the terms and provisions
of Awards under the Plan, and (c) the treatment of leaves of absence.

 

9.12          
Notice. All notices and other communications from a Grantee to the
Committee under, or in connection with, the Plan and any Award Agreement shall be deemed to have been filed with the Committee when actually
received in the form specified by the Committee at the location, or by the person, designated by the Committee for the receipt of any
such notices and communications.

 

9.13          
Other Payments or Awards. Nothing contained in the Plan shall be deemed
in any way to limit or restrict the Company from making any Award or payment to any person under any other plan, arrangement or understanding,
whether now existing or hereafter in effect.

 

9.14          
Unfunded Status. The Plan is intended to constitute an “unfunded”
plan for incentive and deferred compensation. Although bookkeeping accounts may be established with respect to Grantees who are entitled
to cash, Shares or rights thereto under the 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 the Plan be
construed as providing for such segregation, nor shall the Company, the Board or the Committee be deemed to be a trustee of any cash,
Shares or rights thereto to be granted under the Plan. Any liability or obligation of the Company to any Grantee with respect to an Award
of cash, Shares or rights thereto under the Plan shall be based solely upon any contractual obligations that may be created by the 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, the Board or the Committee shall be required to give any security or bond for the
performance of any obligation that may be created by the Plan. With respect to the Plan and any Awards granted hereunder, Grantees are
general and unsecured creditors of the Company and have no rights or claims except as otherwise provided in the Plan or any applicable
Award Agreement.

 

    - 16 -

     

    

 

9.15          
Termination for Cause. Any rights the Company may have hereunder in
respect of the events giving rise to Cause shall be in addition to the rights the Company may have under any other agreement with a Grantee
or at law or in equity. Any determination of whether a Grantee’s employment or service with the Company Group is (or is deemed to
have been) terminated for Cause shall be made by the Committee in its sole discretion. If, subsequent to a Grantee’s voluntary termination
of employment or service or involuntary termination of employment or service without Cause, it is discovered that the Grantee’s
employment or service could have been terminated for Cause, the Committee may deem such Grantee’s employment or service to have
been terminated for Cause. A Grantee’s termination of employment or service for Cause shall be effective as of the date of the occurrence
of the event giving rise to Cause, regardless of when the determination of Cause is made.

 

9.16          
Clawback. Notwithstanding anything to the contrary contained in this
Plan or any Award Agreement, any Award shall be subject to recovery or clawback by the Company under any clawback policy adopted by any
member of the Company Group, whether before or after the date of grant of the Award.

 

9.17          
Awards to Foreign Nationals and Grantees Outside the United States and the United Kingdom. Notwithstanding
any provision of the Plan to the contrary, in order to comply, or facilitate compliance, with the applicable law or customs in other countries
in which the Company or any of its affiliates operates or has employees or to qualify for preferred tax treatment of such jurisdictions,
the Committee, in its discretion, will have the power and authority to (a) determine which affiliates will be covered by the Plan;
(b) determine which persons employed outside the United States and United Kingdom are eligible to participate in the Plan; (c) amend or
vary the terms and provisions of the Plan and the terms and conditions of any Award granted to persons who reside outside the United States
and United Kingdom; (d) establish subplans and modify exercise procedures and terms and procedures to the extent such actions are
deemed to be necessary or advisable; and any such subplans and modifications to the terms and procedures of the Plan that are established
under this Section 9.17 will be attached to the Plan document as appendices or annexes; and (e) take any action, before or after an Award
is made, that it deems advisable to obtain or comply with any applicable law or regulatory exemptions or approvals.

 

9.18          
Consent to Holding and Processing of Personal Data. Participants and
eligible Employees acknowledge that personal data in relation to them may be held by the Company, any subsidiary, their employer, and/or
any trustee and passed onto a third-party broker, registrar, advisor, administrator and/or future purchaser of the Company or any subsidiary
for the operation or administration of the Plan. The Company is the data controller in relation to this processing of personal data for
the purposes of applicable data protection laws. Further information about how the Company processes personal data of key persons is set
out in the Company’s privacy notice, available by contacting the Company’s Human Resources Department at HRSC@valaris.com.

 

9.19          
Headings. Any article, section, subsection, paragraph or other subdivision
headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define the contents
of such subdivisions.

 

    - 17 -

     

    

 

9.20          
 Successors and Assigns. The Plan and any applicable Award Agreement(s)
shall be binding on all successors and permitted assigns of a Grantee, including, without limitation, the estate of such Grantee and the
executor, administrator or trustee of such estate

 

9.21          
Survival of Terms; Conflicts. The provisions of the Plan shall survive
the termination of the Plan to the extent consistent with, or necessary to carry out, the purposes thereof. To the extent of any conflict
between the Plan and any Award Agreement, the Plan shall control; provided, however, that any Award Agreement may impose
greater restrictions or grant lesser rights than the Plan.

 

9.22          
Effective Date and Term of Plan. The Plan was adopted by the Board
on _____, 2021. Unless sooner terminated by the Board, the Plan shall terminate on _____, 2031, the tenth anniversary of the adoption
of the Plan.  No Awards shall be made under the Plan after either such date, as applicable. All Awards made under the Plan prior
to its termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions
of the Plan and the applicable Award Agreements.

 

9.23          
Governing Law. Except to the extent preempted by any applicable federal
law, the Plan will be construed and administered in accordance with the laws of Texas.

 

9.24          
Construction. Neither the Plan nor any Award Agreement shall be construed
or interpreted with any presumption against the Company by reason of the Company causing the Plan or any Award Agreement to be drafted.
Whenever from the context it appears appropriate, any term stated in either the singular or plural shall include the singular and plural,
and any term stated in the masculine, feminine or neuter gender shall include the masculine, feminine and neuter. Unless otherwise stated,
references to Sections and Articles (as the case may be) are to sections and articles (respectively) of this Plan.

 

    - 18 -

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