Document:

Exhibit

ENSCO PLC 2018 LONG-TERM INCENTIVE PLAN
NON-EMPLOYEE DIRECTOR
NOTICE AND ACCEPTANCE OF RESTRICTED SHARE UNIT AWARD
You have been granted the following award (the "Award") of Restricted Share Units ("RSUs") and Dividend Equivalent Rights pursuant to the Ensco plc 2018 Long-Term Incentive Plan (the "Plan"). The value of each RSU represents the fair market value of one restricted Class A ordinary share, nominal value US$0.10 per share, in Ensco plc (the "Company").
Name of Grantee:                     (the "Grantee")
Total Number of RSUs Granted:                
An equivalent number of tandem Dividend Equivalent Rights are granted in conjunction with the grant of RSUs.
Date of Grant:                      
Vesting Schedule:    
	
		
	Vesting Date
	  Number of
Vested RSUs

	_______________
	_______________

	_______________
	_______________

	_______________
	_______________

	Total
	_______________

The terms of the Award referenced herein are subject to the provisions of both this Notice and Acceptance of Restricted Share Unit Award (the "Grant Notice") and the attached Non-Employee Director Restricted Share Unit Award Agreement Terms and Conditions (including any applicable country-specific provisions contained in the Appendix attached thereto) (the "Terms and Conditions," and together with this Grant Notice, the "Agreement"), and the Plan.  Capitalized terms not otherwise defined in the Agreement shall have the meanings given to them given to them in the Plan.
The Terms and Conditions are provided herewith.  The Plan and Plan prospectus are available to you through the Corporate Compensation Department in Houston and may be accessed on the Merrill Lynch Benefits OnLine® website.  
Any income resulting from the issuance of Shares with respect to vested RSUs, and the payment of an amount equal to any dividend or other distribution on the Company’s Shares, are subject to the Plan’s withholding provisions.
You must continue as a director of the Company in order to become vested in the RSUs subject to the Agreement and to any payment under the Award.  Any RSUs subject to the Agreement that have not vested under the Vesting Schedule will be forfeited if and when you cease to be a director of the Company.  The forfeiture restrictions applicable to the RSUs subject to this Award are subject to automatic waiver and earlier vesting under specified circumstances.  Furthermore, the value of the benefits and payments received within one year before or after the termination of your directorship are subject to the "Return of Proceeds" 

provisions which apply to these grants in the event you engage in competitive activity within the one-year period following your termination, as further described in Section 8 of the Terms and Conditions.
By signing this Grant Notice, you hereby agree to accept the above Award pursuant to the provisions of the Plan and the Agreement.
ACCEPTED AND AGREED

By:                             
Printed Name:                     
Date:                              

ENSCO PLC 2018 LONG-TERM INCENTIVE PLAN
NON-EMPLOYEE DIRECTOR
RESTRICTED SHARE UNIT AWARD AGREEMENT
TERMS AND CONDITIONS
Ensco plc, a public limited company incorporated under the laws of England and Wales (the "Company"), has adopted the Ensco plc 2018 Long‐Term Incentive Plan (As Effective May 21, 2018) (the "Plan").  The Plan is hereby incorporated herein in its entirety by this reference.  Capitalized terms not otherwise defined in the Agreement shall have the meaning given to such terms in the Plan.  In furtherance of the purposes of the Plan, and pursuant thereto, the Award of RSUs and Dividend Equivalent Rights has been granted under to the Plan to the Grantee as described in the Grant Notice, which must be executed by the Grantee by the date specified therein to reflect the Grantee’s acceptance of the Award and the terms of the Agreement.  The Company and Grantee may be individually referred to herein as "Party" or collectively as "Parties".
		
	1.
	Grant of RSUs and Tandem Dividend Equivalent Rights.  Subject to the terms, conditions and restrictions set forth in the Plan and those specified herein, the Company hereby grants the number of Restricted Share Units ("RSUs") and tandem Dividend Equivalent Rights specified in the Grant Notice to Grantee (the RSUs together with the Dividend Equivalent Rights are the "Award").  Subject to Section 3(d) hereof, each RSU shall initially represent one share of the Company’s Common Stock ("Share").  Each RSU represents an unsecured promise of the Company to deliver Shares to Grantee pursuant to the terms and conditions of the Plan and the Agreement.  Each tandem Dividend Equivalent Right represents a right to receive cash payments equivalent to the amount of cash dividends declared and paid on one share of Common Stock after the Grant Date and before the Dividend Equivalent Right expires.  RSUs and Dividend Equivalent Rights are used solely as units of measurement, and are not Shares; Grantee is not, and has no rights as, a shareholder of the Company by virtue of receiving the Award unless and until the RSUs are converted to Shares upon vesting and transferred to Grantee, as set forth herein.  The Dividend Equivalent Rights have been awarded to Grantee in respect of services to be performed by Grantee exclusively in and after the year containing the Grant Date. 

		
	2.
	Transfer Restrictions.  Grantee shall not sell, assign, transfer, exchange, pledge, encumber, gift, devise, hypothecate or otherwise dispose of (collectively, "Transfer") any RSUs or Dividend Equivalent Rights granted hereunder.  Any purported Transfer of RSUs or Dividend Equivalent Rights in breach of the Agreement shall be void and ineffective, and shall not operate to Transfer any interest or title in the purported transferee.

		
	3.
	Vesting and Payment of RSUs and Dividend Equivalent Rights.

		
	(a)
	Vesting of RSUs and Dividend Equivalent Rights.  Subject to these terms and conditions, Grantee’s interest in the RSUs and tandem Dividend Equivalent Rights granted hereunder shall vest on each vesting date set out in the Grant Notice (the "Vesting Date"), provided that Grantee is still a Non-Employee Director and has continuously been a Non-Employee Director from the Grant Date through the Vesting Date, except as provided in Section 4. All RSUs that do not become vested as of the end of the vesting period shall be forfeited.  Any Dividend Equivalent Right subject to the Agreement shall expire at the time the RSU with respect to which the Dividend Equivalent Right is in tandem (i) is vested and paid or, to the extent permitted by the laws of the applicable jurisdiction, deferred, (ii) is forfeited, or (iii) expires. 

		
	(b)
	Settlement of RSUs.  As of each Vesting Date, the Grantee shall become entitled to (i) the number of Shares which have become vested as determined in accordance with Section 3(a) 

and Section 4, as adjusted in accordance with Section 3(d), if applicable, or alternatively, in the Board’s sole discretion, (ii) a lump sum payment with an equivalent cash value to the shares described in clause (i).  All Shares (or equivalent cash payment) delivered to or on behalf of Grantee in exchange for vested RSUs shall (i) be delivered on or prior to the Settlement Date following the Vesting Date, and (ii) if applicable, Shares shall be subject to any further transfer or other restrictions as may be required by a securities law or other applicable law as determined by the Company.  For purpose of the Agreement, the "Settlement Date" shall be any business day within the sixty (60) day period immediately following each Vesting Date

		
	(c)
	Payment of Dividend Equivalent Rights.  Payments with respect to any Dividend Equivalent Rights subject to the Agreement shall be paid or issued at the same time as such dividends or other distributions are paid or issued on Shares, and not more than sixty (60) days after that payment or issuance date.  All rights with respect to, or in connection with, the RSUs shall be exercisable during Grantee’s lifetime only by Grantee.  Any equivalent amount paid or issued to the Grantee at the same time as dividends or other distributions are paid or issued on Shares shall be provided to compensate Grantee for the fact that actual dividends or other distributions are not paid or issued with respect to the Shares subject to this Agreement until the applicable Vesting Date; accordingly, such amount shall be considered earnings from Grantee’s directorship and shall not constitute actual dividends or other distributions.

		
	(d)
	Dividends, Splits and Voting Rights.  As provided in the Plan, if the Company (i) declares a stock dividend or makes a distribution on Common Stock in Shares, (ii) subdivides or reclassifies outstanding Shares into a greater number of Shares, or (iii) combines or reclassifies outstanding Shares into a smaller number of Shares, then the number of RSUs granted under the Agreement shall be proportionately increased or reduced, as applicable, so as to prevent the enlargement or dilution of Grantee’s rights and duties hereunder.  The determination of the Committee regarding such adjustments shall be final and binding

		
	4.
	Accelerated Vesting and Forfeiture Events.

		
	(a)
	Termination of Directorship Due to Death, Disability or Retirement.  If Grantee’s directorship is terminated (i) due to Grantee’s death or Disability (as defined in the Plan), or (ii) by Grantee due to retirement other than for Cause and with the consent of the Board, all of the then unvested RSUs and tandem Dividend Equivalent Rights shall become immediately 100% vested as of such termination of directorship date, which shall be considered the Vesting Date hereunder with respect to such unvested RSUs and tandem Dividend Equivalent Rights.  Notwithstanding the foregoing, in no event will Grantee be considered to have terminated Grantee’s directorship due to retirement for purposes of this Agreement unless the date of Grantee’s termination of directorship is at least one (1) year after the Grant Date.  

		
	(b)
	Termination Due to Cause.  If Grantee’s directorship is terminated for Cause (as defined in the Plan), all of the then outstanding RSUs and tandem Dividend Equivalent Rights, whether or not vested, shall be immediately forfeited and cancelled as of such termination of directorship date, and shall not vest or be paid in any respect, without the necessity of any notice or other further action.

		
	(c)
	Other Terminations.  If Grantee’s directorship is terminated for any reason except as otherwise provided above in this Section 4, all of the then unvested RSUs shall be immediately forfeited and cancelled as of the termination of directorship date, and shall not vest in any respect, without the necessity of any notice or other further action. 

		
	(d)
	Equity Restructuring - dissolution or liquidation. Notwithstanding anything to the contrary in the Plan, in the event of an Equity Restructuring that takes the form of a liquidation or dissolution of the Company, the RSUs will, unless the Committee otherwise determines, vest in full on the day falling 30 days prior to the date on which that Equity Restructuring takes effect.

		
	(e)
	Equity Restructuring - other.  An Equity Restructuring may, if the Committee so determines, include a sale, pursuant to any agreement with the Company, of securities of the Company pursuant to which the Company is or becomes a wholly-owned subsidiary of another company after the effective date of the sale.  In any event, if an Equity Restructuring (other than a dissolution or liquidation) occurs, the Committee may determine that the RSUs will be assumed by the purchasing or surviving entity, or that they may otherwise be converted into awards over stock in the surviving entity or purchaser. Otherwise, RSUs will vest in full on the day falling 30 days prior to the date on which that Equity Restructuring takes effect.

		
	5.
	Grantee’s Representations.  Notwithstanding any provision hereof to the contrary, Grantee hereby agrees and represents that Grantee will not acquire any Shares, and that the Company will not be obligated to issue any Shares to Grantee hereunder, if the issuance of such Shares constitutes a violation by Grantee or the Company of any law or regulation of any governmental authority.  Any determination in this regard that is made by the Committee, in good faith, shall be final and binding.  The rights and obligations of the Company and Grantee hereunder are subject to all applicable laws and regulations.

		
	6.
	Tax Consequences; No Advice Regarding Grant.  The vesting of the RSUs, the issuance of Shares (or payment of the cash equivalent) with respect to vested RSUs, and the payment of an amount equal to any dividend or other distribution on the Shares will have tax consequences if the Grantee is subject to U.S. federal taxation under the U.S. Internal Revenue Code (“Code”).  The grant of RSUs, the vesting of RSUs, the issuance of Shares (or payment of the cash equivalent) with respect to RSUs, and the payment of an amount equal to any dividend or other distribution on the Shares, may also have tax consequences for Participants who are subject to taxation in other jurisdictions.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding participation in the Plan or the acquisition or sale of the Shares that may be issued under the Agreement.  

GRANTEE IS HEREBY ADVISED TO CONSULT WITH GRANTEE’S OWN PERSONAL TAX, LEGAL AND FINANCIAL ADVISERS REGARDING GRANTEE’S PARTICIPATION IN THE PLAN AND ANY TAX OR OTHER CONSEQUENCES ASSOCIATED WITH THIS AWARD.   

		
	7.
	Tax Withholding.  To the extent that the receipt of Shares hereunder results in compensation income to Grantee for foreign or domestic federal, state or local income tax purposes that is subject to a tax withholding obligation by the Company, Grantee shall deliver to Company at such time the sum that the Company (or an Affiliate) requires to meet its tax withholding obligations under applicable law or regulation, and, if Grantee fails to do so, the Company (or an Affiliate), in accordance with the Plan, is authorized to (a) withhold from the Shares to be issued pursuant to the Agreement, a number of Shares with an aggregate Fair Market Value as of the date the withholding is effectuated that would satisfy the applicable withholding amount; (b) withhold from any cash or other remuneration, then or thereafter payable to Grantee (including any Fair Market Value equivalent cash payment in lieu of Shares) any tax that is required to be withheld; or (c) sell such number of Shares before their transfer to Grantee as is appropriate to satisfy such tax withholding requirements, before transferring the resulting net number of Shares to Grantee in satisfaction of its obligations under the Agreement.  Dividend Equivalent Right payments shall be subject to withholding for taxes to the extent required for the Company (or an Affiliate) to meet its tax withholding obligations with respect to such cash payments under applicable law or regulation.  In the absence of any election by Grantee, (i) if payment 

is to be made in Shares, any withholding obligation shall be satisfied pursuant to clause (a) above, and (ii) if payment is to be made as a cash equivalent lump sum payment, any withholding obligation shall be satisfied pursuant to clause (b) above. 

To the extent that Grantee is subject to withholding of federal, state, or local income taxes and/or other taxes or social insurance contributions in connection with this Agreement (the "Tax Related Items"), Grantee shall, at such time as the value of any Shares or other amounts received pursuant to the Agreement first becomes includable in the gross income of Grantee for such Tax-Related Items, or the time that a withholding obligation arises for the Company with respect to the Agreement, as applicable, pay to the Company (or its designee), or make arrangements satisfactory to the Board (or its designee) regarding payment of such Tax-Related Items required to be withheld with respect to such income and, if applicable, any amounts owed to the Company under its tax equalization or hypothetical tax policies or specific agreements relating thereto.  
Regardless of any action the Company takes with respect to the Tax-Related Items, Grantee acknowledges that the ultimate liability for all Tax-Related Items is and remains Grantee’s responsibility and may exceed the amount actually withheld by the Company (if any).  Grantee further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of Tax-Related Items in connection with any aspect of this Agreement, including, but not limited to, the grant or vesting of the RSUs, the receipt of an amount equal to any dividend or other distribution on the Shares during the Restriction Period, the issuance of Shares (or payment of the cash equivalent) with respect to vested RSUs, the receipt of any dividends or other distribution on Shares issued pursuant to this Agreement, and the subsequent sale of any Shares acquired pursuant to this Agreement; and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Agreement to reduce or eliminate Grantee’s liability for Tax-Related Items or achieve any particular tax result.
The Company may refuse to issue the Shares (or pay the cash equivalent) upon vesting of the RSUs or make any payment under the Agreement if Grantee fails to comply with Grantee’s obligations in connection with Tax-Related Items.
		
	8.
	Return of Proceeds.  If (a) Grantee engages in an activity that competes with the business of the Company or any of its Subsidiaries within one (1) year after (i) Grantee resigned or otherwise voluntarily terminated from Grantee’s position as a Non-Employee Director, or (ii) Grantee’s status as a Non-Employee Director was terminated by the Board for Cause (either such event constituting a "Termination" for purposes of this Section 9), and (B) RSUs held by Grantee had vested and become payable within one (1) year of the date of Termination; then Grantee shall remit to the Company (or its designee), within five (5) business days of receipt of written demand therefor, an amount in good funds equal to the sum of (i) the Fair Market Value of the Shares issued in the settlement of the RSUs pursuant to this Agreement, if any, computed as of the date of issuance of such Shares, and (ii) the lump sum cash payment received by the Grantee pursuant to this Agreement, if any.

		
	9.
	Code Section 409A Compliance.  It is the intention of the Parties that the Agreement is written and administered, and will be interpreted and construed, in a manner such that no amount under the Agreement becomes subject to (a) gross income inclusion under Code Section 409A or (b) interest and additional tax under Code Section 409A (collectively, "Section 409A Penalties"), including, where appropriate, the construction of defined terms to have meanings that would not cause the imposition of the Section 409A Penalties.  Accordingly, Grantee consents to any amendment of the Agreement which the Company may reasonably make in furtherance of such intention, and the Company shall promptly provide, or make available to, Grantee a copy of such amendment.  Further, to the extent that any terms of the Agreement are ambiguous, such terms shall be interpreted as necessary to comply with Code Section 409A, or an exemption under Code Section 409A, when applicable.

Notwithstanding any provision of the Agreement to the contrary, if any benefit provided hereunder would be subject to Section 409A Penalties because the timing of such benefit is not delayed as required by Code Section 409A for a "specified employee" (as defined under Code Section 409A), then if Grantee is on the applicable date a specified employee, any such benefit that Grantee would otherwise be entitled to receive during the first six months following Grantee's "separation from service" (as defined under Code Section 409A) shall be accumulated and paid, within ten (10) days after the date that is six months following Grantee’s date of "separation from service," or such earlier date upon which such benefit can be provided under Code Section 409A without being subject to the Section 409A Penalties such as, for example, upon Grantee’s death.
		
	10.
	Data Privacy.  Grantee hereby acknowledges that Grantee’s personal data as described in the Agreement and any other Award materials, may be collected, used and/or transferred in electronic or other form by and among, as applicable, the Company and its Affiliates, for the exclusive purpose of implementing, administering and managing Grantee’s participation in the Plan.  Grantee understands that the Company may hold certain personal information about Grantee, including, but not limited to, Grantee’s name, home address and telephone number, date of birth, social insurance number or other identification number, compensation, job title, any shares or directorships held in the Company or an Affiliate, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Grantee’s favor, for the exclusive purpose of implementing, administering and managing the Plan (individually and collectively, "Data").  

Grantee understands that Data will be transferred to Merrill Lynch and Computershare or such other stock plan service providers as may be selected by the Company in the future, which are assisting the Company with the implementation, administration and management of the Plan. In addition, Data may be transferred to the trustee of any trust established in connection with the Plan.  Grantee understands that the recipients of Data may be located in the United States or elsewhere, and that the recipients’ country may have different data privacy laws and protections than Grantee’s country.  If Grantee resides outside the United States, Grantee understands that Grantee may request a list with the names and addresses of any potential recipients of Data by contacting the Company’s Corporate Compensation Department in Houston, Texas.  Grantee authorizes the Company, Merrill Lynch, Computershare and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing Grantee’s participation in the Plan.  Grantee understands that Data will be held only as long as is necessary to implement, administer and manage Grantee’s participation in the Plan.  If Grantee resides outside the United States, Grantee understands that Grantee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data, or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Corporate Compensation Department in Houston.
		
	11.
	Electronic Delivery and Participation.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

		
	12.
	Miscellaneous.

		
	(a)
	No Fractional Shares.  All provisions of the Agreement concern whole Shares.  If the application of any provision hereunder would yield a fractional Share, such fractional Share shall be rounded up to the next whole Share.

		
	(b)
	Directorship Relationship.  For purposes of this Agreement, Grantee shall be considered to be a Non-Employee Director of the Company as long as Grantee continues performing Services as a Non-Employee Director and the relationship between Grantee and the Company is not the legal relationship of employer and employee within the meaning of Section 3401(c) of the Code or according to local law in any non-U.S. jurisdiction, as applicable.  Any question as to whether and when there has been a termination of such continuous Services as a Non-Employee Director of the Company for purposes of this Agreement, and the cause of such termination for purposes of this Agreement, shall be determined by the Board (as comprised with the recusal of Grantee), and its determination shall be final, conclusive and binding.

		
	(c)
	No Directorship Rights.  No provision of the Agreement or the Plan shall be construed to give Grantee any right to remain a Non-Employee Director of the Company, or to continue to provide Services as such a Non-Employee Director, or in any manner to affect the right of the Board or the Company’s stockholders to terminate Grantee’s Services at any time, with or without Cause.

		
	(d)
	Notices.  Any notice, instruction, authorization, request or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by telegram, telex, telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the Company at its then current main corporate address (Attention: Corporate Secretary), and to Grantee at his address indicated on the Company’s records, or at such other address and number as a Party has previously designated by written notice given to the other Party in the manner hereinabove set forth.  Notices shall be deemed given when received, if sent by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested.

		
	(e)
	Amendment, Termination and Waiver.  The Agreement may be amended, modified, terminated or superseded only by written instrument executed by or on behalf of the Company and by Grantee.  Any waiver of the terms or conditions hereof shall be made only by a written instrument executed and delivered by the Party waiving compliance.  Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company who is not the Grantee.  The failure of any Party at any time or times to require performance of any provisions hereof shall in no manner affect the right to enforce the same.  No waiver by any Party of any term or condition herein, or the breach thereof, in one or more instances shall be deemed to be, or construed as, a further or continuing waiver of any such condition or breach or a waiver of any other condition or the breach of any other term or condition.

		
	(f)
	Severability.  It is the desire of the Parties hereto that the Agreement be enforced to the maximum extent permitted by law, and should any provision contained herein be held unenforceable by a court of competent jurisdiction, the Parties hereby agree and consent that such provision shall be reformed to create a valid and enforceable provision to the maximum extent permitted by law; provided, however, if such provision cannot be reformed, it shall be deemed ineffective and deleted herefrom without affecting any other provision of the Agreement.  The Agreement should be construed by limiting and reducing it only to the minimum extent necessary to be enforceable under then applicable law.

		
	(g)
	Governing Law; Jurisdiction.  All matters or issues relating to the interpretation, construction, validity, and enforcement of the Agreement shall be governed by the laws of England and Wales, without regard to conflict of laws principles.  

		
	(h)
	Imposition of Other Requirements.  The Company reserves the right to (i) impose other requirements regarding participation in the Plan, with respect to the Agreement and on any Shares acquired under the Plan, to the extent that the Company determines it is necessary or advisable in order to (A) comply with Applicable Laws, including, the country where Grantee resides, or (B) facilitate the administration of the Plan, and (ii) require Grantee to sign any additional agreements or undertakings that are reasonably necessary to accomplish the foregoing.

		
	(i)
	Grantee’s Acknowledgment.  Grantee represents and acknowledges that (i) Grantee is knowledgeable and sophisticated as to business matters, including the subject matter of the Agreement, (ii) Grantee has read the Agreement and understands its terms and conditions, (iii) Grantee has had ample opportunity to discuss the Agreement with Grantee's legal counsel, if so desired, prior to execution of the Agreement, and (iv) no strict rules of construction shall apply for or against the drafter of the Agreement or any other Party.

		
	(j)
	Survival of Certain Provisions.  Wherever appropriate to the intention of the Parties, the respective rights and obligations of the Parties hereunder shall survive any termination or expiration of the Agreement or the termination of Grantee’s directorship.

		
	(k)
	Successors and Assigns.  The Agreement shall bind, be enforceable by, and inure to the benefit of, the Parties and their permitted successors and assigns as determined under the terms of the Agreement and the Plan.

		
	(l)
	Counterparts.  The Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.  

		
	(m)
	Plan Documents.  Grantee may obtain a copy of the Plan on the Merrill Lynch Benefits Online® website or by contacting the Corporate Compensation Department in Houston.

		
	(n)
	Interpretive Matters.  In the interpretation of the Agreement, except where the context otherwise requires:

		
	(i)
	The headings used in the Agreement headings are for reference purposes only and will not affect in any way the meaning or interpretation of the Agreement;

		
	(ii)
	The terms "including" and "include" do not denote or imply any limitation;

		
	(iii)
	The conjunction "or" has the inclusive meaning "and/or";

		
	(iv)
	The singular includes the plural, and vice versa, and each gender includes each of the others;

		
	(v)
	Reference to any statute, rule, or regulation includes any amendment thereto or any statute, rule, or regulation enacted or promulgated in replacement thereof; and

		
	(vi)
	The words "herein," "hereof," "hereunder" and other compounds of the word "here" shall refer to the entire Agreement and not to any particular provision.Exhibit 10.1

 

TRANSITION AND SEPARATION AGREEMENT

 

This Transition and Separation
Agreement (the “Agreement”) is entered into by and between Thomas W. Farley (“Employee”) and Intercontinental
Exchange Holdings, Inc., a wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”, and collectively with
Intercontinental Exchange Holdings, Inc., the “Company”).

 

WHEREAS, Employee and the
Company are parties to an Employment Agreement dated as of June 19, 2012 (the “Employment Agreement”); and

 

WHEREAS, it has been determined
that Employee’s employment with the Company shall end; and

 

WHEREAS, Employee and the
Company wish to memorialize in writing the terms upon which the employment relationship is ending;

 

THEREFORE, Employee and
the Company agree as follows:

 

1.           Date
of Separation. Employee’s employment with the Company and all affiliated companies shall end effective as of February
22, 2019 (the “Separation Date”).

 

2.           Transitional
Employment Period. In exchange for Employee’s execution and non-revocation of this Agreement, and Employee’s compliance
with its terms and conditions, the Company and Employee agree to the following:

 

(a)          The
Company shall continue to employ Employee for a period from the Effective Date (defined in Section 17 below) to the Separation
Date (the “Employment Term”). Employee’s employment shall remain “at-will,” subject to the terms
of this Agreement and the Employment Agreement (as modified or amended herein), and a termination of Employee’s employment
(by either party) shall not constitute a breach of this Agreement. In the event that Employee’s employment with the Company
terminates prior to the Separation Date for any reason, the Employment Term will end on Employee’s date of termination and
that date will be the Separation Date for all purposes of this Agreement.

 

(b)          Employee
shall be paid a 2018 performance year annual bonus in the gross amount of $493,000, provided that Employee has not materially breached
this Agreement as of the date that such bonus is paid (which shall be the date, expected to be in early February 2019, that annual
bonuses are generally paid to other employees of the Company) (the “2018 Bonus”). Employee acknowledges and agrees
that during and after the Employment Term he shall not be entitled to any bonus compensation other than the 2018 Bonus (including,
for the avoidance of doubt, any annual performance bonus in relation to the 2019 performance year), and Employee hereby waives
any and all rights to additional bonus compensation including as provided in Section 3.2 of the Employment Agreement. In the event
that the Company terminates Employee’s employment without Cause (as defined in the Employment Agreement) prior to February
22, 2019, then provided that Employee timely signs and does not revoke the Separation Waiver and Release appended to this Agreement,
Employee will be entitled to the 2018 Bonus (and will receive no other compensation, severance pay, separation entitlements or
other termination benefits pursuant to this Agreement, the Employment Agreement or otherwise).

 

     

     

    

 

(c)          Employee’s
previously granted equity awards shall continue to vest during the Employment Term in accordance with the terms of the applicable
equity incentive plan document and any applicable equity grant agreement(s). For the avoidance of doubt, unless Employee is terminated
for Cause, Employee’s vested stock options shall remain exercisable for 60 days following termination of his employment.
Employee acknowledges and agrees that during the Employment Term he shall not be entitled to the grant of, and will not receive,
any additional equity awards. Employee hereby waives any and all rights to additional equity awards including as provided in Section
3.3 of the Employment Agreement; and Employee acknowledges that, as of the Separation Date, all unvested portions of any previously
granted equity awards shall be forfeited.

 

(d)          Except
as otherwise provided herein, during the Employment Term, Employee will continue to be entitled to participate in Company employee
benefit plans. Effective June 1, 2018, Employee’s base annual salary shall be $12,000. All compensation paid to Employee,
whether pursuant to this paragraph or otherwise, shall be subject to applicable tax withholdings and payroll deductions.

 

(e)          Employee
Benefits Upon Separation. Employee shall be entitled to the following employee benefits upon separation of employment regardless
of whether Employee signs this Agreement:

 

(i)          Group
Health Insurance Coverage. Upon employee’s separation from employment with the Company, in accordance with the terms
of the applicable plans, Employee may elect to continue group health insurance coverage(s) at Employee’s own expense pursuant
to COBRA and in accordance with the group health insurance plan. Additional information about continuation coverage under COBRA
will be provided to Employee separately.

 

(ii)         Accrued
Vacation. Employee shall be entitled to additional pay for accrued but unused vacation time (subject to company policy and
applicable law). The payment for accrued vacation shall be made in a lump sum, subject to all applicable tax withholdings, in the
first regular payroll period following Employee’s actual separation date (unless required by law to be paid earlier).

 

(iii)        Long-term
Incentive Compensation. Except as provided otherwise in this Agreement, the term of exercise any stock options, restricted
stock units (“RSU’s”), or other forms of equity previously issued to Employee by the Company shall be governed
by the terms of the applicable equity incentive plan document and any applicable equity grant agreement(s).

 

(iv)        Qualified
Retirement Plan. Employee shall be eligible for distribution of any vested account balance under any qualified retirement plan
(such as a 401(k) plan) sponsored by the Company, pursuant to the terms and conditions of applicable plan documents.

 

    	 	Page 2 of 9	 

     

    

 

(v)         Other
benefits. Except as otherwise expressly stated herein or as otherwise required by law, Employee shall cease to participate
in all employee benefits, plans, policies and practices provided by the Company.

 

3.           Continuing
Performance. During the period of the Employment Term through May 31, 2018, Employee shall devote all of Employee’s time
and attention during usual business hours to the satisfactory performance of Employee’s pre-existing duties for the Company
in accordance with Section 2.2 of the Employment Agreement; provided, however, that May 25, 2018 shall be the last day on which
Employee is required to report to work at the Company’s facilities. Effective June 1, 2018: (a) Employee’s title shall
be Advisor to the Chief Executive Officer (reporting to the Chief Executive Officer); (b) Employee’s job responsibilities
shall be limited to providing advisory services on strategic, market and regulatory matters to one or more of the Chief Executive
Officer, the President of ICE, and the Vice Chairman of ICE (and/or their delegees); (c) Employee shall perform such services as
and when requested, upon reasonable notice to Employee, from remote locations by email and/or telephone (and from time to time,
upon the advance direction of the Company, at the Company’s facilities or other locations), as mutually determined by Employee
and the Company; (d) Employee shall not have regular access to the Company’s corporate networks, systems, or facilities;
(e) Employee shall not participate in or retain authority regarding the management or operations of the Company; (f) Employee shall
not acquire or have access to any Confidential Information (as such term is defined in Section 5.3(b) of the Employment Agreement);
and (g) Employee shall cease to be an officer (of any kind) of the Company, and shall be deemed to have resigned from any officer
or director positions within any Company subsidiary or affiliate held by Employee prior to such date. Nothing in this Agreement
(including without limitation in this Section 3 or Section 2 above) shall constitute an event of Good Reason (as such term is defined
in Section 4.2(f) of the Employment Agreement), and Employee specifically waives any and all rights under the Employment Agreement
arising upon an event of Good Reason or a termination by the Company without Cause (except as expressly provided in Section 2(b)
above).

 

4.           Execution
and Waiver. In exchange for Employee’s timely execution and non-revocation of this Agreement, and timely execution and
non-revocation of the appended Separation Waiver and Release on or within 7 days following the Separation Date, the Company agrees
to provide the benefits described above, including without limitation the offer of continued employment through the Separation
Date (subject to the terms and conditions of this Agreement). Employee waives any and all rights to any compensation upon or relating
to termination pursuant to the Employment Agreement or otherwise (including without limitation any compensation, equity vesting,
or other benefits described in Section 4 of the Employment Agreement).

 

    	 	Page 3 of 9	 

     

    

 

5.           Cooperation.
As further consideration for the covenants set forth herein, Employee hereby agrees to cooperate fully with any lawyer, law firm,
or consultant that the Company designates with respect to any litigation, deposition, hearing, arbitration, or other proceeding,
in any jurisdiction (including, but not limited to, support of the Company’s, or that of any of its affiliates’, position
in defending any lawsuits or claims concerning which Employee has knowledge, or audits, investigations, lawsuits, complaints or
proceedings by government entities of state or federal law compliance) where the legal or financial interests of the Company or
any of its affiliates are at issue. Employee further covenants that, except with respect to an investigation or proceeding conducted
by a governmental entity, Employee will (i) contact the Company promptly in the event that Employee is served with or notified
in writing of any subpoena, notice or other instruction directing Employee to appear, or produce documents or other information,
in any legal proceeding involving the Company or any of its affiliates, and (ii) will make no such appearance or disclosure, unless
required by law, until the Company has had a reasonable opportunity to contest the right of the requesting person or entity to
such appearance or disclosure. The Company shall reimburse Employee for reasonable travel expenses and other reasonable out-of-pocket
expenses (including fees and expenses of counsel and other experts) associated with Employee’s compliance with the obligations
in this paragraph.

 

6.           General
Release by the Employee.

 

(a)          Release.
Employee, on behalf of himself and Employee’s spouse, heirs, executors, administrators, assigns, insurers, attorneys and
other persons or entities, acting or purporting to act on Employee’s behalf (collectively, the “Employee Parties”),
does hereby irrevocably and unconditionally release, acquit and forever discharge the Company and its subsidiaries, parent and
sister companies, affiliates, predecessors, successors and assigns, and the present and former directors, officers, employees,
partners, members, representatives, agents, shareholders, attorneys and insurers of any of them (collectively, the “Company
Parties”), from any and all actions, causes of action, suits, claims, charges, obligations, rights, entitlements, liabilities,
debts, demands, allegations, contentions, damages, judgments, levies and executions of any kind (collectively, “Claims”),
whether in law or in equity, known, unknown or unforeseen, vested or contingent, which the Employee Parties have or may have against
the Company Parties, including all Claims by reason of, arising out of, related to, or resulting from Employee’s employment
with the Company or the termination thereof, existing as of the Effective Date.

 

(b)          Specific
Types of Claims Included in Release. Without limiting the generality of the foregoing, this Agreement is intended to and shall
release the Company Parties from any and all Claims, whether known, unknown or unforeseen, vested or contingent, which the Employee
Parties ever had, now have, or may have against the Company Parties arising out of Employee’s employment and/or separation
from employment, including, but not limited to: (i) any Claim under Title VII of the Civil Rights Act of 1964, the Civil Rights
Act of 1991, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974 (excluding Claims for accrued,
vested benefits under any employee benefit or pension plan of the Company Parties subject to the terms and conditions of such plan
and applicable law), the Family and Medical Leave Act, the Fair Labor Standards Act, the Worker Adjustment Retraining and Notification
Act, the Older Workers Benefit Protection Act of 1990, and the Age Discrimination in Employment Act of 1967 (“ADEA”);
(ii) any other Claim (whether based on any federal, state, or local law, statutory or decisional, or regulation) relating to or
arising out of Employee’s employment, the terms and conditions of such employment, the termination of such employment, and/or
any of the events relating directly or indirectly to or surrounding the termination of that employment, including but not limited
to breach of contract (express or implied), tort and other common law Claims, wrongful discharge, retaliation, detrimental reliance,
defamation, libel, slander, emotional distress or compensatory or punitive damages; and (iii) any Claim for attorneys’ fees,
costs, disbursements and/or the like. With respect to unknown Claims, Employee expressly waives (and understands the significance
of doing so) all rights Employee might have under any law that is intended to protect Employee from waiving such Claims.

 

    	 	Page 4 of 9	 

     

    

 

(c)          Exceptions
to Release. The foregoing release does not release or impair: (i) the Company’s promises and obligations under
this Agreement; (ii) any rights Employee has under any grants of stock options, restricted stock, or other forms of equity that
may have been provided to Employee during his/her employment (such grants to be governed by the applicable equity plan and grant
agreement(s)); (iii) any rights Employee has under applicable workers compensation laws; (iv) any vested rights under a qualified
retirement plan; (v) any other Claims that cannot lawfully be released; (vi) Employee’s ability to respond truthfully to
a valid subpoena issued by, file a charge with, or participate in any investigation conducted by, a governmental agency; (vii)
any Claims arising for actions or omissions occurring, and any ADEA Claims that may arise, after the date of Employee’s execution
of this Agreement; (viii) any rights to insurance benefits under any Directors & Officers liability insurance policy maintained
by the Company; or (ix) any indemnification rights or rights to the advancement of expenses which he may have (in the absence of
this Agreement and independent of the Employment Agreement) as an employee, officer or director of the Company under applicable
law or in accordance with the Company’s Articles of Incorporation or Bylaws, or under any contractual arrangements concerning
such indemnification or rights or clauses governing the Company’s insurance policies or applicable law.

 

7.           Representations
by Employee.

 

(a)          Employee
represents and warrants to the Company Parties that Employee has read this Agreement and fully understands the effect hereof, that
Employee executes this Agreement of Employee’s own free will and accord for the consideration set forth herein, which he
is not already entitled to receive, and that Employee is not relying on any representations whatsoever of the Company, other than
those set forth herein, as an inducement to enter into this Agreement.

 

(b)          Employee
further represents and warrants to the Company Parties that no litigation or other proceeding has been filed or is pending by the
Employee Parties against the Company Parties; that no person or entity other than Employee has or has had any interest in the matters
released herein; that Employee has the sole right, capacity, and exclusive authority to execute this Agreement; and that Employee
has not sold, assigned, transferred, conveyed or otherwise disposed of any of the Claims released herein.

 

(c)          Employee
represents that Employee has had the opportunity to discuss this Agreement with an attorney, and Employee has been advised by the
Company to do so if Employee so desires. Employee covenants and agrees that Employee has been given at least 21 days to contemplate
the terms of this Agreement before executing it, and that if Employee chooses to execute it in fewer than 21 days, Employee does
so voluntarily and of Employee’s own free will and volition.

 

8.           Attorneys’
Fees. In any subsequent litigation or other proceeding to enforce the terms of this Agreement or the appended Separation Waiver
and Release, whether initiated by Employee or the Company, the prevailing party shall be entitled to recover its reasonable attorneys’
fees and costs, expert witness fees and costs, and court costs, from the other party.

 

    	 	Page 5 of 9	 

     

    

 

9.           Restrictive
Covenants.

 

(a)          Nondisparagement.
Employee will not make any statements that are derogatory or disparaging towards any of the Company Parties. For the purposes of
this Agreement, the term “disparage” includes, without limitation, comments or statements made in any manner or medium
(including, without limitation, to the press and/or media, the Company Parties or any individual or entity) which would adversely
affect in any manner (i) the conduct of the business of any of the Company Parties (including, without limitation, any Company
Party’s business plans or prospects) or (ii) the business reputation of any Company Party. This paragraph shall not prohibit
Employee from (A) filing a charge with, or participating in any investigation conducted by, a governmental agency, (B) testifying
truthfully in response to a subpoena or other court rule or order, or (C) in good faith making any statement (1) in order to comply
with any legal duty, (2) in furtherance of lawful commerce (that is not in breach of subsection (c) below), (3) to defend against
reputational harm from any statement that disparages Employee that is made after the execution of this Agreement, (4) to defend
against or prosecute any legal claim, or (5) in response to an investigation by a regulatory or law enforcement agency. The Company
agrees that, in response to any inquiries concerning Employee’s employment, the inquiring party will be referred to Mr. Doug
Foley, SVP, HR & Administration (or his successor/designee), who will state that it is the Company’s policy to only provide,
and the Company will only provide, Employee’s dates of employment and last position held. Nothing in this paragraph shall
restrict the Company’s ability to provide complete information with respect to Employee’s employment when required
to do so by law and/or applicable regulatory requirements.

 

(b)          Return
of Property. As of June 1, 2018, unless otherwise determined by the Company so as to allow Employee to perform services during
the remainder of the Employment Term, Employee shall turn over to Mr. Foley (or his designee) (i) any and all Property of the Company,
as such term is defined in Section 5.1 of the Employment Agreement, and (ii) all other data and information, regardless of form,
in any way pertaining to the Company’s business, employees or customers (and Employee will not retain any such information
or any reproduction or excerpt thereof).

 

(c)          Employment
Agreement Covenants; Other Obligations. The covenants contained in Sections 5 and 6 of the Employment Agreement, including
without limitation the arbitration, confidentiality and other post-employment obligations described therein, are incorporated by
reference into this Agreement, and shall continue in full force and effect during the Employment Term and following the Separation
Date; provided, however, that the covenant described in Section 5.5 of the Employment Agreement (Nonsolicitation of Customers or
Employees) and the covenant described in Section 5.7 of the Employment Agreement (Non-Compete) each shall apply in full force and
effect to the period between the Separation Date and December 31, 2019. Employee hereby acknowledges Employee’s understanding
of all the terms of, and the reasonableness of, such covenants and reaffirms Employee’s obligations thereunder. Employee
further acknowledges that Employee’s obligations under such covenants shall be in addition to Employee’s obligations
under the covenants contained in this Section 9; provided, however, that to the extent a discrepancy exists between any such provisions
and this Agreement, the terms of this Agreement shall govern. Additionally, during the one-year period following the Separation
Date, Employee shall not serve as an Executive Officer (within the meaning of the Securities Exchange Act of 1934) or director
of a public company any of whose securities are listed (or subject to an application to list) on an exchange other than an exchange
owned and operated, directly or indirectly, by the Company. Notwithstanding anything in this Agreement or the Employment Agreement,
Employee may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other
document that is filed under seal in a lawsuit or other proceeding and does not disclose
the trade secret, except pursuant to court order.

 

    	 	Page 6 of 9	 

     

    

 

(d)          Remedies.
The parties acknowledge that the restrictions contained in this Section 9 are reasonable and appropriate for the protection of
the Company’s legitimate business interests, and that they will not unduly impair Employee’s ability to find other
employment. Employee acknowledges and agrees that, in the event of a violation of one or more of Employee’s covenants in
this Section 9, in addition to and not in lieu of any other remedy to which the Company may be entitled, the Company may be permitted
to seek and obtain immediate injunctive relief, restraining further breach by Employee, in a court of competent jurisdiction, and
without the necessity for posting of a bond or other security (and accordingly, if no bond is posted, without the protection of
a bond’s limitation on wrongful injunction liability). In addition to and not in lieu of any other remedy to which the Company
may be entitled, no further payments or benefits of any kind that would otherwise inure to Employee pursuant to this Agreement
shall accrue or be owed, and any future payments and benefits hereunder shall be forfeited, immediately upon Employee’s breach
of any of the covenants in this Section 9.

 

10.         No
Admission of Liability. This Agreement shall not be construed as an admission of liability by the Company, or an admission
that the Company has acted in any way wrongfully towards Employee. The parties specifically deny and disclaim any such liability
or wrongful conduct.

 

11.         Taxation
and Withholding; 409A Compliance.

 

(a)          Employee
acknowledges that payments and benefits hereunder may be taxable and that the Company makes no representation or warranty regarding
the income tax effects of any payment or benefit provided hereunder. Employee shall be solely responsible for any tax liability
with respect to all payments and benefits provided under this Agreement. The Company may withhold from any amounts payable under
this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 

(b)          If
a payment date that complies with Section 409A of the Internal Revenue Code of 1986, as amended, and the official guidance thereunder
(“Section 409A”) is not otherwise provided herein for any payment (in cash or in-kind) or reimbursement that would
otherwise constitute “deferred compensation” under Section 409A, then such payment or reimbursement, to the extent
such payment or reimbursement becomes due hereunder, shall in all events be made not later than 21⁄2 months after the end
of the later of the fiscal year or the calendar year in which the payment or reimbursement is no longer subject to a substantial
risk of forfeiture.

 

    	 	Page 7 of 9	 

     

    

 

(c)          It
is the intention of both Employee and the Company that the benefits and rights to which Employee is entitled pursuant to this Agreement
are exempt from or comply with Section 409A, to the extent that the requirements of Section 409A are applicable thereto, and the
provisions of this Agreement shall be construed in a manner consistent with that intention. If Employee or the Company believe,
at any time, that any such benefit or right that is subject to Section 409A does not so comply, Employee or the Company shall promptly
advise the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they
comply with Section 409A (with the most limited possible economic effect on Employee and the Company).

 

(d)          Notwithstanding
any time of payment otherwise designated in this Agreement, if on Employee’s “separation from service” as defined
in Section 409A Employee is a “specified employee” within the meaning of Section 409A, to the extent required by Section
409A any amounts payable to Employee by reason of Employee’s “separation from service” with the Company will
not be paid to Employee until the date that is 6 months and one day following Employee’s separation from service.

 

12.         Severability.
In the event any portion or clause of this Agreement is deemed invalid or unenforceable in a court of law, the remainder of the
Agreement shall be severed from the invalid or unenforceable portion.

 

13.         Entire
Agreement. Except as otherwise expressly provided in this Agreement (including to the extent this Agreement incorporates by
reference provisions of the Employment Agreement and any continuing post-employment obligations therein), any prior agreement (whether
written or oral) between the parties with respect to the subject matter of this Agreement is null and void, as this Agreement expresses
the entire agreement of the parties with respect to its subject matter. This Agreement may only be modified in writing signed by
both parties.

 

14.         Assignment.
This Agreement shall accrue to the benefit of the Company and its successors and assigns, and shall be freely assignable to any
entity with which the Company may merge or otherwise combine, or to which the Company may transfer substantial assets. This Agreement
is personal to Employee and may not be assigned by Employee.

 

15.         Governing
Law. This Agreement shall be construed in accordance with, and governed by, the laws of the State of New York.

 

16.         Counterparts.
This Agreement may be executed in counterparts, including those transmitted by electronic means, each of which shall be deemed
an original and all of which taken together shall constitute one and the same document.

 

17.         Effective
Date. Employee may accept this Agreement by signing it and returning it to Mr. Foley no later than 21 days after Employee has
received it, or this offer will be deemed revoked. After executing this Agreement, Employee shall have seven (7) days (the “Revocation
Period”) to revoke it by indicating Employee’s desire to do so in writing delivered to the Company contact by no later
than 5:00 p.m. on the seventh (7th) day after the date Employee signs this Agreement. The effective date of this Agreement shall
be the eighth (8th) day after Employee signs it (the “Effective Date”). If the last day of the Revocation Period falls
on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day. In the event
Employee does not accept this Agreement as set forth above, or in the event Employee revokes it during the Revocation Period, this
Agreement, including but not limited to the obligation of the Company to provide Employee with the payments and benefits described
above, shall be deemed automatically null and void.

 

    	 	Page 8 of 9	 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement effective on the Effective Date.

 

	 	Intercontinental Exchange Holdings, Inc.
	 	 	 
	 	By:	/s/Douglas A. Foley
	 	Title:	Senior Vice President, HR and Administration
	 	 	 
	 	/s/Thomas W. Farley
	 	Thomas W. Farley
	 	 
	 	May 21, 2018
	 	Date of signature

 

    	 	Page 9 of 9	 

     

    

 

SEPARATION WAIVER AND RELEASE

 

I, Thomas W. Farley, in exchange for good and
valuable consideration as set forth more fully in Section 4 of the Transition and Separation Agreement between me and Intercontinental
Exchange Holdings, Inc., a wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”, and collectively with
Intercontinental Exchange Holdings, Inc., the “Company”), dated ___________________ (the “Transition Agreement”),
the receipt and adequacy of which is hereby acknowledged, for myself and on behalf of my spouse, heirs, executors, administrators,
assigns, insurers, attorneys and other persons or entities, acting or purporting to act on my behalf (collectively, the “Releasors”),
hereby irrevocably and unconditionally release and forever discharge the Company and its subsidiaries, parent and sister companies,
affiliates, predecessors, successors and assigns, and the present and former directors, officers, employees, partners, members,
representatives, agents, shareholders, attorneys and insurers of any of them (collectively, the “Releasees”)
from any and all actions, causes of action, suits, claims, charges, obligations, rights, entitlements, liabilities, debts, demands,
allegations, contentions, damages, judgments, levies and executions of any kind (collectively, “Claims”), whether in
law or in equity, known, unknown or unforeseen, vested or contingent, which any of the Releasors have or may have against the Releasees,
including all Claims by reason of, arising out of, related to, or resulting from my employment with the Company or the termination
thereof, including, without limitation, Claims under any federal, state, local or foreign law; breach of contract; fraud or misrepresentation;
intentional or negligent infliction of emotional distress; breach of the covenant of good faith and fair dealing; promissory estoppel;
negligence; wrongful termination of employment; or unlawful employment practices. This includes, without limitation, a release
to the fullest extent permitted by law of all rights and claims arising on or before the date I sign this Separation Waiver and
Release, involving Claims under (i) Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with
Disabilities Act, the Employee Retirement Income Security Act of 1974 (excluding Claims for accrued, vested benefits under any
employee benefit or pension plan of the Company Parties subject to the terms and conditions of such plan and applicable law), the
Family and Medical Leave Act, the Fair Labor Standards Act, the Worker Adjustment Retraining and Notification Act, the Older Workers
Benefit Protection Act of 1990, and the Age Discrimination in Employment Act of 1967 (“ADEA”); (ii) any other Claim
(whether based on any federal, state, or local law, statutory or decisional, or regulation) relating to or arising out of my employment,
the terms and conditions of such employment, the termination of such employment, and/or any of the events relating directly or
indirectly to or surrounding the termination of that employment, including but not limited to breach of contract (express or implied),
tort and other common law Claims, wrongful discharge, retaliation, detrimental reliance, defamation, libel, slander, emotional
distress or compensatory or punitive damages; and (iii) any Claim for attorneys’ fees, costs, disbursements and/or the like.
With respect to unknown claims, I expressly waive (and understand the significance of doing so) all rights I might have under any
law that is intended to protect me from waiving such claims.

 

    	 	1	 

     

    

 

The foregoing release does not release
or impair: (a) the Company’s promises and obligations under the Transition Agreement; (b) any rights under any grants of
stock options, restricted stock, or other forms of equity that may have been provided to me during my employment (such grants to
be governed by the applicable equity plan and grant agreement(s)); (c) any rights under applicable workers compensation laws; (d)
any vested rights under a qualified retirement plan; (e) any other Claims that cannot lawfully be released; (f) my ability to respond
truthfully to a valid subpoena issued by, file a charge with, or participate in any investigation conducted by, a governmental
agency; (g) any Claims arising for actions or omissions occurring, and any ADEA Claims that may arise, after the date of my execution
of this Agreement; (h) any rights to insurance benefits under any Directors & Officers liability insurance policy maintained
by the Company; or (i) any indemnification rights or rights to the advancement of expenses which he may have (in the absence of
this Agreement and independent of the Employment Agreement) as an employee, officer or director of the Company under applicable
law or in accordance with the Company’s Articles of Incorporation or Bylaws, or under any contractual arrangements concerning
such indemnification or rights or clauses governing the Company’s insurance policies or applicable law.

 

By signing this Separation Waiver and Release,
I hereby acknowledge and confirm the following: (i) I am advised by the Company in connection with my termination to consult with
an attorney of my choice prior to signing this Separation Waiver and Release; (ii) I have been given a period of not fewer than
21 days to consider the terms of this Separation Waiver and Release; (iii) I am providing the release and discharge set forth in
this paragraph only in exchange for consideration in addition to anything of value to which I am already entitled; and (iv) I knowingly
and voluntarily accept the terms of this Separation Waiver and Release.

 

Nothing in this Separation Waiver and Release
shall prohibit or restrict the Releasors, the Company, or the Company’s attorneys from: (1) making any disclosure of
relevant and necessary information or documents in any action, investigation, or proceeding relating to this Separation Waiver
and Release or as required by law or legal process; or (2) participating, cooperating, or testifying in any action, investigation,
or proceeding with, or providing information to, any governmental agency or legislative body, including, but not limited to, filing
a charge with the Equal Employment Opportunity Commission (“EEOC”) and/or pursuant to the Sarbanes-Oxley Act;
provided that, to the extent permitted by law, upon receipt of any subpoena, court order or other legal process compelling
the disclosure of any such information or documents, the disclosing party gives prompt written notice to the other party so as
to permit such other party to protect such party’s interests in confidentiality to the fullest extent possible. 

 

By signing this Separation Waiver and Release
I acknowledge that I have read this Separation Waiver and Release carefully and understand all of its terms. Further, I acknowledge
that I am entering into this Separation Waiver and Release voluntarily and of my own free will. In signing this Separation Waiver
and Release, I acknowledge that I have not relied on any statements or explanations made by anyone associated with or employed
by the Company.

 

I UNDERSTAND THAT I HAVE HAD AT LEAST TWENTY-ONE
(21) DAYS TO CONSIDER WHETHER TO SIGN THIS SEPARATION WAIVER AND RELEASE, HOWEVER, THIS WAIVER AND RELEASE WILL NOT BE ACCEPTED
IF SIGNED PRIOR TO MY ACTUAL SEPARATION DATE. I WILL HAVE SEVEN (7) DAYS AFTER SIGNING THIS SEPARATION WAIVER AND RELEASE (“REVOCATION
PERIOD”) TO REVOKE THIS SEPARATION WAIVER AND RELEASE. MY REVOCATION WILL NOT BE EFFECTIVE UNLESS IT IS IN WRITING AND
SIGNED BY ME AND RECEIVED BY THE COMPANY PRIOR TO THE EXPIRATION OF THE REVOCATION PERIOD. THE REVOCATION PERIOD COMMENCES IMMEDIATELY
FOLLOWING THE DATE I SIGN AND DELIVER THIS SEPARATION WAIVER AND RELEASE. THE REVOCATION PERIOD WILL EXPIRE AT 5:00 P.M. EASTERN
STANDARD TIME ON THE LAST DAY OF THE REVOCATION PERIOD; PROVIDED, HOWEVER, THAT IF THE SEVENTH DAY IS A NON-BUSINESS DAY,
THE REVOCATION PERIOD SHALL EXTEND TO 5:00 P.M. ON THE NEXT SUCCEEDING BUSINESS DAY.

 

    	 	2	 

     

    

 

I UNDERSTAND THAT BECAUSE THIS SEPARATION WAIVER
AND RELEASE IS AN IMPORTANT LEGAL DOCUMENT AND AFFECTS MY LEGAL RIGHTS, THE COMPANY ADVISES ME TO CONSULT AN ATTORNEY BEFORE SIGNING
THIS SEPARATION WAIVER AND RELEASE.

 

AGREED AND ACCEPTED BY:

 

	Signature:	 	 
	 	 	 
	Dated:	 	 

 

Typed or printed name: Thomas W. Farley

 

    	 	3

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