Document:

Exhibit 10.2

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

MASTER
SCIENTIFIC SERVICES AGREEMENT

 

This
Services Agreement (“Agreement”) is made as of this 1st July 2015 (the “Effective Date”) by
and between XRPRO SCIENCES INC., a Delaware corporation, having an address of One Kendall Square, Suite B2002, Cambridge,
Massachusetts 02139 (“Provider”) and PFIZER INC., a Delaware corporation, having an address of 235 East 42nd
Street, New York, New York 10017 (“Pfizer” or the “Company”). Provider and Pfizer may be referred
to in this Agreement individually as a “Party” or collectively as the “Parties”.

 

1.        Definitions

 

1.1        “Affiliate(s)”
means, with respect to each Party, any person which directly or indirectly controls or is controlled by or is under common control
with that Party. For purposes of this definition, “control” (including, with correlative meaning, the terms “controlled
by” and “under common control with”) shall be presumed to exist if one of the following conditions is met: (a)
in the case of corporate entities, direct or indirect ownership of at least fifty percent (50%) of the stock or shares having
the right to vote for the election of directors of Party or any direct or indirect parent of Party, and (b) in the case of non-corporate
entities, direct or indirect ownership of at least fifty percent (50%) of the equity interest with the power to direct the management
and policies of such non-corporate entities.

 

1.2        “Change
of Control” means any transaction resulting in the sale or transfer of (a) all or substantially all of the assets of Provider,
(b) in the case of corporate entities, direct or indirect ownership of at least fifty percent (50%) of the stock or shares having
the right to vote for the election of directors of Provider or any direct or indirect parent of Provider, or (c) in the case of
non-corporate entities, direct or indirect ownership of at least fifty percent (50%) of the equity interest with the power to
direct the management and policies of such non-corporate entities.

 

1.3        “Pfizer
Confidential Information” means all information disclosed to Provider or its Personnel
by or on behalf of Pfizer or learned or observed by Provider or its Personnel relating to (i) Pfizer’s business or business
plans, including, without limitation, current status, data, compounds, targets, structures, methods of analysis, study protocols
or any other information regarding Pfizer’s operations and research and development programs, suppliers, customers, prospective
customers, contractors, clinical data, the content and format of various research, clinical and medical databases, utilization
data, cost and pricing data, disease management data, software products, programming techniques, data warehouse and methodologies,
all proprietary information, know-how, trade secrets, technical and non-technical materials, products, specifications, processes,
sales and marketing plans and strategies, designs, all environmental and financial information, prices, materials, building techniques
and any other information or data, (ii) information of any third parties for which Pfizer or its Affiliates have an obligation
of confidentiality, (iii) any discussions and proceedings relating to any of the foregoing information and/or any SOW, whether
disclosed in oral, electronic, visual, written or any other form, (iv) Personal Information, and (v) any information developed
or derived by Provider from the information described in the foregoing clauses (i) – (iii), whether or not for or on behalf
of Pfizer. Pfizer Confidential Information includes the terms and conditions of this Agreement and any SOW.  The fact that
Pfizer may have marked or identified as confidential or proprietary any specific information shall be indicative that Pfizer believes
such information to be confidential or proprietary, but the failure to so mark information shall not conclusively determine that
such information is or is not considered Pfizer Confidential Information by Pfizer.

 

    	- 1 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

1.4        “Provider
Confidential Information” means specific information disclosed to Pfizer or
its Personnel by or on behalf of Provider or learned or observed by Pfizer or its Personnel relating to (i) Provider’s proprietary
materials, methods and instrumentation both in the XRF instrument space and in the ion flux space. Specific items include,
(a) Elements of Provider technology, including: Instrument configuration and specific hardware components; X-ray source; detector
configuration and Instrument usage details (e.g. settings, programming, reading times, data analysis), (b) Provider’s proprietary
reagents and consumables, including: Provider’s reading plates, Plate design, composition, material source, manufacturing
process and usage, Provider’s Lysis buffers, Provider’s Internal standards, Provider’s process for treatment
of buffers for cells for uptake and efflux, Any cell lines Provider independently develops, (c) Details of Provider’s proprietary
methods, including: Cell biology protocols, details of treatments for ion or compound uptake or efflux protocols, including: Identity
of tracer ions, concentrations, uptake / efflux times, buffer compositions, internal controls, details of wash protocols, buffer
compositions, number and duration of washes, sample preparation protocols including: composition of lysis buffer including internal
standards, lysis protocols, including time and temperature, and sample drying protocols, and (ii) Provider pricing information;
and (iii) any information derived by Pfizer from the information described in the foregoing
clauses (i) and (ii) The fact that Provider may have marked or identified as confidential or proprietary any specific information
shall be indicative that Provider believes such information to be confidential or proprietary, but the failure to so mark information
shall not conclusively determine that such information is or is not considered Provider Confidential Information by Provider.

 

1.5        “Exempt
Information” means any information which Provider can demonstrate: (a) was lawfully in its possession and reduced to writing
prior to the time of disclosure by or on behalf of Pfizer and which is not subject to another obligation of confidentiality; (b)
is or becomes generally available to the public through no breach of this Agreement by Provider or its Personnel; (c) is obtained
from a third party lawfully entitled to possession of such Confidential Information and under no obligation of confidentiality
to Pfizer or its Affiliates; or (d) was independently developed by or for Provider without reference to, aid from or reliance
upon the Pfizer Confidential Information. In clarification of the foregoing, a general disclosure in the public domain will not
cause more specific (but related) information to be deemed Exempt Information under one of the above exceptions; similarly, a
combination of several pieces of information, where each piece of information individually is deemed Exempt Information, will
not operate to exempt the combination as Confidential Information unless the combination itself is in the public domain, independently
developed by Provider or otherwise lawfully in Provider’s possession.

 

1.6        “Government
Official” shall be broadly interpreted and means: (i) any elected or appointed non-U.S. Government official (e.g., a legislator
or a member of a non-U.S. Government ministry); (ii) any employee or individual acting for or on behalf of a non-U.S. Government
official, non-U.S. Government agency, or enterprise performing a function of, or owned or controlled by, a non-U.S. Government
(e.g., a healthcare professional employed by a non-U.S. Government hospital or researcher employed by a non-U.S. Government university);
(iii) any non-U.S. political party officer, candidate for non-U.S. public office, or employee or individual acting for or on behalf
of a non-U.S. political party or candidate for public office; (iv) any employee or individual acting for or on behalf of a public
international organization; (v) any member of a royal family or a member of a non-U.S. military, and (vi) any individual otherwise
categorized as a Government Official under applicable Law.

 

    	- 2 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

1.7        “Harmful
Code” means any computer instructions, code, software, program, sub-program, circuitry or other technological means whose
purpose or effect is to disrupt, damage, interfere with and/or circumvent the security of any of Pfizer’s computers, IT
infrastructure, systems and/or equipment, including any code containing viruses, worms, disabling code, time bombs, Trojan horses,
adware, spyware, Internet bots, malware, bugs, web bugs or other like destructive or surreptitious code or code that self-replicates.

 

1.8        “Jobsite”
means the location where the Services are performed with respect to a specific SOW.

 

1.9        “Key
Personnel” means any and all: (i) project managers, (ii) designated representatives; (iii) individuals who are identified
as “Key Personnel” in the applicable SOW; (iv) individuals who are otherwise designated as “Key Personnel”
by either party from time to time; and (v) individuals who perform any services reasonably considered by Pfizer to be important
to the Services performed under the applicable SOW.

 

1.10       “Laws”
means, collectively, all applicable international, supranational, national, federal, state, provincial, regional and local laws,
statutes, ordinances, codes, rules, regulations, orders, decrees or other pronouncements of any governmental, administrative or
judicial authority having the effect of law.

 

1.11       “Losses”
means any and all losses, damages, settlements, costs, charges or other expenses (including reasonable attorney’s fees and
costs) or liabilities of every kind, including liability based on contributory, vicarious, or any other doctrine of secondary
liability, or character.

 

1.12       “Personal
Information” means the meaning given by the applicable Laws and shall include, without limitation, any data or information
(regardless of the medium in which it is contained and whether alone or in combination) which may be supplied to or processed
by or on behalf of Provider in connection with the provision of the Services, that relates to an identified or identifiable person
including, without limitation, name, postal address, email address, telephone number and information about the health, opinions
or beliefs of the data subject.

 

1.13       “Personnel”
means any employee or agent of Provider, its Affiliates or its subcontractors. Any reference to “Provider” in the
Agreement shall include its Personnel.

 

1.14       “Pfizer
Credits” means the payments made by Provider to Pfizer due to the non-performance of the Provider in accordance with the
Termination for Cause Section below.

 

1.15       “Pre-Existing
Materials” means any materials in which Provider or any third party has pre-existing proprietary rights.

 

    	- 3 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

1.16       “Records”
means any books, documents, accounting procedures and practices and other data, regardless of type or form, of all matters relating
to the Provider’s performance of its obligations under this Agreement that enable Provider to demonstrate compliance with
its obligations under this Agreement and any SOW, including Provider’s compliance with applicable Laws.

 

1.17      “Services”
means the services to be performed by Provider under this Agreement as described in one or more mutually agreed SOWs.

 

1.18       “SOW”
means a mutually agreed statement of work, written order including purchase order, or Pfizer countersigned written quote (initially
provided by Provider) referencing a valid purchase order, substantially in the form of Schedule A that may be executed from time
to time by Provider and Pfizer or an affiliate of Pfizer under this Agreement.

 

1.19       “Transaction
Taxes” means sales and use taxes, value added taxes, goods and services taxes, gross receipts taxes and excise taxes. Transaction
Taxes excludes any tax on income, real or personal property taxes or payroll taxes.

 

1.20       “Transitional
Services” means services provided by Provider in connection with the transition of the performance of the Services in those
instances where Pfizer elects to use another provider or its own employees to perform the Services.

 

1.21       “Transparency
Laws” means, collectively, those laws, implementing regulations, and industry codes, including without limitation section
6002 of the U.S. Affordable Care Act and the EFPIA Code on Disclosure of Transfers of Value, that require Pfizer to report payments
or other transfers of value to certain healthcare professionals and teaching hospitals.

 

1.22       “Work
Product” means any designs, design analyses, diagrams, plans, devices, techniques, procedures, developments, inventions,
information, object or source code, drawings, estimates, specifications, requirements, documents, calculations, field notes, manuals,
reports, renderings, documentation, test data, test methods, biological and other material, data or reports, compounds synthesized
or identified, or compound synthesis and scale-up procedures developed, and any other deliverable or materials, including any
and all improvements, and modifications to Pfizer Materials, and including all intermediate and partial versions of any of the
foregoing, conceived, developed, authored, produced, reduced to practice or otherwise acquired by Provider, its Affiliates or
its Personnel, either alone or in concert with others, in connection with the Services performed for Pfizer
pursuant to this Agreement or any SOW.

 

2.        
Services; Incorporation of Terms

 

2.1        Description
of Services. Services under this Agreement include: Pre-clinical Biology Services, including but not limited to biological
assay development, plate based pharmacology screening, electrophysiology services, high throughput screening, molecular biology
services and biological reagent and cell line production and purification services.

 

2.2        Scope
of Work. During the Term of this Agreement, Provider shall provide to Pfizer, on a non-exclusive basis, the Services
described in one or more SOWs attached hereto and made a part hereof. As applicable, each SOW shall set forth, the project scope,
the term of the SOW, project schedule, project activities and tasks, deliverables and milestones, specifications, compensation
and, reimbursable expenses, if any, the Pfizer representative with authority to transmit instructions and make decisions, and
roles and responsibilities of the Parties. The terms and conditions of this Agreement shall apply to any and all SOWs executed
by the Parties that reference this Agreement. An Affiliate of Pfizer may execute an SOW with Provider pursuant to this Agreement
and, in such circumstances, all references in this Agreement to Pfizer shall be deemed to be to the applicable Affiliate of Pfizer
with respect to that particular SOW, which Affiliate shall be entitled to enforce this Agreement with respect to such SOW in its
own name as an intended third party beneficiary and which Affiliate shall be solely liable to Provider for any obligations and
liabilities undertaken pursuant to such SOW.

 

    	- 4 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

2.3        Hierarchy
of Terms. In the event that there are any conflicts between the terms of this Agreement and the terms of any SOW, the
terms of this Agreement shall control. The terms of this Agreement and the SOW shall be controlling over any terms of any purchase
order, sales acknowledgement, invoice or other such documents issued by either Party. Any amendment of this Agreement shall be
effective for all subsequently executed SOWs.

 

2.4        No
Guarantee of Work. Notwithstanding anything in this Agreement to the contrary, until the Parties have executed and
delivered a SOW, nothing in this Agreement shall be construed as Pfizer engaging Provider for any Services. Provider acknowledges
that the execution and delivery of this Agreement does not entitle Provider to provide any Services to Pfizer or its Affiliates.
As agreed in the Asset Purchase and Collaboration Agreement between XRPRO Sciences, Inc. and Icagen, Inc effective 1st
July 2015, Pfizer shall provide revenue to Provider totaling at least $1 million (as calculated in accordance with GAAP consistently
applied) for each of the first two 12-month periods following the Closing on a “take or pay” basis (the “Take
or Pay Agreements”).

 

3.        
Provider’s Responsibilities

 

3.1        Provider
to Control. Provider shall have the complete professional, managerial and technical responsibility for the quality, validity,
accuracy, timeliness, and reliability of the Services and the Work Product, whether such Services and Work Product are performed
by Provider or any of its Personnel. Review, acceptance and/or approval by Pfizer of the Services or the Work Product shall not
relieve Provider of the obligation to perform the Services in strict compliance with the requirements of this Agreement and the
applicable SOW.

 

3.2        Provider’s
Personnel. All Key Personnel furnished by Provider shall be subject to the acceptance of Pfizer. Provider shall not, without
the prior written consent of Pfizer, reassign, remove or replace any Key Personnel of Provider prior to the completion of all
Services under the applicable SOW, unless such Key Personnel or Provider should sever the employ of such Key Personnel or Provider;
provided that Provider shall promptly provide notice to Pfizer of any such severance. Further, upon the request of Pfizer, Provider
shall immediately remove any of its Personnel, whether or not such individual is Key Personnel, from the provision of Services
to Pfizer hereunder upon Pfizer’s reasonable request and hold Pfizer harmless for such removal.

 

3.3        Safety.
Provider shall be responsible for the health and safety of its Personnel while present at the Jobsite. Provider shall comply with
all applicable Laws relating to health and safety. Provider shall ensure that its Personnel at the Jobsite shall comply with all
of the applicable regulations and directives of Pfizer with respect to safety, security, entrances, parking areas, sanitation,
and other provisions for maintenance of good order.

 

    	- 5 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

3.4        Pfizer
Policies. Provider shall ensure that it and its Personnel comply with all of the policies, regulations, operating procedures
or guidelines governing the Services, and directives of Pfizer, as those policies, regulations and directives may be revised from
time to time and provided to Provider in writing.

 

3.5        Due
Diligence. Provider acknowledges that Pfizer, as a regulated multi-national company, is subject to various governmental and
regulatory compliance requirements. Accordingly, Provider agrees that it shall, as requested by Pfizer, provide information regarding
Provider and its operations that, in Pfizer’s sole determination, will assist Pfizer in its efforts to ensure compliance
with Laws such as, but not limited to, Provider’s interaction with Government Officials and Provider’s data security
controls and procedures.

 

3.6        Shipping.
Provider must package, insure, process through customs and ship any materials to be delivered to Pfizer under this Agreement,
as stated in the relevant SOW, or otherwise, in accordance with written instructions Pfizer gives to Provider. Responsibility
for any costs, charges or fees associated with Shipping will be detailed within Schedule B

 

4.        
Pfizer’s Responsibilities

 

4.1        Pfizer’s
Representative. Pfizer, at its option, may designate in writing a Pfizer Representative”). In addition, in each SOW,
Pfizer shall designate its representative who shall act as a liaison between Pfizer and Provider relating to such SOW.

 

4.2        Disclosure
and Reporting By Pfizer. Pfizer may disclose in any lawful manner the terms of the underlying agreement, the support or funding
that Pfizer is providing, and any other information to the extent necessary for Pfizer to meet its obligations under the Transparency
Laws. Provider will provide Pfizer with complete and accurate information about payments or other transfers of value reportable
under Transparency Laws and agrees to (and will cause its agents, employees, personnel, staff, independent contractors, and subcontractors
to) cooperate with Pfizer’s collection and disclosure of information necessary for Pfizer to meet its obligations under
any Transparency Laws.

 

5.        
JOINT STEERING COMMITTEE (JSC)

 

Pfizer
and Provider will establish a Joint Steering Committee (“JSC”) to carry out the obligations of each party as set forth
in this Contract and specifically, to perform the following duties:

 

	 	●	Define
    and approve initial requirements, specifications and deliverables of the collaboration as set forth in Schedule B and report
    back to the parties;

 

	 	●	Manage
    the effective provision of timely and high quality Services;

 

	 	●	Seek
    improvements and refinements to the operations in the spirit of Continuous Improvement (CI);

 

	 	●	Any
    other duties as mutually agreed by the parties.

 

    	- 6 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

Membership
of Steering Committee: Pfizer and Company each will appoint, in its sole discretion, up to three to four members to the Steering
Committee. Any approval of the Steering Committee that is expressly required by the terms of this Contract shall require approval
of all members of the Steering Committee.

 

Meeting
Frequency: The Steering Committee will meet at least quarterly during the first year of this Contract and thereafter by agreement
between Pfizer and Company, either in person or by videoconference/teleconference.

 

Chair:
Pfizer will chair the Steering Committee. The location of the Steering Committee meetings will alternate between Company’s
and Pfizer’s offices unless otherwise agreed by the parties. Such meetings will occur on dates mutually agreed by the parties.

 

Minutes:
At a minimum, the Steering Committee will record all actions assigned and decisions made. Minutes will be written promptly after
the meeting and distributed for review and approval.

 

Expenses:
Pfizer and Company will each bear their own expenses, including reasonable travel, related to the participation of their respective
members of the Steering Committee and any invitees.

 

6.        
Fees and Payment

 

6.1        Fees. As full and complete compensation for satisfactory performance of the Services and for potential improvements to
Pfizer’s intellectual property created under this Agreement that will be owned by Pfizer, Pfizer shall pay Provider the
fees and other compensation set forth as described in Schedule B or within the applicable SOW. In no event shall Pfizer be responsible
for any costs beyond the agreed fees as set forth in the applicable SOW without the prior written approval of Pfizer.

 

6.2        Invoicing.

 

	 	(a)	Provider shall invoice
    Pfizer for all fees and expenses payable by Pfizer under this Agreement as set forth in the applicable SOW. Such invoices
    shall set forth in detail the basis for the charges reflected therein. 

 

	 	(b)	Provider shall send
    all invoices to the address set forth in the relevant Pfizer purchase order or SOW. All invoices shall be payable XXXX after
    Pfizer’s receipt and acceptance of a proper invoice; provided, however, that if Pfizer should dispute the nature or
    basis of any charges contained in any invoice submitted by Provider hereunder, Pfizer shall promptly provide written notice
    to Provider setting forth the reason for the dispute, which the Parties shall attempt to resolve in good faith in accordance
    with the Dispute Negotiations Section, below. Payment of any disputed amount shall be suspended until the Parties resolve
    such dispute. .

 

    	- 7 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

6.3        
Taxes. The fees set forth in an SOW shall include all taxes except such Transaction
Taxes which Provider is required by law to invoice and collect from Pfizer.  Transaction Taxes, if any, will be separately
stated on a valid Provider invoice and will be paid by Pfizer to Provider unless Pfizer provides an exemption certificate to Provider
or the transaction is statutorily exempt from Transaction Taxes. Provider shall be solely responsible for the timely remittance
of all Transaction Taxes to the applicable Governmental Authority, and Provider shall pay (without reimbursement by Pfizer), and
shall hold Pfizer harmless against, any penalties, interest or additional taxes that may be levied or assessed as a result of
the failure to invoice or delay of Provider to pay any such taxes.

 

7.        
Scope Changes

 

7.1        Changes by Pfizer; Adjustments Due to Changes. Pfizer or its Affiliate may, from time to time, by written notice to Provider,
and without invalidating this Agreement or the applicable SOW, or any portion thereof, make changes in the Services, or the conditions
under which Services are to be performed, or may increase or decrease the Services to be performed. No change shall be made by
Provider in its performance or its manner of performance of the Services without prior written authorization or instructions from
Pfizer or its Affiliate, specifying the details of the change, and specifying whether there is to be an adjustment in the price
or time for performance. Upon receipt of written instructions from Pfizer or its Affiliate specifying the changes to the SOW and
a formal acceptance of the changes by Provider, Provider shall immediately proceed with the performance of the Services, as changed.
If such changes increase or decrease either the cost or time required to perform the Services, then the Parties will mutually
agree to an equitable adjustment to the price and/or the time to perform the Services.

 

7.2        Changes to be in Writing. Any change to any SOW shall be in writing, shall define the extent of the change, the price or
basis of pricing the change, the impact of the change on the project schedule, and shall be signed by the Parties. No additional
work by the Provider shall be paid for unless authorized in advance, in writing, by Pfizer or its Affiliate.

 

7.3        Reduction in Scope of Work. In the event of deletion or reduction of the Services by such change, Provider shall not be
entitled to any losses, fees, surcharges, costs or special, indirect, incidental, consequential or other damages, including contribution
to lost profits or unabsorbed overhead as a result of any portion of the Services not performed.

 

8.        
Representations and Warranties

 

8.1        Provider’s Representations and Warranties.

 

Provider
represents, warrants and covenants to Pfizer that:

 

	 	(a)	Performance
    Standards. Provider shall perform, and shall cause Provider’s Personnel to perform, all of its obligations
    under this Agreement: (i) in strict accordance with the terms of this Agreement and the applicable SOW, including all amendments,
    work orders and other related documents; and (ii) in a timely, professional, commercially diligent basis, in accordance with
    the generally accepted industry and professional standards, procedures and practices, to the reasonable satisfaction of Pfizer.

 

    	- 8 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	(b)	Qualifications
    of Provider’s Personnel. All of Provider’s Personnel shall be well qualified, with all applicable technical
    and professional expertise to perform such Services.

 

	 	(c)	Compliance
    with Laws. Provider is in compliance and shall continue to comply, and shall cause Provider’s Personnel to
    comply, with all Laws, and Provider has and shall continue to have all professional licenses, consents, authorizations, permits
    and certificates, and shall have and shall cause Provider’s Personnel to have completed all registrations or made such
    notifications as required by Law for its performance of the Services. Pfizer is an equal opportunity employer and federal
    contractor.  Consequently, the parties agree that, as applicable, they will abide by the requirements of Executive Order
    11246, 41 CFR 60-1.4(a); the Vietnam Era Veterans’ Readjustment Assistance Act, 41 CFR 60-300.5(a); and Section 503
    of the Rehabilitation Act of 1973, 41 CFR 60-741.5(a), and that these laws are incorporated herein by reference.  These
    regulations prohibit discrimination against qualified individuals based on their status as protected veterans or individuals
    with disabilities, and prohibit discrimination against all individuals based on their race, color, religion, sex, sexual orientation,
    gender identity, or national origin.  These regulations require that covered prime contractors and subcontractors take
    affirmative action to employ and advance in employment individuals without regard to race, color, religion, sex, sexual orientation,
    gender identity, national origin, protected veteran status or disability.  The parties also agree that, as applicable,
    they will abide by the requirements of Executive Order 13496 (29 CFR Part 471, Appendix A to Subpart A), relating to the notice
    of employee rights under federal labor laws.

 

	 	(d)	Quality Assurance. If the services under
    this Agreement do not meet the specifications they will be repeated at Pfizer’s request. Pfizer will reimburse Provider
    for the cost of repeating the services if the non-conformity is due to the failure of a Pfizer assay method (but only if it
    is established that Provider strictly followed the assay method instructions) or the quality of materials supplied by Pfizer
    or the non-conformity is in any other way due to the fault of Pfizer or caused by Pfizer’s action or inaction. Otherwise
    Provider will bear the cost of repeating the services.

 

	 	(e)	Anti-Bribery/Anti-Corruption.
    

 

	 	(i)	Anti-Bribery/Anti-Corruption.
    Provider has not and will not directly or indirectly offer or pay, or authorize such offer or payment of, any money or anything
    of value to improperly or corruptly seek to influence any Government Official or any other person in order to gain an improper
    business advantage, and has not accepted, and will not accept in the future, such a payment.

 

    	- 9 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	(f)	Work
    Product. All Work Product and Services shall be in strict accordance with the specifications and descriptions of the
    Work Product and Services set forth in the applicable SOW and shall not infringe upon, misappropriate or otherwise violate
    the patent, copyright, trademark, trade secret or other intellectual property or proprietary rights of any third party. Notwithstanding
    the foregoing, Provider shall not be deemed in breach of the warranties under this paragraph if and to the extent any such
    non-conformity is directly caused by Pfizer’s unauthorized modification of the Work Product.

 

	 	(g)	Conflicts.
    The execution, delivery and performance of this Agreement by Provider does not conflict with any agreement, instrument
    or understanding, oral or written, to which it is a party or by which it may be bound, and does not violate any applicable
    Law of any court, governmental body or administrative or other agency having authority over Provider. Provider is not currently
    a party to, and during the Term of this Agreement will not enter into, any agreements, oral or written, that are inconsistent
    with its obligations under this Agreement or any SOW.

 

	 	(h)	Authority.
    Provider is validly existing and in good standing under the laws of the jurisdiction of its organization and has the power
    and authority to enter into and perform its obligations under this Agreement. This Agreement has been duly executed and delivered
    by Provider and constitutes the valid and binding obligation of Provider, enforceable against it in accordance with its terms.
    The execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of
    Provider, its officers and directors.

 

	 	(i)	Debarment.
    Provider is not and during the Term of this Agreement shall not be debarred by any applicable governmental authority,
    including under subsections 306(a) or (b) of the U.S. Federal Food, Drug, and Cosmetic Act), and Provider has not and will
    not use in any capacity in the performance of this Agreement the services of any person who has been debarred by any applicable
    governmental authority. Provider will immediately notify Pfizer in the event that Provider or any of its Personnel becomes
    debarred or excluded during the Term of this Agreement. Notwithstanding the cure period set forth in Termination for Cause
    Section of this Agreement, Provider acknowledges that such debarment shall be grounds for immediate termination of this Agreement
    and any or all SOWs by Pfizer for cause.

 

	 	(j)	Restricted
    Party. Provider is not designated as a Restricted Party. Provider has not and will not use, in any capacity in
    the performance of this Agreement, the services of any person who has been designated as a Restricted Party. Provider will
    immediately notify Pfizer in the event that Provider or any of its Personnel becomes designated as a Restricted Party during
    the Term of this Agreement. Notwithstanding any cure periods set forth herein, Provider acknowledges that designation as a
    Restricted Party shall be grounds for immediate termination of this Agreement and any or all SOWs by Pfizer for cause with
    no cure period.

 

    	- 10 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	(k)	No
    Actions Pending. There is no action, suit or proceeding, at law or in equity, before or by any court or governmental
    authority, pending or, to the best of Provider’s knowledge, threatened against Provider, wherein an unfavorable decision,
    ruling or filing would materially adversely affect the performance by Provider of its obligations hereunder or the other transactions
    contemplated hereby, or which, in any way, would adversely affect the enforceability of this Agreement, or any other agreement
    or instrument entered into by Provider in connection with the transactions contemplated hereby. In addition, there are no
    environmental conditions, events or circumstances that are reasonably likely to limit, impede or otherwise jeopardize Provider’s
    ability to meet its obligations under this Agreement. In the event Provider becomes aware of such action, suit, proceeding,
    condition, event or circumstance, Provider shall immediately notify Pfizer.

 

	 	(l)	Subcontracting.
    Provider must not use subcontractors to perform Services under this Agreement without Pfizer’s prior written permission.
    If Pfizer gives Provider permission to use subcontractors, Provider will be responsible for the subcontractor’s performance
    and compliance with the terms of this Agreement.

 

8.2        Correction
of Services/Work Product.

 

	 	(a)	Provider shall, without additional compensation,
    and at its own cost and expense, promptly correct or revise any errors, omissions or other deficiencies in the Services and/or
    the Work Product, or if the Services do not meet the specifications. Provider shall also reimburse Pfizer for any penalties
    levied by a government agency as a result of any such error, omission or other deficiency. The obligations of Provider provided
    in this paragraph shall survive acceptance of the Services and/or Work Product by Pfizer and the termination or expiration
    of this Agreement and/or the applicable SOW. For purposes of clarity, this obligation of the Provider to correct non-conforming
    Services and/or Work Product shall not limit any other remedies that Pfizer may have under this Agreement, at law or in equity.

 

	 	(b)	In the event that any Harmful Code is
    found in any Work Product, Pre-Existing Materials and/or any other hardware, software, database or other information or material
    supplied by Provider, used or accessed by Provider to provide the Services and/or used or accessed by Pfizer to receive the
    Services, then in any such case, Provider shall, at no additional cost or charge to Pfizer, eliminate and reduce the effects
    of such Harmful Code and, if the Harmful Code causes a loss of operational efficiency or loss of data, to mitigate such losses
    and restore such data with generally accepted data restoration techniques.

 

8.3        Responsible
Supply Chain; Immigration; Environmental Health and Safety; Animal Welfare; Laboratory Notebooks.

 

	 	(a)	Provider represents, warrants, and covenants
    that it does not, as of the Effective Date, and shall not, during the Term of this Agreement (i) use involuntary or underage
    labor (defined in accordance with applicable Laws) at the facility(ies) where its performance under this Agreement will occur,
    (ii) use labor not in compliance with applicable immigration laws, and (iii) maintain unsafe or unhealthy conditions in any
    dormitories or lodging that it provides for its employees.  Provider agrees that during the Term of this Agreement it
    shall promptly correct unsafe or unhealthy conditions in any dormitories or lodging that it provides for its employees.

 

    	- 11 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	(b)	Provider covenants that it will perform
    its obligations under this Agreement in a manner consistent with all of the Pharmaceutical Industry Principles for Responsible
    Supply Chain Management, codified at http://www.pharmaceuticalsupplychain.org.

 

	 	(c)	Provider will comply in all respects
    with applicable environmental, health and safety and animal welfare laws and any related guidelines or operating procedures
    Pfizer gives Provider, or are otherwise attached and incorporated by reference into this Agreement, including but not limited
    to Schedule B. Accordingly, Provider must: (i) give to Pfizer any information Pfizer requests that relates to the environmental,
    health and safety or animal welfare aspects of Provider’s operations; (ii) perform services under this Agreement in
    a safe and ethical manner (including the storage, handling and disposal of any hazardous materials and the treatment of animals);
    (iii) notify Pfizer if, at any time, Provider is not compliant with the laws, guidelines and operating procedures and the
    non-compliance poses a significant threat to the environment or health and safety or welfare of animals; (iv) immediately
    take corrective steps if, at any time, Pfizer notifies Provider its conduct of services does not comply with the applicable
    laws, guidelines or operating procedures.

 

	 	(d)	Provider has and will continue to have
    a documented, comprehensive environmental policy which addresses, among other things, its ongoing commitment to environmental
    protection, sustainability, pollution prevention, waste reduction, and energy and water efficiency. No less than
    annually and as otherwise requested by Pfizer, Provider shall provide Pfizer with evidence of implementation of such policy
    and any updated information regarding Provider’s environmental policies, practices, and the environmental attributes
    and any third party certifications of its Services or any materials used in connection therewith. Provider shall also provide
    data regarding the Scope 1, Scope 2, and, as available, Scope 3 greenhouse gas emissions (as such terms are defined by the
    World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD) Greenhouse Gas Protocol
    Corporate Standard) associated with the provision of the Services, including, without limitation, the methodology employed
    to collect and report such data, as requested by Pfizer. All information provided pursuant to this Section 7.3(d) is, or shall
    be, complete, truthful and accurate. In the event any such information provided changes, Provider shall immediately notify
    Pfizer, in writing with reasonable detail, of such change.

 

	 	(e)	As and when they become available, Provider
    shall identify and bring to Pfizer’s attention service options that generate less waste or pollution, are less toxic
    or hazardous, consume fewer materials or less energy, water or chemicals in their production, packaging, use and disposal,
    or that otherwise have a reduced environmental impact as compared to the Services described on Schedule B (collectively, “Sustainability
    Options”). In the event Provider receives an SOW for Services for which Seller has a Sustainability Option(s), Provider
    shall promptly notify Pfizer of such option(s). Provider shall discuss with Pfizer the feasibility and cost implications of
    any of the foregoing alternate service options and shall provide such options if and as directed by Pfizer. Provider shall
    use commercially reasonable efforts to educate itself and to train its Personnel in Sustainability Options available in the
    market to facilitate a productive discussion. Provider shall also identify and bring to Pfizer’s attention any take-back
    programs available.

 

    	- 12 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	(f)	Provider shall not use, and shall not
    allow to be used, any (a) cassiterite, columbite-tantalite, gold, wolframite, or the derivatives tantalum, tin, or tungsten
    (“Initial Conflict Minerals”) that originated in the Democratic Republic of Congo (“DRC”) or an adjoining
    country, or (b) any other mineral or its derivatives determined by the Secretary of State to be financing conflict pursuant
    to Section 13p of the Securities and Exchange Act of 1934 (“Additional Conflict Minerals”, and together with the
    Initial Conflict Minerals, “Conflict Minerals”), in the production of the Product. Notwithstanding the foregoing,
    if Provider uses, or determines that it has used, a Conflict Mineral in the production of the Product, Provider shall immediately
    notify Pfizer, which notice shall contain a written description of the use of the Conflict Mineral, including, without limitation,
    whether the Conflict Mineral appears in any amount in the Product (including trace amounts) and a valid and verifiable certificate
    of origin of the Conflict Mineral used. Provider must be able to demonstrate that it undertook a reasonable country of origin
    inquiry and due diligence process in connection with its preparation and delivery of the certificate of origin.

 

	 	(g)	Provider will record all data generated
    in performance of the Services in laboratory notebooks that are separate to other laboratory notebooks or records. Alternatively,
    Provider may record such data in electronic laboratory notebooks, in accordance with an internal laboratory notebook process,
    in line with electronic notebook data collection and storage standards and safeguards common to the industry, for performing
    Services of the nature contemplated under this Agreement.

 

8.4        Pfizer
Representations and Warranties

 

Pfizer
represents, warrants and covenants to Provider that:

 

	 	(a)	Conflicts.
    The execution, delivery and performance of this Agreement by Pfizer does not conflict with any agreement, instrument or
    understanding, oral or written, to which it is a party or by which it may be bound, and does not violate any applicable Law
    of any court, governmental body or administrative or other agency having authority over it. Pfizer is not currently a party
    to, and during the Term of this Agreement will not enter into, any agreements, oral or written, that are inconsistent with
    its obligations under this Agreement or any SOW.

 

    	- 13 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	(b)	Authority.
    Pfizer is validly existing and in good standing under the Laws of the jurisdiction of its organization and has the power and
    authority to enter into and perform its obligations under this Agreement. This Agreement has been duly executed and delivered
    by Pfizer and constitutes the valid and binding obligation of Pfizer, enforceable against it in accordance with its terms.
    The execution, delivery and performance of this Agreement has been duly authorized by all necessary actions on the part of
    Pfizer, its officers and directors.

 

9.        
Term

 

Term.
This Agreement shall be effective as of the Effective Date and shall remain in effect for a period of two (2) years, unless terminated
early or replaced, provided however, this Term may be further extended by mutual written consent of the parties.

 

10.       Termination

 

10.1      Termination
by Pfizer for Convenience. Pfizer may terminate this Agreement, and/or all or any part of any SOW at any time
without cause and in its sole discretion upon thirty (30) days prior written notice. Notwithstanding, in the event of any
termination of this Agreement by Pfizer for Convenience, the applicable covenants related to the Take or Pay Agreement
as agreed in the Asset Purchase and Collaboration Agreement between XRPRO Sciences, Inc. and Icagen, Inc effective
1st July 2015 will still apply. In the event of such termination of any SOW by Pfizer for convenience, Pfizer
shall pay Provider in accordance with the terms of this Agreement and the applicable SOW for all Services performed in
conformance with the terms of this Agreement and the applicable SOW prior to the effective date of such termination and all
non-cancellable expenses of Provider related to the Services. Non-cancelable expenses are those expenses that you cannot
reasonably avoid or deploy for the benefit of other operations. They will not include staff costs but may include specialty
reagents. Pfizer and you will negotiate the amount of any such expenses in good faith. But, the amount plus any other
payments made by Pfizer under an order may not exceed the total price of the order. In the event of Pfizer’s election
to terminate pursuant to this Section, Provider shall not be entitled to any losses, fees, surcharges, costs or special,
indirect, incidental, consequential or other damages, including contribution to lost profits or unabsorbed overhead as a
result of any portion of the Services not performed.

 

10.2      Termination
for Cause. Either Provider or Pfizer may terminate this Agreement, including all SOWs, for cause immediately upon
written notice to the other Party in the event that such other Party materially breaches this Agreement or all SOWs in
effect, which breach remains uncured for thirty (30) calendar days following written notice to such other Party of the
deficiency. In the event Provider or Pfizer materially breaches an SOW, then the non-breaching Party may only terminate such
SOW under this Section. In the event of termination of any SOW by Pfizer under this Section, Pfizer shall pay Provider in
accordance with the terms of this Agreement and the applicable SOW for Services satisfactorily performed in conformance with
the terms of this Agreement and the applicable SOW prior to the effective date of such termination, less any damages incurred
by Pfizer as a result of the cause of such termination; provided, however, that Pfizer shall not be required to make any
further payments until Pfizer has had a reasonable opportunity to adequately assess the extent of such damages. Nothing in
this Agreement shall limit Pfizer’s ability to recover from Provider any amount of damages that exceeds the amounts set
off by Pfizer under this Section. Further, in the event an SOW provides for payments by Provider to Pfizer of any Pfizer
Credits, payment of such Pfizer Credits shall not prejudice or in any way limit Pfizer’s ability to recover from
Provider any amount of damages that exceed the Pfizer Credits.

 

    	- 14 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

10.3      Termination
for Insolvency. In the event that a Party hereto: (i) becomes insolvent, or institutes or has instituted against
it a petition for bankruptcy or is adjudicated bankrupt; or (ii) executes a bill of sale, deed of trust, or a
general assignment for the benefit of creditors; or (iii) is dissolved or transfers a substantial portion of its assets to a
third party; or (iv) has a receiver appointed for the benefit of its creditors, or has a receiver appointed on account of
insolvency (in the case of (i), (ii), (iii) or (vi) such party shall be referred to as the “Insolvent Party”);
then the Insolvent Party shall immediately notify the other Party of such event and such other Party shall be entitled to:
(a) terminate this Agreement and/or any or all SOWs for cause immediately upon written notice to the Insolvent Party; or (b)
request that the Insolvent Party or its successor provide adequate assurances of continued and future performance in form and
substance acceptable to such other Party, which shall be provided by the Insolvent Party within ten (10) calendar days of
such request, and the other Party may terminate this Agreement and/or any or all SOWs for cause immediately upon written
notice to the Insolvent Party in the event that the Insolvent Party fails to provide such assurances acceptable to the other
Party within such ten (10) day period.

 

10.4      Termination for Change of Control. Pfizer may terminate this Agreement and/or any and all SOWs at any time by giving written
notice to Provider in the event of a Change of Control of Provider.

 

10.5      Termination for Breach of Anti-Bribery/Anti-Corruption Representation. Pfizer may terminate this Agreement and/or any and
all SOWs effective immediately upon notice to Provider, if Provider: (i) breaches any of the representations and warranties set
forth in the Anti-Bribery/Anti-Corruption Section of this Agreement; or (ii) if Pfizer learns (a) that improper payments are being
or have been made or offered to Government Officials or any other person by Provider or those acting on behalf of Provider with
respect to the Services or (b) that Provider or those acting on behalf of Provider with respect to the Services has accepted any
payment, item, or benefit, regardless of value, as an improper inducement to award, obtain or retain business or otherwise gain
or grant an improper business advantage from or to any other person or entity.  Further, in the event of such termination,
Provider shall not be entitled to any further payment, regardless of any activities undertaken or agreements with additional third
parties entered into by Provider prior to such termination, and Provider shall be liable for damages or remedies as provided by
this Agreement, at law or in equity.

 

10.6      Effect of Termination or Expiration. Any termination or expiration of this Agreement shall not terminate or affect
the obligations of the Parties to each other under existing SOWs issued during the Term, and such SOWs shall continue in full
force and effect and shall continue to be governed by the terms of this Agreement until their expiration or completion or unless
and until any such SOWs are themselves terminated pursuant to this Agreement.

 

    	- 15 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

10.7      Obligations of Provider upon Termination or Expiration. Upon termination or expiration of this Agreement and/or
any SOWs, Provider shall immediately (i) deliver all Work Product and other documents, reports, raw data and materials developed
by Provider in the performance of the Services, whether completed or in progress, including all books, laboratory note books,
records, plans, surveys, data, drawings and other documents and materials related to the Services; (ii) at Pfizer’s option
and pursuant to Pfizer’s instructions, return and/or destroy all Pfizer related information and materials in whatever form
in Provider’s possession (except for such information that Provider is required to retain pursuant to the Records and Audits
Section hereof) and provide written certification to Pfizer of such return and or destruction of the Pfizer information and materials
within thirty (30) days of such termination or expiration; and (iii) take such further action that Pfizer may reasonably request
to minimize delay and expense arising from such termination; so long as such action does not require the disclosure or provision
of any additional Provider Confidential Information or proprietary information of Provider. Provider acknowledges that its failure
to comply with this provision will cause Pfizer irreparable harm for which Pfizer may not have any adequate remedy at law, and
that Pfizer shall be entitled to seek equitable relief, including injunction and specific performance, as a remedy for any actual
or threatened breach by Provider of its obligations under this Section (without proof of actual damages or harm, and not subject
to any requirement for the securing or posting of any bond in connection therewith).

 

10.8      Transitional Services. Provider, if requested by Pfizer, agrees to use reasonable commercial efforts to provide
Pfizer with Transitional Services. Provider’s compensation for such Transitional Services shall be comparable to the rates
for similar services provided by Provider, but shall in no event exceed the rates Provider charges for the Services.

 

10.9      Survival of Obligations. The termination or expiration of this Agreement or any SOW shall not affect the survival
and continuing validity of Sections 1 (Definitions), 6 (Fees and Payments), 8.2(Correction of Services/Work Product), 10 (Termination),
11 (Proprietary Rights), 12 (Indemnification; Liens; Insurance), 13 (Confidentiality), 14 (Records and Audits) and 15 (Miscellaneous).

 

11.       Proprietary Rights

 

11.1      Pfizer’s Materials. All chemicals, compounds, reagents, biological materials, drawings, materials, specifications,
designs, know how, writings, and other documents, data or information of any nature, whether written or oral, furnished or otherwise
made available by Pfizer (or Pfizer’s third party suppliers or collaborators) to Provider for the performance of the Services
(collectively, “Pfizer Materials”) may be used by Provider only in connection with its performance of the Services
and shall remain the property of Pfizer. Subject to Section 11.3, Pfizer shall retain all rights, title and interest in and to
such Pfizer Materials, and any and all intellectual property rights covering Pfizer Materials (or any intellectual property of
a third party collaborator or supplier of Pfizer, as the case may be), including all patents, copyrights, trademarks and trade
secrets and other proprietary rights and in any ideas, concepts, designs, inventions, and expressions embodied in, or appurtenant
to, or derived from (including any and all improvements and modifications) such Pfizer Materials. All Pfizer Materials must be
stored and labeled so they are clearly identifiable as Pfizer’s property and must not be destroyed or transferred to another
facility or party without Pfizer’s consent.

 

    	- 16 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

11.2      Work Product. All Work Product, other than Provider’s Pre-Existing Materials and improvements thereto, shall be the
exclusive property of Pfizer, and Pfizer shall solely own any and all intellectual property rights covering such Work Product,
including all patents, copyrights, trademarks and trade secrets and other proprietary rights and in any ideas, concepts, designs,
inventions and expressions embodied in or appurtenant to such Work Product. Such ownership shall, and hereby does, inure to the
benefit of Pfizer from the date of the conception, creation, reduction to practice or fixation in a tangible medium of expression
of the Work Product, as the case may be. All copyrightable aspects of such Work Product shall be considered “Work Made For
Hire” as defined in §101 (1) of the 1976 Copyright Act, and all rights, title and interest in and to such Work Product
hereby is and shall be transferred to and vested in Pfizer without any additional compensation to Provider or its Personnel, and
Provider shall render reasonable assistance as needed to give effect to such transfer, at Pfizer’s sole cost and expense.
In the event that any Work Product does not qualify to be Work Made For Hire, Provider hereby irrevocably transfers, assigns and
conveys, and shall cause its Personnel to irrevocably transfer, assign and convey, all rights, title and interest in and to such
Work Product to Pfizer, at no cost to Pfizer, free and clear of any liens and encumbrances, and Provider agrees to execute, and
shall cause its Personnel to execute, all documents necessary, in Pfizer’s discretion, to do so. All such assignments shall
include those relating to existing or prospective copyrights, patent rights and all other intellectual property rights in any
country. Provider also agrees that it will, and will cause its Personnel to, promptly notify Pfizer of any intellectual property
developed or otherwise included as Work Product, and to provide reasonable assistance, at Pfizer’s expense, in the procurement
or enforcement of any such intellectual property. Pfizer may use any and all Work Product as Pfizer sees fit in its research,
development and commercialization of pharmaceutical products.

 

11.3      Pre-Existing Materials. Except as provided in this Proprietary Rights Section, Pfizer is not granted any right in Provider’s
Pre-Existing Materials. Except as specified below in this clause, Provider will own any improvement to Provider’s own intellectual
property Provider makes in performance of the Services as long as it specifically relates to applicable analytical technology
being applied by Provider to perform the Services. In producing Work Product pursuant to this Agreement, Provider shall not incorporate
into the Work Product any Pre-Existing Materials except such Pre-Existing Materials as may be approved in advance by Pfizer as
specified in the applicable SOW as Pre-Existing Materials. Any such Pre-Existing Materials incorporated into the Work Product
but not approved in advance by Pfizer as specified in the applicable SOW shall be deemed Work Product. With respect to Pre-Existing
Materials incorporated into the Work Product, which are approved in advance by Pfizer as specified in the applicable SOW, Provider
hereby grants to Pfizer, in the case of Provider’s Pre-Existing Materials, or shall obtain for Pfizer, in the case of third
party Pre-Existing Materials, an unrestricted, royalty-free, fully-paid, perpetual, irrevocable, world-wide, non-exclusive, right
and license to use, disclose, reproduce, publicly perform and display, transmit, transfer, (including the right to sublicense,
sell, offer for sale and distribute through multiple tiers), practice, make, have made, import and otherwise make use of such
Pre-Existing Materials in connection with the Work Product. Such rights shall extend to Pfizer’s present and future Affiliates,
successors and assigns.

 

    	- 17 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

12.       Indemnification, Liens; Insurance.

 

12.1      Indemnification.

 

	 	(a)	To the fullest extent
    permitted by applicable Law, Provider shall defend, indemnify, and hold harmless Pfizer, its Affiliates and its and
    their respective directors, officers, employees, agents and representatives from and against any and all Losses arising out
    of or relating to any and all claims, liabilities, liens, demands, obligations, actions, proceedings, suits or causes of action
    of every kind (regardless of whether or not such Losses are caused in part by a party indemnified hereunder) arising out of
    or related to:

 

	 	(i)	failure of Provider
    or its Personnel to comply with any Law, including the failure to pay taxes, duties, or fees, or to comply with employee safety
    regulations or with the Jobsite safety rules;

 

	 	(ii)	infringement or improper
    appropriation or use by Provider or its Personnel of trade secrets, proprietary information, know-how, copyrights, trademarks,
    patents, patented inventions or any other intellectual property or proprietary rights of any third party;

 

	 	(iii)	arising out of an audit,
    investigation, administrative proceeding, or litigation predicated upon Contracting Party’s failure to provide complete
    and correct data pursuant to its data collection and submission requirements hereunder;

 

	 	(iv)	breach by Provider or
    its Personnel of any agreements, covenants, warrantees, guarantees and representations contained in this Agreement and any
    SOW, amendment, work orders and related documents;

 

	 	(v)	Provider’s failure
    to pay any of its Personnel;

 

	 	(vi)	injury to or death of
    any person or damage to any property resulting from and/or caused by Provider or its Personnel in connection with the performance
    or non-performances of Provider’s obligations under this Agreement and any SOW;

 

	 	(vii)	Provider’s failure
    to require any consultant or subcontractor to be insured as set forth under the terms of this Agreement;

 

	 	(viii)	claims made by persons
    furnished by Provider or its Personnel (i) based on employment contract, or any Laws prohibiting discrimination in employment,
    or (ii) under worker’s compensation or similar Laws; and,

 

	 	(ix)	negligence, recklessness,
    willful misconduct, fraud or bad faith of Provider or its Personnel.

 

	 	(b)	Notwithstanding the
    foregoing, Provider shall not be liable for Losses to the extent such Losses are caused solely by the negligence, recklessness
    or willful misconduct of Pfizer. Furthermore, Provider shall not be liable for Losses pursuant to Section 12.1(a) (ii) above
    to the extent such infringement or improper appropriation or use is directly caused by Pfizer’s unauthorized modification
    of the Work Product.

 

    	- 18 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

Without
limiting any other of Provider’s obligations or Pfizer’s rights under this Agreement, including Section 12.1, if the
Work Product or Services, or any part thereof, becomes or, in Provider’s reasonable opinion, is likely to become the subject
of an infringement, misappropriation or misuse claim, suit or cause of action, Provider, at its expense, promptly shall as mutually
agreed between the Parties either (a) procure for Pfizer the right to continue using such Work Product and/or Services free of
any liability for infringement, misappropriation or misuse; or (b) replace or modify such Work Product and/or Services with a
non-infringing substitute of equivalent or better functionality that is reasonably satisfactory to Pfizer. In the event Provider
is unable, after exercising its best efforts, to implement one of the options set forth in subsection (a) or (b) above within
thirty (30) days after becoming aware of any such claim, suit or cause of action or the likelihood of any claim, suit or cause
of action, then Pfizer shall have the right to return the affected Work Product and/or cease using the affected Services, and
Provider promptly shall refund to Pfizer: (1) in the case of Work Product, an amount equal to the total amount paid by Pfizer
to Provider for the affected Work Product; and (2) in the case of Services, an amount equal to any pre-paid amounts paid by Pfizer
to Provider for the affected Services. This Section shall survive the expiration or termination of this Agreement.

 

	 	(c)	Indemnification
    Procedures. Pfizer shall inform Provider of any claim for which it intends to invoke indemnification and, at Provider’s
    request and expense, reasonably cooperate with Provider in defending such claim. Provider shall assume, at its sole cost and
    expense, the defense of such claim through legal counsel reasonably acceptable to Pfizer, except that Pfizer may at its option
    and expense select and be represented by separate counsel. Provider shall have control over the suit or proceedings, including
    the right to settle; provided, however, Provider will not, absent the written consent of Pfizer, consent to the entry of any
    judgment or enter into any settlement that (1) provides for any admission of liability on the part of Pfizer, its Affiliates
    or its or their respective directors, officers, employees, agents or representatives, as the case may be, or relief other
    than the payment of monetary damages for which Provider shall be solely liable and (2) adversely affects the rights of
    Pfizer under this Agreement, or (3) does not release Pfizer, its Affiliates and its respective
    directors, officers, employees, agents and representatives, as the case may be, from all liability in respect thereof.
    In no event shall Pfizer, its Affiliates or its or their respective directors, officers, employees, agents or representatives
    be liable for any claims that are compromised or settled in violation of this Section.

 

12.2      Limitation of Liability.

 

EXCEPT
AS EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, INCIDENTAL OR CONSEQUENTIAL
DAMAGES (INCLUDING DAMAGES RESULTING FROM LOSS OF USE, LOSS OF PROFITS, INTERRUPTION OR LOSS OF BUSINESS, LOST GOODWILL, LOST
REVENUE AND LOST OPPORTUNITY) ARISING OUT OF ANY OF THE TERMS OR CONDITIONS OF THIS AGREEMENT OR WITH RESPECT TO ITS PERFORMANCE
HEREUNDER. The foregoing limitation of liability and exclusion of damages shall
apply (1) even if a Party had or should have had knowledge, actual or constructive, of the possibility of such damages, (2) whether
a claim is based on breach of contract, breach of warranty, tort (including negligence), product liability, strict liability or
otherwise, and (3) notwithstanding any failure of essential purpose of any limited remedy herein. Notwithstanding the foregoing
limitation of liability and exclusion of damages, Provider shall be liable to Pfizer for indirect, incidental or consequential
damages to the extent: (i) arising out a breach of the non-disclosure and non-use obligations set forth in this Agreement, (ii)
arising out of Provider’s obligations to indemnify for third party claims, (iv) awarded for bodily injury, death or damage
to real or personal property of Pfizer or any third party, provided that Pfizer shall not be entitled to damages for loss of profits,
interruption or loss of business, lost goodwill, lost revenue and lost opportunity, (v) covered by any errors or omissions or
other insurance carried by Provider or its Personnel, or (vi) resulting from Provider’s gross negligence or willful misconduct.

 

    	- 19 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

12.3      Liens.
Provider shall keep the Pfizer Materials and any other Pfizer property provided under this Agreement free and clear of all liens,
claims, and encumbrances. In addition, upon written request of Pfizer, Provider agrees to certify in writing to Pfizer that all
material and equipment embodied in the Services are free and clear of all liens, claims, and encumbrances and all labor costs
and obligations incurred with respect to the Services have been fully paid and discharged and to provide any information and/or
execute any documents as may be requested by Pfizer and/or required by Laws of the jurisdiction in which the Services are being
performed in order to protect Pfizer from any liens, claims, and encumbrances, including delivering to Pfizer full and final waivers
of mechanics’, materialmen’s and construction liens duly executed by Provider and all applicable subcontractors in
a form approved by Pfizer. If any lien is filed, Provider shall take all necessary steps to immediately procure the release of
such lien. If Provider does not procure the release of any lien, Pfizer shall have the right to seek and procure the release of
such lien, including the right to contest the validity or amount of any such lien. Provider shall indemnify, defend and hold Pfizer
harmless from and against any loss, damage, claim, expense or cost (including reasonable attorneys’ fees) arising out of
or relating to Provider’s failure to comply with this Section, including all monies paid and costs and expenses incurred
by Pfizer in discharging such liens or otherwise incurred in connection with any action or proceeding for the removal or enforcement
of the lien. Provider shall include a provision satisfying the requirements of this as part of any and all subcontracts entered
into for the work or any portion of the Services.

 

12.4      Insurance.

 

	 	(a)	Maintenance
    of Coverage. Prior to the commencement of any Services under this Agreement or any SOW, Provider shall provide and maintain
    such insurance coverage, in minimum types and amounts as described below in this Section, as will protect it and Pfizer (including
    Pfizer’s Affiliates, its and their employees, directors, officers, shareholders and agents) from all claims which may
    arise out of or result from Provider’s performance under this Agreement and any SOW, whether such operations be by itself
    or by its Personnel or by anyone directly or indirectly employed by any of them, or by anyone for whose acts they may be liable.
    Provider will permit no consultant or subcontractor to enter the Jobsite or continue the performance of any Services unless
    such consultant is and remains insured, as outlined in this Section 12.4. Any and all deductibles for such insurance policies
    shall be assumed by, for the account of, and at Provider’s sole risk. All deductibles and self-insured retention amounts
    must be acceptable to and approved, in writing (if required), by Pfizer.

 

    	- 20 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	(b)	Waiver
    of Subrogation. Such insurance policies shall be primary and non-contributing with respect to any other similar insurance
    policies available to Pfizer or its Affiliates. Except for Workers Compensation/Employers’ Liability and Professional
    Liability/Errors & Omissions insurance, all such policies shall include Pfizer and its Affiliates and any other such entities
    as Pfizer may reasonably request, as additional insureds. All such polices shall provide a waiver of subrogation in favor
    of Pfizer and its Affiliates.

 

	 	(c)	Insurance
    Certificate. Provider shall furnish to Pfizer original certificates and additional insurance endorsements evidencing the
    specified insurance coverage, prior to beginning any SOW, and, at agreement renewal or expiration of any one coverage, whichever
    occurs first. If requested by Pfizer, copies of the insurance policies themselves will be provided. Such certificates shall
    provide that not less than thirty (30) days’ prior written notice of any policy cancellation, or material change shall
    be given to Pfizer. The Certificate of Insurance shall be signed by a person authorized by the insurer to bind coverage on
    its (their) behalf. Provider shall provide, pay for, and maintain in effect the policies with minimum “A-” A.M.
    Bests rated insurance carriers or insurance companies satisfactory to Pfizer. Coverage shall be maintained for the duration
    of the SOW until final completion or as specified below, whichever is longer.

 

	 	(d)	Limits.
    The insurance required under Section 12.4(a) above shall be written for not less than any limits of liability specified
    herein or as required by law, whichever is greater. Provider shall have the right to provide the total limits required by
    any combination of primary and Umbrella/Excess coverage; said insurance to include the following:

 

	 	(i)	Insurance for liability
    under the Workers’ Compensation or occupational disease laws of any state or other jurisdiction in which the Services
    are performed (or be a qualified self-insurer in those states and jurisdictions) or otherwise applicable with respect to persons
    performing the Services and Employer’s Liability insurance covering all claims by or in respect to the employees of
    Provider and all Consultants, providing:

 

	 	1.	Coverage for the statutory
    limits of all claims under the applicable State Workers’ Compensation Act or Acts. ;

 

    	- 21 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	2.	Employer’s Liability
    Insurance with a limit of not less than $1,000,000;

 

	 	3.	Voluntary Compensation
    insurance covering all employees not subject to the applicable state Workers’ Compensation Act or Acts.

 

	 	(ii)	Commercial General Liability
    insurance with the following limits and forms/endorsements:

 

	 	Each Occurrence 	$2,000,000
	 	 	 
	 	Products & Completed Operations Aggregate 	$2,000,000

 

	 	(a)	Occurrence form including
    premises and operations coverage, products & completed operations, broad form property damage, coverage for independent
    contractors, personal injury coverage, and blanket contractual liability.

 

	 	(b)	Products and Completed
    Operations coverage shall be maintained for a period of three (3) years following the date that the Scope of Work is completed
    and accepted.

 

	 	(c)	ISO Endorsement CG20101185
    including Pfizer and its Affiliates as additional insureds with respect to any legal liability of Pfizer or its Affiliates,
    arising out of the Services.

 

	 	(iii)	In the event Provider
    is furnishing design services or other professional services, Provider shall obtain Professional Liability or Errors &
    Omissions Insurance for the Services. Such insurance shall have a limit of $5,000,000 per occurrence. Coverage shall be maintained
    for a period of three (3) years following final completion and acceptance of the Services specified in Scope of Work.

 

	 	(iv)	Umbrella (Excess) Liability
    Coverage (follow form) in an amount not less than $3,000,000 per occurrence.

 

	 	(v)	If Provider has care,
    custody or control of Pfizer property or inventory, Provider shall be responsible for any loss or damage to it, and provide
    all risk Property Coverage at full replacement cost for same.

 

	 	(e)	Certificate.
    Acceptance of any insurance certificate by Pfizer shall not constitute acceptance of the adequacy of coverage, compliance
    with the requirements of this Agreement or any SOW or serve as an amendment to this Agreement or any SOW.

 

13.        Confidentiality

 

13.1      References to Confidential Information in this Agreement shall mean Pfizer Confidential Information and Provider Information
collectively as defined in Section 1.3 and 1.4.

 

    	- 22 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

13.2      Restricted Disclosure and Use of Confidential Information. Each Party and Personnel shall keep, strictly confidential
and not disclose to any third party (without Parties prior written approval) Confidential Information. Parties shall not use,
and shall not permit its Personnel to use, the Confidential Information except in accordance with this Agreement. In the event
any Party becomes aware of any breach of the confidentiality and non-use obligation contained in this Section by it or its Personnel,
Party shall promptly notify the other Party in writing of such breach and all facts known to respective Party regarding same.

 

13.3      Permitted Disclosures. Notwithstanding the foregoing, Pfizer Confidential Information may be disclosed by Provider
to the extent required: (a) for the performance of the Services subject to Section 13.4 below and (b) in order to comply with
any court order, statute or governmental directive, provided that in the event that such court order, statute or governmental
directive requires disclosure of Pfizer Confidential Information, Provider shall provide prompt notice to Pfizer (except where
restricted by applicable Law) before such Pfizer Confidential Information is disclosed and cooperate with Pfizer if Pfizer seeks
protective order or other appropriate remedy for such Pfizer Confidential Information, and if no such protective order or other
remedy is obtained, Provider will furnish only that portion of the Pfizer Confidential Information which it is advised by its
counsel it is legally required to furnish.

 

13.4      Precautions. In order to comply with its confidentiality and non-use obligations, each Party shall take at least
the following precautions: (a) Parties shall exercise all reasonable efforts to prevent unauthorized employees and unauthorized
third parties from gaining access to Confidential Information (and in no event less than reasonable care); (b) Parties shall disclose
Confidential Information only to such of its Personnel who have a need to know such Confidential Information to fulfill their
obligations under this Agreement and/or any SOWs; provided, however, before any disclosure of Confidential Information, Parties
shall bind its Personnel receiving such Confidential Information to a written agreement of confidentiality at least as restrictive
as this Agreement; and (c) prior to any disclosure, Parties shall instruct its Personnel of the confidential nature of, and to
maintain the confidentiality of, the Confidential Information. Parties shall be responsible for all actions of its Personnel,
including any breach of the terms hereof.

 

13.5      Survival. Upon the earlier of Pfizer’s request or termination or expiration of this Agreement, receiving Party shall
promptly return to disclosing Party all of the disclosing Parties Confidential Information. However, receiving Party may retain
one copy of any document containing disclosing Party Confidential Information in its confidential files for so long as necessary
and for the sole purpose of determining its continuing obligations under this Agreement; provided, however, that the terms of
this Section 13 shall continue to apply with regard to any such disclosing Party Confidential Information retained by receiving
Party. Notwithstanding receiving Parties return of the Confidential Information, receiving Party will continue to be bound by
its obligation of confidentiality and non-use under this Agreement for a period of seven (7) years after the later of termination
or expiration of this Agreement or the last SOW in place, except with respect to any information that constitutes a trade secret
(as defined under applicable Law), in which case receiving Party will continue to be bound by its obligation of confidentiality
and non-use under this Agreement for so long as such information continues to constitute a trade secret, but in no event for a
period of less than the seven (7) year period specified immediately above.

 

    	- 23 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

14.        Records and Audits

 

14.1       Records. Provider will maintain complete and accurate Records. Any Records that are financial in nature such as,
but not limited to, time sheets, billing records, invoices, payment applications, payments of consultants and subcontractors and
receipts relating to reimbursable expenses, shall be maintained in accordance with generally accepted accounting principles. Provider
shall maintain such Records for a period of six (6) years after the expiration or termination of (x) this Agreement or (y) the
applicable SOW in effect, or for such longer period as otherwise may be required by applicable Law, whichever occurs later.

 

14.2      Audits. Pfizer or its representatives, including its external auditors, may inspect and/or audit any facility being
used by Provider or Provider’s Affiliates for the performance of Services, upon no more than five (5) working days prior
notice during reasonable business hours and any Records of Provider, including all Records related to Provider’s compliance
with Laws, at any time during the Term of this Agreement and for the three (3) year period following the expiration or termination
of (x) this Agreement or (y) the last SOW in effect, whichever occurs later, during normal business hours and upon reasonable
notice to Provider. Provider shall make any Records readily available for such audit, and Pfizer or its representatives may copy
any and all such Records in connection with any such audit. If any financial audit reveals that Provider has overcharged Pfizer,
Provider shall promptly reimburse Pfizer for such overcharge, and in the event that any such overcharge equals an amount equal
to or greater than five percent (5%) of the amount that should have been charged under the terms of this Agreement and the applicable
SOW, then Provider shall promptly reimburse Pfizer for all reasonable costs and expenses incurred in the conduct of the audit.

 

15.        Miscellaneous

 

15.1      No Publicity. Provider shall not use the name, trade name, service marks, trademarks, trade, dress or logos of Pfizer (or
any of its Affiliates) in publicity releases, advertising or any other publication, nor identify Pfizer as a customer, without
Pfizer’s prior written consent in each instance.

 

15.2       Dispute Negotiations; Governing Law; Venue.

 

	 	(a)	Negotiations
    of Dispute. With respect to any controversy, claim, counterclaim, dispute, difference or misunderstanding arising
    out of or relating to the interpretation or application of any term or provisions of this Agreement or
    an SOW or any related documents, a Party shall provide written notice to the other Party of the existence of such dispute.
    The Parties shall for a period of thirty (30) days following such notice, enter into good faith discussions and negotiations
    in an attempt to resolve such dispute. If, by the end of such thirty (30) day period, unless such period is extended by mutual
    agreement of the Parties, if the Parties have been unable to resolve such dispute, either Party may initiate litigation. The
    procedures specified in this Section is a precondition to the initiation of litigation by a Party, in connection with disputes
    between the Parties arising out of or relating to this Agreement and any SOW; provided, however, that a Party may: (i) seek
    a preliminary injunction or other preliminary judicial relief, without attempting to resolve such dispute as provided in this
    Section, if in its judgment such action is necessary to avoid irreparable harm; or (ii) institute formal proceedings to avoid
    the expiration of any applicable limitations period. Further, the requirement to attempt to resolve a dispute in accordance
    with this Section 15.1 does not affect a Party’s right to terminate this Agreement or an SOW as provided in the Termination
    Section hereof, and neither party shall be required to follow these procedures prior to terminating the Agreement.

 

    	- 24 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	 	(b)	Governing
    Law. The validity, interpretation and performance of this Agreement shall be governed by and construed in accordance
    with the laws of the State of New York without regard to the principles of conflicts
    of law.

 

	 	(c)	Venue.
    All actions and proceedings under this Agreement shall be brought exclusively in a state or federal court of competent
    subject matter jurisdiction in the County of New York in the State of New York. Each Party hereby waives (i) any objection
    which it may have at any time to the venue of the proceedings in any such court, (ii) any claim that such proceedings have
    been brought in an inconvenient forum and (iii) the right to object, with respect to such proceedings, that such court does
    not have any jurisdiction over such Party. IN ANY CONTROVERSY OR CLAIM, WHETHER BASED IN CONTRACT, TORT OR OTHER LEGAL THEORY,
    ARISING OUT OF OR RELATING TO THIS AGREEMENT, ITS NEGOTIATION, ENFORCEABILITY OR VALIDITY, OR THE PERFORMANCE OR BREACH HEREOF
    OR THE RELATIONSHIPS ESTABLISHED HEREUNDER, ALL PARTIES HEREBY WAIVE THEIR RIGHT TO TRIAL BY JURY.

 

	 	(d)	Continuing
    Work during Dispute. Pending resolution of any dispute under this Agreement
    or any SOW by settlement or by final judgment, Provider shall proceed diligently with its performance in accordance with this
    Agreement and the applicable SOW, and maintain the project schedule during any dispute proceedings unless otherwise instructed
    by Pfizer.

 

15.3      Independent Contractor. Provider shall perform the Services as an independent contractor with exclusive control
of the manner and means of performing the Services in accordance with the requirements of this Agreement and the SOW. Provider
has no authority to act or make any agreements or representations on behalf of Pfizer or its Affiliates. This Agreement
or SOW is not intended to create, and shall not be construed as creating, between Pfizer and Provider, the relationship
of principal and agent, employer and employee, joint venturers, co-partners or any other such relationship, the existence of which
is hereby expressly denied. No employee or agent engaged by Provider shall be, or shall be deemed to be, an employee or agent
of Pfizer or its Affiliate nor entitled to any benefits that the Pfizer or its Affiliate provides to its own employees.

 

15.4      Notices.
Any notice required to be given hereunder shall be in writing and deemed to have been sufficiently given, (i) when delivered
in person, (ii) when received by the intended party. Each notice shall specify the name and date of and parties to this Agreement.
To help expedite Pfizer’s awareness and response, copies of Notices may be provided to Pfizer by email but must be supplemented
by one of the following methods (a) personal delivery; (b) first class certified mail with return receipt requested, or (c) next-day
delivery by major international courier, with confirmation of delivery. Electronic copies may be sent to contractnotices@pfizer.com

 

    	- 25 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

	If
    to Pfizer:	Pfizer
        Inc.

        Eastern
        Point Road

        

        Groton,
        CT 06340

        

        ATTENTION:
        Director WRD Procurement

	 	 
	and a copy (which shall not constitute notice) to:
	 	 
	 	Pfizer
        Inc.

        Pfizer
        Legal Division

        235
        East 42nd Street

        

        New
        York, NY 10017

        

        ATTENTION:
        Chief Counsel R&D

	 	 
	If
    to Provider:	XRpro
        Sciences, Inc.

        One
        Kendall Square, Suite B2002

        Cambridge,
MA 02139

        

        ATTENTION:
        Richard Cunningham

        

        Email:
        rcunningham@xrpro.com

        Fax
        No.: (302) 347-1326

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

        Chysler
Building

        405
        Lexington Avenue, 26th Floor

        

        New
        York, NY 10174

        ATTENTION:
Leslie Marlow

        

        Fax
        No.: (212) 208-4657

 

Provider
or Pfizer may, by notice to the other, change the addresses and names given above.

 

15.5       Assignment. Provider shall not assign any of its rights or delegate or subcontract any of its duties under this
Agreement without the prior written consent of Pfizer which may be withheld at its discretion. Any such attempted assignment of
rights or delegation or subcontracting of duties without the prior written consent of Pfizer shall be void and ineffective. Any
such assignment, delegation or subcontracting consented to by Pfizer shall not relieve Provider of its responsibilities and liabilities
hereunder and Provider shall remain liable to Pfizer for the conduct and performance of each permitted assignee, delegate and
subcontractor hereunder.

 

    	- 26 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

15.6       Divestiture. Notwithstanding anything to the contrary contained in this Agreement, to the extent related to or arising
in connection with a divestiture (whether by sale, spin-off, or similar transaction) by Pfizer, Inc. of all or any portion of
a Pfizer business or business unit (“a Divestiture”), Pfizer may, without prior written notice to or consent of Provider,
without any penalty, and at no additional cost to Pfizer or to any affiliate of Pfizer or to the company or the group of companies
resulting from such Divestiture (collectively, such companies, the “Resulting Companies”): (1) assign its rights and
obligations under this Agreement, in whole or in part to one or more of the Resulting Companies, or (2) split and assign, in whole
or in part, its rights and obligations under this Agreement to one or more of the Resulting Companies so as to retain the benefits
of this Agreement for both Pfizer and the applicable Resulting Compan(y)/(ies) following such Divestiture.  

  

	 	(a)	From and after any partial
    assignment or split (i) the rights and obligations of Pfizer hereunder shall be divided between Pfizer and the Resulting Compan(y)/(ies)
    to whom such rights and obligations are transferred as specified by Pfizer, such that all such rights and obligations related
    to the business of the applicable Resulting Compan(y)/(ies) shall be enforceable only by and against the applicable Resulting
    Compan(y)/(ies), and all other such rights and obligations shall be enforceable only by and against Pfizer and (ii) to the
    extent this Agreement contains any volume-based pricing or discounts in favor of Pfizer or minimum purchase thresholds, any
    purchases by Pfizer and the applicable Resulting Compan(y)/(ies) hereunder shall be aggregated for purposes of determining
    the applicable pricing and discounts and whether any minimum threshold has been met. Provider will work cooperatively with
    Pfizer and the applicable Resulting Compan(y)/(ies) to ensure a smooth and orderly transition, including, to the extent requested
    by Pfizer, entering into separate agreements with Pfizer and the applicable Resulting Compan(y)/(ies) on substantially the
    same terms and conditions (as adjusted to take into account the nature of the separate contracts while maintaining the economic,
    business and other purposes of the Agreement).

 

	 	(b)	No term, condition or
    provision of this Agreement, whether express or implied, shall be construed to limit Pfizer’s use of the Services for
    the benefit of Resulting Compan(y)/(ies) for up to two (2) years after a Divestiture, and Provider shall not charge Pfizer
    any additional fee of any kind whatsoever for such usage.

 

15.7       Binding Effect. This Agreement shall apply to, inure to the
benefit of and be binding upon the Parties hereto and upon their respective successors and permitted assigns. The Parties agree
that, except with respect to an Affiliate of Pfizer who is party to a SOW as provided in the Description of Services Section,
this Agreement is not intended by any Party to give any benefits, rights, privileges, actions or remedies to any person as a third
party beneficiary or otherwise under any theory of law; it being understood and agreed that an Affiliate of Pfizer who is party
to a SOW as provided in the Affiliates Section above, shall be deemed an intended third party beneficiary of this Agreement for
purposes of that particular SOW.

 

15.8       Force Majeure. No Party shall be liable for any failure to perform or any delays in performance, and no Party shall
be deemed to be in breach or default of its obligations set forth in this Agreement and any SOWs, if, to the extent, and for as
long as such failure or delay is due to any causes that are beyond its reasonable control and not to its acts or omissions, including
such causes as acts of God, flood, severe storm, earthquake, civil disturbance, lockout, riot, order of any court or administrative
body, embargo, acts of government, war (whether or not declared), acts of terrorism, or other similar causes (“Force Majeure
Event”). For clarity, labor disputes shall not be deemed a Force Majeure Event. In the event of a Force Majeure Event, the
Party prevented from or delayed in performing shall promptly give notice to the other Party and shall use commercially reasonable
efforts to avoid or minimize the delay. The Party affected by the other Party’s delay may elect to: (a) suspend performance
and extend the time for performance for the duration of the Force Majeure Event, or (b) cancel all or any part of the unperformed
part of this Agreement or any applicable SOW if performance of Services is delayed by 2 weeks or longer. Notwithstanding, in the
event of any termination of any Services as a result Force Majeure Event by Pfizer, the applicable covenants related to the Take
or Pay Agreement as agreed in the Asset Purchase and Collaboration Agreement between XRPRO Sciences, Inc. and Icagen, Inc effective
1st July 2015 will still apply.

 

    	- 27 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

15.9       Severability. If and to the extent that any court or tribunal of competent jurisdiction holds any provision of this
Agreement or any SOW to be unenforceable in a final non-appealable order, such unenforceable provision shall be stricken and the
remainder of this Agreement shall not be affected thereby. Pfizer and Provider shall in good faith attempt to replace any unenforceable
provision of this Agreement or the SOW with a provision that is enforceable and that comes as close as possible to expressing
the intention of the original provision.

 

15.10     Non-Waiver; Remedies. A waiver by a Party of any term or
condition of this Agreement or SOW in any instance shall not be deemed or construed to be a waiver of such term or condition for
the future, or of any subsequent breach thereof. All remedies specified in this Agreement
shall be cumulative and in addition to any other rights or remedies available at law or in equity. Pfizer shall be entitled to
seek equitable relief, including injunction and specific performance, as a remedy for any actual or threatened breach by Provider
of its obligations under this Agreement (without proof of actual damages or harm, and not subject to any requirement for the securing
or posting of any bond in connection therewith).

 

15.11     Further
Documents. Each Party hereto agrees to execute such further documents and take such further steps as may be
reasonably necessary or desirable to effectuate the purposes of this Agreement.

 

15.12     Forms. The Parties recognize that, during the Term of this Agreement, an Order acknowledgment form or similar routine
document (collectively, “Forms”) may be used to implement or administer provisions of this Agreement. The Parties
agree that the terms of this Agreement shall prevail in the event of any conflict between terms of this Agreement and the terms
of such Forms, and any additional or different terms contained in such Forms shall not apply to this Agreement.

 

15.13    Headings.
Headings of sections or other parts of this Agreement and SOWs are included herein for convenience of reference only, and
shall not constitute a part of this Agreement and SOWs or change the meaning of this Agreement and SOWs, as the case may be.

 

15.14     Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original,
and all of which shall together constitute one and the same agreement, and shall become effective when signed by each of the Parties
hereto and delivered to the other Party in accordance with the means set forth in the Notices Section above, or by reliable electronic
means (with receipt electronically confirmed).

 

    	- 28 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

15.15     Electronic Delivery and Storage. Delivery of a signed Agreement by reliable electronic means, including facsimile or email
(with receipt electronically confirmed), shall be an effective method of delivery of the executed Agreement. This Agreement may
be stored by electronic means and either an original or an electronically stored copy of this Agreement can be used for all purposes,
including in any proceeding to enforce the rights and/or obligations of the Parties to this Agreement.

 

15.16     Entire Agreement; Amendments. This Agreement, together with any and all SOWs, amendments, work orders or other related
documents, constitutes the entire agreement of the Parties with respect to its subject matter and merges and supersedes all prior
or contemporaneous agreements, discussions and writings, written or oral, with respect to the subject matter hereto. No modification
or alteration of this Agreement or any SOW, amendments, work orders or other related documents shall be binding upon the Parties
unless contained in a writing signed by a duly authorized agent for each respective Party and specifically referring hereto or
thereto.

 

15.17     Rule of Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event
that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any
of the provisions of this Agreement.

 

15.18    In this Agreement (except where context otherwise requires):

 

	 	(a)	the words “including,”
    “include” and “includes” are to be construed as if they are immediately followed by the words “without
    limitation”;

 

	 	(b)	any use of the singular
    includes the plural and vice versa;

 

	 	(c)	any references to “person”
    or “persons” includes natural persons, firms, partnerships, companies, corporations, associations, organisations
    and any other entities; and

 

	 	(d)	any reference to Laws
    shall (except where the context otherwise requires) be construed as referring to such Laws as amended and in force from time
    to time and to any Laws which re-enacts or consolidates (with or without modification) any such Laws, unless stated otherwise.

 

    	- 29 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

IN
WITNESS WHEREOF, Provider and Pfizer have caused this Services Agreement to be duly executed and delivered as of the date first
written above.

 

	XRPRO SCIENCES INC.	 	PFIZER INC. 
	 	 	 	 	 
	By:	/s/ Richard Cunningham      	 	By:	/s/ Charlotte Allerton
	 	 	 	 	 
	Name:Richard Cunningham	 	Name:  Charlotte Allerton
	 	 	 	 	 
	Title:Chief Executive Officer and President	 	Title: Vice President and Head of Pharmacokinetics Dynamics & Metabolism -NCE

 

    	- 30 -

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

SCHEDULE
B

 

FORM
OF STATEMENT OF WORK

 

This
Statement of Work is entered into as of [Insert Date] by PFIZER INC., and XRPRO SCIENCES INC., pursuant to the terms and conditions
of the Master Scientific Services Agreement between PFIZER INC., and XRPRO SCIENCES INC., effective July 1st 2015 (the
“Services Agreement”). All capitalized terms not defined in this Statement of Work shall have the meanings given to
them in the Services Agreement.

 

Description
of Services:

 

Scope;
Activities, Tasks:

 

Status
Meetings and Reports:

 

Term
of Statement of Work:

 

Schedules;
Deliverables:

 

Compensation
and Payment:

 

Invoicing
Instructions:

 

All
invoices shall be delivered to Pfizer c/o: PFIZER INC. GFSS – AMERICAS, PO Box 34600, Bartlett, TN 38184-0600, United States.
To receive payment from Provider’s purchase order (PO), mail a document clearly marked 'INVOICE' to the address above (or
email apinvoices@pfizer.com) with the following information clearly listed: Description of service(s) and/or goods provided,
PO number, amount owed and name and address payment is to be sent to. This will help facilitate a quick payment to Provider for
services rendered. Suppliers enrolled in Pfizer's e-Invoicing programs (ASN or OB10) can ignore this PO Note. All invoice or billing
related questions should be referred to Pfizer's Accounting Department at 800.601.1357 or go to the Accounts Payable Inquiry Tool
(APIQ) at www.pfizeraccountspayable.com.

 

All
undisputed invoices for fees and expenses shall be paid within sixty (60) calendar days from the date of receipt of the invoice
by Pfizer.

 

You
may invoice at the end of each month upon satisfactory project progression and completion.

 

Except
as provided for in this Statement of Work, all other terms and conditions of the Agreement remain unchanged and continue in full
force and effect.

 

	XRPRO SCIENCES INC.	 	PFIZER INC. 
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    	

    	 

    

 

Portions
herein identified by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.  A complete copy of this document has been filed separately with the Securities and
Exchange Commission.

 

SCHEDULE
B

 

SCIENTIFIC
SERVICES BUSINESS TERMS

 

Pursuant
to the terms and conditions of this Agreement, Provider will provide Scientific Services, specifically biology related services
including but not limited to: on demand assay development, modification and optimization, compound screening, ion channel screening,
reagent & cell line generation, biology platform development etc. in support of Pfizer projects.

  

Services
will be provided by Provider from the following locations:

 

4222
Emperor Blvd, Durham, NC, 27703

1
Kendall Square, Cambridge, MA 02139

 

Services
under this contract may be provided on a Fee for Service (FFS) basis or provided on a full time equivalent (FTEs) staff basis
or other commercial arrangements as mutually agreed between the Parties dedicated to performing Services for Pfizer.

 

XXXX

 

Definition
of Specialty Materials is:

 

Any
biological reagents, chemicals, and consumables that are needed to execute a specific Pfizer project and cannot be utilized for
other programs or clients today or in the future (examples include radioactive substances, reagent kits, custom antibodies, etc).

 

For
the avoidance of doubt, the cost associated with licensing of project specific cell lines will not be included within the FTE
rate.

 

Fees
and Payment:

 

Provider
will invoice Pfizer monthly in arrears for FTE services under this Contract unless otherwise agreed between Pfizer and Provider.

 

Pfizer
will pay for any Non-FTE Services as stated in the applicable Order. If it is not otherwise stated in the applicable Order, Provider
will invoice Pfizer for Non-FTE Services upon the completion of the Order.

 

No
other fees or costs will be paid by Pfizer without Provider obtaining prior written consent from a Pfizer Project Lead or Steering
Committee member.

 

Shipping:

 

Pfizer
will assume all shipping expenses for shipping materials and/or compounds required to perform the services from Pfizer to Provider.
Should Pfizer request that any materials be returned to Pfizer, then Pfizer will reimburse any shipping costs or make arrangements
to use a courier on a Pfizer account.

 

Any
Fee for Service (FFS) Quotations should include any associated shipping charges that may be required to complete service delivery.Exhibit10.1

Execution Version

PURCHASE AND SALE AGREEMENT 
 

US 3405311v.11
Dated as of June 16, 2015

TABLE OF CONTENTS

ARTICLE I 
DEFINITIONS
		
	Section 1.1
	Definitions    2

ARTICLE II 
THE PURCHASE AND SALE
		
	Section 2.1
	Purchase and Sale of 100% of the Shares of Seadrill Polaris    6

		
	Section 2.2
	Reduction to Earn Out for Taxes    6

		
	Section 2.3
	Closing    6

		
	Section 2.4
	Working Capital Purchase Price Adjustment    6

		
	Section 2.5
	Satisfaction of Intercompany Receivables    6

		
	Section 2.6
	Withholding Taxes    7

		
	Section 2.7
	Liquidation of Remaining Earn Out    7

ARTICLE III 
REPRESENTATIONS AND WARRANTIES OF SEADRILL
		
	Section 3.1
	Representations and Warranties    7

ARTICLE IV 
REPRESENTATIONS AND WARRANTIES OF SEADRILL OPERATING
		
	Section 4.1
	Representations and Warranties    12

ARTICLE V 
PRE-CLOSING MATTERS
		
	Section 5.1
	Covenants of Seadrill Prior to the Closing Date    13

		
	Section 5.2
	Covenant of Seadrill Operating Prior to the Closing Date    14

ARTICLE VI 
CONDITIONS OF CLOSING
		
	Section 6.1
	Conditions of the Parties    14

		
	Section 6.2
	Conditions of Seadrill    15

		
	Section 6.3
	Conditions of Seadrill Operating    15

ARTICLE VII 
TERMINATION, AMENDMENT AND WAIVER
		
	Section 7.1
	Termination of this Agreement    16

		
	Section 7.2
	Amendments and Waivers    16

i

ARTICLE VIII 
INDEMNIFICATION
		
	Section 8.1
	Indemnification by Seadrill    16

		
	Section 8.2
	Limitations Regarding Indemnification    17

		
	Section 8.3
	Indemnification by Seadrill Operating    17

ARTICLE IX 
FURTHER ASSURANCES
		
	Section 9.1
	Further Assurances    18

		
	Section 9.2
	Power of Attorney    18

ARTICLE X 
MISCELLANEOUS
		
	Section 10.1
	Survival of Representations and Warranties    19

		
	Section 10.2
	Headings; References, Interpretation    19

		
	Section 10.3
	Successors and Assigns    20

		
	Section 10.4
	No Third Party Rights    20

		
	Section 10.5
	Counterparts    20

		
	Section 10.6
	Governing Law    20

		
	Section 10.7
	Severability    20

		
	Section 10.8
	Deed; Bill of Sale; Assignment    21

		
	Section 10.9
	Integration    21

Schedule A    Insurance Policies
Schedule B    Vessel Registration and Classification

Exhibit A        Form of Seadrill Operating LP Note

ii

PURCHASE AND SALE AGREEMENT
This PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of June 16, 2015, is made by and among Seadrill Limited, a Bermuda exempted company (“Seadrill”), Seadrill Operating LP, a Marshall Islands limited partnership (“Seadrill Operating”), and Seadrill Polaris Ltd., a Bermuda exempted company (“Seadrill Polaris”).  The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties.”
RECITALS
WHEREAS, Seadrill Polaris, is the record owner of the drillship, the West Polaris;
WHEREAS, Seadrill is the record owner of all of the equity interests in Seadrill Polaris;
WHEREAS, the West Polaris is subject to a contract for offshore drilling services, dated January 10, 2007, between Seadrill Offshore AS and Esso Exploration Inc., as amended by Amendments No. 1 through No. 12 thereto and as assigned to ExxonMobil Deepwater Rig BV (“Exxon”) and as novated to Seadrill Polaris Ltd. (the resulting drilling contract following such assignment and novation, the “West Polaris Drilling Contract”); and
WHEREAS, pursuant to this Agreement, on the Closing Date (as defined in Section 2.3), Seadrill will sell and transfer to Seadrill Operating, and Seadrill Operating will purchase from Seadrill, 100% of the shares of Seadrill Polaris, in exchange for (i) $204.0 million in cash, (ii) the issuance by Seadrill Operating of a $50 million promissory note to Seadrill substantially in the form of Exhibit A hereto (the “Seadrill Operating Note”) and (iii) subject to Section 2.2, payment by Seadrill Polaris of (a) an amount per day equal to (x) the sum of the contracted operating day rate (net of the per day amount of any Commissions (as defined in Section 1.1)) plus the per day amount of any bonuses less $450,000, which sum shall be multiplied by (y) the percentage of the operating day rate actually earned and received by the West Polaris (such percentage, the “Economic Utilization”) for each day after the Closing through the remaining term, without extension, of the West Polaris Drilling Contract as in effect on the date of this Agreement (the “Initial Earn Out”) and (b) 50% of an amount per day equal to (x) the sum of any contracted operating day rate (net of the per day amount of any Commissions) plus the per day amount of any bonuses less $450,000, which sum shall be multiplied by (y) the Economic Utilization for any day after the expiration of the term of the existing West Polaris Drilling Contract and prior to the Earn Out Termination Date (as defined in Section 1.1) (such amount, the “Subsequent Earn Out” and together with the Initial Earn Out, the “Earn Out”).
AGREEMENT
NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:
Article I 
 
DEFINITIONS
Section 1.1    Definitions.  The following defined terms will have the meanings given below:
“1934 Act Filings” means the filings made with the Securities and Exchange Commission under the Securities Exchange Act of 1934 by Seadrill. 
“Agreement” means this Purchase and Sale Agreement.
“Closing Date” has the meaning set forth in Section 2.3.
“Commissions” means all payments to Grupo Simples Oil Ltda. in connection with the West Polaris Drilling Contract or any Replacement Drilling Contract and all similar payments to any other Person in their 

1

role as an agent or local representative in connection with the West Polaris Drilling Contract or any Replacement Drilling Contract.
“Covered Assets” has the meaning set forth in Section 8.1(b).
“Covered Environmental Losses” means all Losses suffered or incurred by Seadrill Operating by reason of, arising out of or resulting from:
(a)    any violation or correction of violation of Environmental Laws with regard to the ownership or operation by Seadrill or Seadrill Polaris of the Covered Assets; or
(b)    any event or condition relating to environmental or human health and safety matters, in each case, associated with the ownership or operation by Seadrill or Seadrill Polaris of the Covered Assets (including, without limitation, the presence of Hazardous Substances on, under, about or migrating to or from the Covered Assets or the disposal or release of, or exposure to, Hazardous Substances generated by or otherwise related to operation of the Covered Assets), including, without limitation, the reasonable and documented cost and expense of (i) any investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation or other corrective action required or necessary under Environmental Laws, (ii) the preparation and implementation of any closure, remedial, corrective action or other plans required or necessary under Environmental Laws and (iii) any environmental or toxic tort (including, without limitation, personal injury or property damage claims) pre-trial, trial or appellate legal or litigation support work, but only to the extent that such violation complained of under clause (a), or such events or conditions included in clause (b), occurred before the Closing Date; and, provided that in no event shall Losses to the extent arising from a change in any Environmental Law after the Closing Date be deemed “Covered Environmental Losses.”
“Earn Out” has the meaning set forth in the Recitals of this Agreement.
“Earn Out Liquidation Amount” has the meaning set forth in Section 2.7.
“Earn Out Termination Date” means March 1, 2025.
“Economic Utilization” has the meaning set forth in the Recitals of this Agreement.
“Encumbrance” means any mortgage, maritime or other lien, charge, assignment, adverse claim, hypothecation, restriction, option, covenant, voting trust arrangement, adverse claim, condition, encumbrance or right, whether fixed or floating, on, or any security interest in, any property whether real, personal or mixed, tangible or intangible, any pledge or hypothecation of any property, any deposit arrangement, priority, conditional sale agreement, other title retention agreement or equipment trust, capital lease or other security arrangements of any kind. 
“Environmental Laws” means all international, federal, state, foreign and local laws, statutes, rules, regulations, treaties, conventions, orders, judgments and ordinances having the force and effect of law and relating to protection of natural resources, health and safety and the environment, each in effect and as amended through the Closing Date. 
“Exxon” has the meaning set forth in the Recitals of this Agreement.
“Governmental Authority” means any domestic or foreign government, including federal, provincial, state, municipal, county or regional government or governmental or regulatory authority, domestic or foreign, and includes any department, commission, bureau, board, administrative agency or regulatory body of any of the foregoing and any multinational or supranational organization.
“Hazardous Substances” means (a) each substance defined, designated or classified as a hazardous waste, hazardous substance, hazardous material, solid waste, contaminant or toxic substance under 

2

Environmental Laws; (b) petroleum and petroleum products, including crude oil and any fractions thereof; (c) natural gas, synthetic gas and any mixtures thereof; (d) any radioactive material; and (e) any asbestos‐containing materials in a friable condition. 
“Initial Earn Out” has the meaning set forth in the Recitals of this Agreement.
“Insolvency Event” means, with respect to any Person, that any of the following actions has occurred in relation to it:
(a)    an order has been made or an effective resolution passed or other proceedings or actions taken (including the presentation of a petition) with a view to its administration, bankruptcy, winding-up, liquidation or dissolution; or
(b)    it has had a receiver, administrative receiver, manager or administrator appointed over all or any substantial part of its undertaking or assets; or
(c)    any event has occurred or situation arisen in any jurisdiction that has a substantially similar effect to any of the foregoing.
“Laws” has the meaning set forth in Section 3.1(c).
“Losses” means, with respect to any matter, all losses, claims, damages, liabilities, deficiencies, costs, expenses (including all costs of investigation, legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement) or diminution of value, whether or not involving a claim from a third party, however specifically excluding consequential, special and indirect losses, loss of profit and loss of opportunity. 
“Party” or “Parties” has the meaning set forth in the opening paragraph of this Agreement.
“Person” means an individual, legal personal representative, corporation, body corporate, firm, limited liability company, partnership, trust, trustee, syndicate, joint venture, unincorporated organization or governmental authority.
“Purchase Price” has the meaning set forth in Section 2.1 of this Agreement.
“Replacement Drilling Contract” means any contract for offshore drilling services to which the West Polaris is subject entered into after the West Polaris Drilling Contract terminates, as such contract may be amended, supplemented or otherwise modified from time to time.  The West Polaris Drilling Contract shall be deemed to be a Replacement Drilling Contract if any amendment, supplement, modification, or amendment and restatement thereof renews such contract for an additional term or extends the term of such contract beyond the West Polaris Drilling Contract termination date in effect on the date of this Agreement with such Replacement Drilling Contract deeming to be effective as of the first day of such renewal or additional term. 
“Rig Financing Agreements” means the West Polaris Credit Facility and any documents related thereto.
“Seadrill” has the meaning set forth in the opening paragraph of this Agreement.
“Seadrill Attorney-in-Fact” has the meaning set forth in Section 9.2(b).
“Seadrill Indemnitees” has the meaning set forth in Section 8.3 of this Agreement.
“Seadrill Operating” has the meaning set forth in the Recitals of this Agreement.

3

“Seadrill Operating Attorney-in-Fact” has the meaning set forth in Section 9.2(a) of this Agreement.
“Seadrill Operating Indemnitees” has the meaning set forth in Section 8.1 of this Agreement.
“Seadrill Operating Note” has the meaning set forth in the Recitals of this Agreement.
“Seadrill Operating Partnership Agreement” has the meaning set forth in Section 4.1(c) of this Agreement.
“Seadrill Partners” means Seadrill Partners LLC, a Marshall Islands limited liability company.
“Seadrill Polaris” has the meaning set forth in the opening paragraph of this Agreement.
“Seadrill Polaris Attorney-in-Fact” has the meaning set forth in Section 9.2(c) of this Agreement.
“Subsequent Earn Out” has the meaning set forth in the Recitals of this Agreement.
“Taxes” means all income, gross revenue, deemed profit, franchise, business, property, sales, use, goods and services or value added, withholding, excise, alternate minimum capital, transfer, excise, customs, anti-dumping, countervail, net worth, stamp, registration, payroll, employment, health, education, business, school, property, local improvement, development and occupation taxes, surtaxes, duties, levies, imposts, rates, fees, assessments, dues and charges and other taxes required to be reported upon or paid to any governmental authority and all interest and penalties thereon. 
“Transferred Subsidiary Contracts” has the meaning set forth in Section 3.1(o) of this Agreement.
“WC Purchase Price Adjustment” has the meaning set forth in Section 2.4(a) of this Agreement.  
“West Polaris Credit Facility” means the $420 million Term Loan and Revolving Credit Facilities Agreement originally dated December 28, 2012 as amended pursuant to amendment agreements dated February 28, 2014, October 31, 2014 and December 29, 2014 and as may be further amended and restated as of the Closing Date, among Seadrill Polaris, as borrower, Seadrill, as guarantor, and the banks and financial institutions listed therein as lenders, and DNB Bank ASA, as agent.
“West Polaris Drilling Contract” has the meaning set forth in the Recitals of this Agreement.
Article II 
 
THE PURCHASE AND SALE
On the Closing Date, the Parties agree that the following transactions shall be completed in the order set forth below. 

4

Section 2.1    Purchase and Sale of 100% of the Shares of Seadrill Polaris.  Seadrill shall sell and transfer to Seadrill Operating, and Seadrill Operating shall purchase from Seadrill, 100% of the shares of Seadrill Polaris, in exchange for %3. $204.0 million in cash, %3. the issuance by Seadrill Operating to Seadrill of the Seadrill Operating Note and %3. subject to Section 2.2, payment by Seadrill Polaris of the Earn Out.  The Earn Out shall be due and payable by Seadrill Polaris to Seadrill within 30 days following the end of each month with respect to all Earn Out amounts for such month.  All payment obligations of Seadrill Polaris under this Agreement with respect to the Earn Out shall rank pari passu with all other ordinary debt of Seadrill Polaris, but shall be subordinated in all respects to, and rank after, all payment obligations of Seadrill Polaris under the West Polaris Credit Facility and the Finance Documents referred to therein.
Section 2.2    Reduction to Earn Out for Taxes.  The amount of the Earn Out payable hereunder shall be reduced by any Taxes imposed on Seadrill Polaris attributable to the revenue corresponding to the Earn Out.  The amount of Taxes imposed on Seadrill Polaris attributable to the revenue corresponding to the Earn Out shall be calculated as the excess of the Taxes actually owed by Seadrill Polaris over the Taxes that would have been owed by Seadrill Polaris if its revenues had been reduced by the amount of the Earn Out.  For months in which the amount of Taxes imposed on Seadrill Polaris attributable to the revenue corresponding to the Earn Out cannot be calculated with certainty (e.g., for months not corresponding to the end of the taxable period for Taxes not based solely on revenue), an estimate of that amount shall be made with a true-up of the estimated amounts made in the succeeding month in which the amount of such Taxes can be finally determined.  For the avoidance of doubt, (i) any withholding taxes imposed on a payment of the Earn Out are addressed under Section 2.6 below, not this Section, such that there shall be a single reduction in the amount of the Earn Out for withholding taxes and (ii) there shall be no reduction in the Earn Out for any Taxes imposed on Seadrill Polaris that are not attributable to its revenue (e.g., payroll taxes).
Section 2.3    Closing.  On the terms and subject to the conditions of this Agreement, the purchase and sale set forth in Section 2.1 shall take place within 30 days after the date hereof, or on such other date as may be agreed upon by the Parties (the “Closing Date”).
Section 2.4    Working Capital Purchase Price Adjustment.  
(a)    The Purchase Price shall be increased or decreased by an amount equal to the amount by which all net working capital (excluding deferred revenue (if any), inventory, financing charges and debt and including the long-term portion of related party receivables and payables) reflected on the books and records as of the Closing Date of Seadrill Polaris either exceeds or is less than $20.0 million (the “WC Purchase Price Adjustment”).  
(b)    Within 90 days following the Closing Date, Seadrill and Seadrill Operating shall agree on the amount of the WC Purchase Price Adjustment pursuant to Section 2.4(a), and Seadrill and Seadrill Operating shall make settlement of the WC Purchase Price Adjustment within 30 days thereafter.
Section 2.5    Satisfaction of Intercompany Receivables.  Except for any obligations that constitute working capital amounts that will be settled pursuant to Section 2.4, Seadrill hereby agrees that, Seadrill shall arrange for the extinguishment of the obligations of Seadrill Polaris by settlement or any other manner in Seadrill’s sole discretion, in relation to all amounts payable to Seadrill and its subsidiaries by Seadrill Polaris.
Section 2.6    Withholding Taxes.  Seadrill Operating and Seadrill Polaris may reduce any payment of the Purchase Price, including the Earn Out, and any WC Purchase Price Adjustment, for any applicable withholding taxes (without gross up) and Seadrill shall indemnify Seadrill Operating and Seadrill Polaris and any of their applicable withholding agents for any withholding taxes required to be or have been withheld or deducted from a payment to Seadrill with respect to the Purchase Price, including the Earn Out, and any WC Purchase Price Adjustment.
Section 2.7    Liquidation of Remaining Earn Out.  If Seadrill Polaris receives compensation from (i) the sale or other disposition of the West Polaris, (ii) damage to or loss of the West Polaris, or (iii) the termination of a drilling services contract relating to the West Polaris, Seadrill Polaris shall owe Seadrill an amount representing a liquidation of the remaining Earn Out (the “Earn Out Liquidation Amount”).  Seadrill and Seadrill Polaris shall negotiate in good faith to determine the amount of the Earn Out Liquidation Amount with that amount calculated as 

5

the then-present value of the estimated remaining Earn Out payments due under Section 2.1(c).  In determining this amount, the parties shall consider (i) the market conditions in existence at the time of the sale/disposition, damage/loss or termination, including the then-recent history of Earn Out payments actually owed, (ii) reasonable estimates for future market conditions for rigs comparable to the West Polaris, and (iii) the amount actually received by Seadrill Polaris.  The Earn Out Liquidation shall be due and payable by Seadrill Polaris to Seadrill within 90 days following the receipt of sale proceeds, receipt of insurance proceeds or receipt of termination payments, as applicable.  The Earn Out Liquidation Amount shall be subject to Section 2.2 (calculated based on any Taxes owed by Seadrill Polaris on the compensation it receives relating to the West Polaris) and Section 2.6.  For the avoidance of doubt, no Earn Out Liquidation Amount is owed by Seadrill Polaris if the sale/disposition, damage/loss or termination occurs after the Earn Out Termination Date.  In addition, no Earn Out Liquidation Amount is owed by Seadrill Polaris if the compensation received by Seadrill Polaris is based on the original building cost or replacement cost of the West Polaris (e.g., hull and machinery coverage), not its income production.  
Article III 
 
REPRESENTATIONS AND WARRANTIES OF SEADRILL
Section 3.1    Representations and Warranties.  Seadrill hereby represents and warrants to Seadrill Operating, as of the date hereof and as of the Closing Date, as to itself and as to Seadrill Polaris and the West Polaris, as the case may, be that:
(a)    Each of Seadrill and Seadrill Polaris has been duly formed or incorporated and is validly existing and in good standing under the laws of Bermuda and has all requisite power and authority to operate its assets and conduct its business as it is now being conducted and, in the case of Seadrill, as described in its 1934 Act Filings. No Insolvency Event has occurred with respect to Seadrill or  Seadrill Polaris and no events or circumstances have arisen that entitle or could entitle any person to take any action, appoint any person, commence proceedings or obtain any order instigating an Insolvency Event;
(b)    Each of Seadrill and Seadrill Polaris has the full right, power and authority to enter into this Agreement and to perform its obligations hereunder.  The execution and delivery of this Agreement by Seadrill and Seadrill Polaris and the execution and delivery of all documents, instruments and agreements required to be executed and delivered by Seadrill and Seadrill Polaris pursuant to this Agreement in connection with the completion of the transactions contemplated by this Agreement, have been duly authorized by all necessary action on the part of Seadrill and Seadrill Polaris, and this Agreement has been duly executed and delivered by Seadrill and Seadrill Polaris and constitutes a legal, valid and binding obligation of Seadrill and Seadrill Polaris, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court;
(c)    The execution, delivery and performance by Seadrill and Seadrill Polaris, as applicable, of this Agreement and the transactions contemplated hereunder will not conflict with or result in any violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of:  (i) the memorandum of association, bye-laws or other organizational documents of Seadrill or Seadrill Polaris; (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation to which Seadrill or Seadrill Polaris is a party or is subject or by which any of the assets or properties of Seadrill or Seadrill Polaris may be bound; (iii) any applicable laws, statutes, ordinances, rules or regulations promulgated by a governmental authority, orders of a governmental authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court (“Laws”); or (iv) the West Polaris Drilling Contract or any material provision of any material contract to which Seadrill or Seadrill Polaris is a party or by which the assets of Seadrill or Seadrill Polaris are bound;
(d)    Except as have already been obtained or that will be obtained in the ordinary course of business, no consent, permit, approval or authorization of, notice or declaration to or filing with any Governmental Authority or any other person, including those related to any Environmental Laws or regulations, is required in connection with the 

6

execution and delivery by Seadrill of this Agreement or the consummation by Seadrill and  Seadrill Polaris of the transactions contemplated hereunder, and any consents required for the transfer or assignment of the West Polaris Drilling Contract have been duly obtained;
(e)    As of the date hereof, Seadrill owns, directly or indirectly, all of the outstanding shares of Seadrill Polaris and has good and marketable title thereto, free and clear of any and all Encumbrances, other than those arising under the Rig Financing Agreements and applicable securities laws;
(f)    All of the issued and outstanding shares of Seadrill Polaris have been duly authorized and are validly issued in accordance with its memorandum of association, bye-laws or other organizational documents and are fully paid and non‐assessable;
(g)    There are not outstanding (i) any options, warrants or other rights to purchase any equity interests of Seadrill Polaris, (ii) any securities convertible into or exchangeable for equity interests of Seadrill Polaris, or (iii) any other commitments of any kind for the issuance of equity interests of Seadrill Polaris or options, warrants or other securities of Seadrill Polaris;
(h)    There is no outstanding agreement, contract, option, commitment or other right or understanding in favor of, or held by, any person other than Seadrill Operating to acquire any assets of Seadrill Polaris;
(i)    Correct and complete copies of the organizational documents of Seadrill Polaris (as amended to the date of this Agreement), and the West Polaris Drilling Contract have been made available to Seadrill Operating, and no amendments will be made to any such organizational documents prior to the Closing Date without the prior written consent of Seadrill Operating (such consent not to be unreasonably withheld);
(j)    Correct and complete copies of the Rig Financing Agreements have been made available to Seadrill Operating.  Each Rig Financing Agreement is a valid and binding agreement of Seadrill Polaris, enforceable against Seadrill Polaris in accordance with its terms and, to the knowledge of Seadrill, each of the Rig Financing Agreements is a valid and binding agreement of all other parties thereto enforceable against such parties in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court;
(k)    The West Polaris Drilling Contract is a valid and binding agreement of Seadrill Polaris and is enforceable against Seadrill Polaris in accordance with its terms and, to the knowledge of Seadrill, the West Polaris Drilling Contract is a valid and binding agreement of all other parties thereto enforceable against such parties in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court; 
(l)    Seadrill Polaris has fulfilled all material obligations required pursuant to the West Polaris Drilling Contract to have been performed by it prior to the date of this Agreement and has not waived any material rights thereunder; and no material default or breach exists in respect thereof on its part or, to Seadrill’s knowledge, any of the other parties thereto and, to Seadrill’s knowledge, no event has occurred which, after giving of notice or the lapse of time, or both, would constitute such a material default or breach;
(m)    Except for such liabilities, debts obligations, encumbrances, defects, restrictions or claims of a general nature and magnitude that would arise in connection with the operation of a drillship of the same type as the West Polaris in the ordinary course of business, there are no liabilities, debts or obligations of, encumbrances, defects or restrictions of any nature, whether absolute, accrued, contingent or otherwise, and whether due or to become due (including any liability for Taxes and interest, penalties and other charges payable with respect to any such liability or obligation) with respect to Seadrill Polaris, or claims against Seadrill Polaris or any of the assets owned by Seadrill Polaris, including the West Polaris, other than those arising under or in connection with Rig Financing Agreements and the West Polaris Drilling Contract.  

7

(n)    Seadrill has disclosed to Seadrill Operating all material information on, and about, each of Seadrill Polaris and the West Polaris and all such information is true, accurate and not misleading in any material respect.  Nothing has been withheld from any materials provided by Seadrill to Seadrill Polaris in connection with the transactions contemplated by this Agreement that would render such information untrue or misleading;
(o)    Seadrill has disclosed to Seadrill Operating all material contracts and agreements, written or oral, to which Seadrill Polaris is a party or by which any of its assets are bound, including the West Polaris Drilling Contract and the West Polaris Credit Facility (the “Transferred Subsidiary Contracts”); 
(p)    Each of the Transferred Subsidiary Contracts is a valid and binding agreement of Seadrill Polaris, enforceable against Seadrill Polaris, in accordance with its terms, and to the knowledge of Seadrill, each of the Transferred Subsidiary Contracts is a valid and binding agreement of all other parties thereto enforceable against such parties in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court;
(q)    Seadrill Polaris has fulfilled all material obligations required pursuant to the Transferred Subsidiary Contracts to have been performed by it prior to the date hereof and has not waived any material rights thereunder; 
(r)    There has not occurred any material default on the part of Seadrill Polaris under any Transferred Subsidiary Contracts, or to the knowledge of Seadrill, on the part of any other party thereto, nor has any event occurred that with the giving of notice or the lapse of time, or both, would constitute any material default on the part of Seadrill Polaris under any of the Transferred Subsidiary Contracts nor, to the knowledge of Seadrill, has any event occurred that with the giving of notice or the lapse of time, or both, would constitute any material default on the part of any other party to any of the Transferred Subsidiary Contracts;
(s)    Seadrill Polaris now has, and at the Closing Date will have, good and marketable title to the West Polaris and its equipment, free and clear of any and all Encumbrances, other than applicable securities laws and those arising under the Rig Financing Agreements and permitted encumbrances under the Rig Financing Agreements.  As of the date hereof, there is approximately $336.0 million of borrowings outstanding under the West Polaris Credit Facility;
(t)    There is no action, suit or proceeding to which Seadrill Polaris is a party (either as a plaintiff or defendant), or to which the West Polaris is subject, pending before any court or governmental agency, authority or body or arbitrator; there is no action, suit or proceeding threatened against Seadrill Polaris or the West Polaris; and, to the best knowledge of Seadrill, there is no basis for any such action, suit or proceeding;
(u)    Seadrill Polaris has not been permanently or temporarily enjoined by any order, judgment or decree of any court or any governmental agency, authority or body from engaging in or continuing any conduct or practice in connection with its business, assets or properties;
(v)    There is not in existence any order, judgment or decree of any court or other tribunal or other agency enjoining or requiring Seadrill Polaris to take any action of any kind with respect to its business, assets or properties;
(w)    Seadrill Polaris is not indebted, directly or indirectly, to any person who is an officer, director, shareholder or employee of Seadrill Polaris or any spouse, child, or other relative or any affiliate thereof, nor shall any such officer, director, shareholder, employee, relative or affiliate be indebted to Seadrill Polaris;
(x)    Seadrill will cause Seadrill Polaris to timely elect to be classified for U.S. federal income tax purposes as an entity disregarded as separate from its owner on a properly-completed Form 8832 filed with the Internal Revenue Service.  This election has been or will be made with an effective date prior to the transaction described in Section 2.1.  Once this election has been made, neither Seadrill nor Seadrill Polaris will take any action to change the U.S. federal income tax classification of Seadrill Polaris from that provided in the election described above;

8

(y)    Seadrill Polaris has no employees.  All crew members with respect to the West Polaris are provided directly or indirectly by subsidiaries of Seadrill pursuant to services agreements with Seadrill Polaris;
(z)    A list of the insurance policies relating to the West Polaris are set forth on Schedule A hereto, each of which is in full force and effect and, to the knowledge of Seadrill, not subject to being voided or terminated for any reason;
(aa)    The West Polaris (i) is adequate and suitable for use by Seadrill Polaris in its business as presently conducted by it in all material respects, ordinary wear and tear excepted; (ii) is in good running order and repair; (iii) is in compliance with applicable laws and regulations; (iv) is duly registered under the flag set forth opposite its name on Schedule B hereto; (v) is in compliance in all material respects with the requirements of its present class and classification society as set forth opposite such its name on Schedule B hereto and has the highest classification rating; (vi) has class certificates that are clean and valid and free of recommendations or notations as to class or other requirement of the relevant classification society; and (vii) has been maintained in a proper and efficient manner in accordance with internationally accepted standards for good drillship maintenance, is in good operating order, condition and repair and is seaworthy and all repairs made to the West Polaris since its delivery from the shipyard and all known scheduled repairs due to be made and all known deficiencies have been disclosed to Seadrill Operating;
(bb)    The West Polaris is not (i) under arrest or otherwise detained; (ii) other than in the ordinary course of business, in the possession of any Person (other than the West Polaris’ master and crew); or (iii) subject to a possessory lien; 
(cc)    No blacklisting or boycotting of any type has been applied or currently exists against, or in respect of, the West Polaris; and
(dd)    There are not outstanding any options or other rights to purchase the West Polaris.
ARTICLE IV     
 
REPRESENTATIONS AND WARRANTIES OF SEADRILL OPERATING
Section 4.1    Representations and Warranties.  Seadrill Operating hereby represents and warrants to Seadrill as of the date hereof and as of the Closing Date that:
(a)    Seadrill Operating has been duly formed and is validly existing in good standing under the laws of the Republic of the Marshall Islands and has all requisite partnership power and authority to operate its assets and conduct its business as it is now being conducted.  No Insolvency Event has occurred with respect to Seadrill Operating and no events or circumstances have arisen that entitle or could entitle any person to take any action, appoint any person, commence proceedings or obtain any order instigating an Insolvency Event;
(b)    Seadrill Operating has the full right, power and authority to enter into this Agreement and to perform its obligations hereunder.  The execution and delivery of this Agreement and all documents, instruments and agreements required to be executed and delivered by Seadrill Operating pursuant to this Agreement in connection with the completion of the transactions contemplated by this Agreement, have been duly authorized by all necessary action on its part or on its behalf, and this Agreement has been duly executed and delivered by it and constitutes a legal, valid and binding obligation of it, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court;
(c)    The execution, delivery and performance by Seadrill Operating of this Agreement will not conflict with or result in any violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of:  (i) the Amended and Restated Agreement of Limited Partnership of Seadrill Operating, dated as of July 21, 2014 (the “Seadrill Operating Partnership Agreement”); 

9

(ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, loan agreement, indenture, agreement, contract, franchise license, permit or other instrument or obligation to which it is a party or is subject or by which any of its assets or properties may be bound; or (iii) any applicable Laws; and
(d)    Except as have already been obtained or that will be obtained in the ordinary course of business, no consent, permit, approval or authorization of, notice or declaration to or filing with any governmental authority or any other person, including those related to any Environmental Laws or regulations, is required in connection with the execution and delivery by Seadrill Operating of this Agreement or the consummation by it of the transactions contemplated hereunder. 
ARTICLE V     
 
PRE-CLOSING MATTERS
Section 5.1    Covenants of Seadrill Prior to the Closing Date.  From the date of this Agreement to the Closing Date, Seadrill shall cause Seadrill Polaris to conduct its business in the usual, regular and ordinary course in substantially the same manner as previously conducted. Seadrill shall not permit Seadrill Polaris to enter into any material contracts or other material written or oral agreements prior to the Closing Date, other than such contracts and agreements as have been disclosed to Seadrill Operating prior to the date of this Agreement, without the prior consent of Seadrill Operating (such consent not to be unreasonably withheld). In addition, Seadrill shall not permit Seadrill Polaris to take any action that would result in any of the conditions to the purchase and sale set forth in Article II not being satisfied.  Furthermore, Seadrill hereby agrees and covenants that it:
(a)    shall cooperate with Seadrill Operating and use its reasonable best efforts to obtain, at or prior to the Closing Date, any consents required in respect of the transfer of the rights and benefits under each of the Transferred Subsidiary Contracts as a result of the purchase and sale set forth in Article II of this Agreement;
(b)    shall use its reasonable best efforts to take or cause to be taken promptly all actions and to do or cause to be done all things necessary, proper and advisable to consummate and make effective as promptly as practicable the transactions contemplated by this Agreement and to cooperate with Seadrill Operating in connection with the foregoing, including using all reasonable best efforts to obtain all necessary consents, approvals and authorizations from any governmental authority and each other Person that are required to consummate the transactions contemplated under this Agreement;
(c)    shall take or cause to be taken all necessary corporate action, steps and proceedings to approve or authorize validly and effectively the purchase and sale set forth in Article II and the execution, delivery and performance of this Agreement and the other agreements and documents contemplated hereby;
(d)    shall not amend, alter or otherwise modify or permit any amendment, alteration or modification of any material provision of or terminate the West Polaris Drilling Contract or any other Transferred Subsidiary Contract prior to the Closing Date without the prior written consent of Seadrill Operating, such consent not to be unreasonably withheld or delayed;  
(e)    shall not exercise or permit any exercise of any rights or options contained in the West Polaris Drilling Contract, without the prior written consent of Seadrill Operating, not to be unreasonably withheld or delayed; 
(f)    shall observe and perform in a timely manner, all of its covenants and obligations under the Transferred Subsidiary Contracts, if any, and in the case of a default by another party thereto, it shall forthwith advise Seadrill Operating of such default and shall, if requested by Seadrill Operating, enforce all of its rights under such Transferred Subsidiary Contracts, as applicable, in respect of such default; 
(g)    shall not cause or, to the extent reasonably within its control, permit any Encumbrances to attach to the West Polaris other than in connection with the Rig Financing Agreements; and

10

(h)    shall permit representatives of Seadrill Operating to make, prior to the Closing Date, at Seadrill Operating’s risk and expense, such searches, surveys, tests and inspections of the West Polaris as the Company may deem desirable; provided, however, that such surveys, tests or inspections shall not damage the West Polaris or interfere with the activities of Seadrill or the customer thereon and that Seadrill Operating shall furnish to Seadrill with evidence that Seadrill Operating has adequate liability insurance in full force and effect. 
Section 5.2    Covenant of Seadrill Operating Prior to the Closing Date.  Seadrill Operating hereby agrees and covenants that during the period of time after the date of the Agreement and prior to the Closing Date, Seadrill Operating shall, in respect of the purchase and sale to be effected hereunder at the Closing Date, take, or cause to be taken, to the extent not already taken, all necessary limited partnership action, steps and proceedings to approve or authorize validly and effectively the purchase and sale and the execution, delivery and performance of this Agreement and any other agreements and documents contemplated hereby.
ARTICLE VI     
 
CONDITIONS OF CLOSING
Section 6.1    Conditions of the Parties.  The obligation of the Parties to effect the purchase and sale set forth in Article II of this Agreement is subject to the satisfaction (or waiver by each of the Parties) on or prior to the Closing Date of the following conditions: 
(a)    Seadrill and Seadrill Polaris, as applicable, shall have received any and all written consents, permits, approvals or authorizations of any Governmental Authority or any other Person (including with respect to the Transferred Subsidiary Contracts and the Rig Financing Agreements) and shall have made any and all notices or declarations to or filing with any Governmental Authority or any other Person, including those related to any Environmental Laws or regulations, required in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereunder;
(b)    No legal or regulatory action or proceeding shall be pending or threatened by any governmental authority to enjoin, restrict or prohibit the transactions contemplated hereunder; and
(c)    Seadrill Polaris and Seadrill Management AME Ltd. shall have entered into an Advisory, Technical and Administrative Services Agreement in a form satisfactory to the parties thereto.
Section 6.2    Conditions of Seadrill.  The obligations of Seadrill to effect the purchase and sale set forth in Article II of this Agreement are subject to the satisfaction (or waiver by Seadrill) on or prior to the Closing Date of the following conditions: 
(a)    The representations and warranties of Seadrill Operating made in this Agreement shall be true and correct in all material respects as of the Closing Date as though made at Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects, on and as of such earlier date);
(b)    Seadrill Operating shall have performed or complied in all material respects with all obligations and covenants required by this Agreement to be performed or complied with by it by the Closing Date; and
(c)    All proceedings to be taken in connection with the transactions contemplated by this Agreement and all documents incidental thereto shall be reasonably satisfactory in form and substance to Seadrill and its counsel, and Seadrill shall have received copies of all such documents and other evidence as it may reasonably request in order to establish the consummation of such transactions and the taking of all proceedings in connection therewith.
Section 6.3    Conditions of Seadrill Operating.  The obligations of Seadrill Operating to effect the purchase and sale set forth in Article II of this Agreement are subject to the satisfaction (or waiver by Seadrill Operating) on or prior to the Closing Date of the following conditions:

11

(a)    The representations and warranties of Seadrill as to itself and as to Seadrill Polaris and the West Polaris in this Agreement shall be true and correct in all material respects as of the Closing Date as though made on the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects, on and as of such earlier date);
(b)    Each of Seadrill and Seadrill Polaris shall have performed or complied in all material respects with all obligations and covenants required by this Agreement to be performed or complied with by them;
(c)    The results of the searches, surveys, tests and inspections of the West Polaris referred to in Section 5.1(h) of this Agreement are reasonably satisfactory to Seadrill Operating; and
(d)    All proceedings to be taken in connection with the transactions contemplated by this Agreement and all documents incidental thereto shall be reasonably satisfactory in form and substance to Seadrill Operating and its counsel, and Seadrill Operating shall have received copies of all such documents and other evidence as it or its counsel may reasonably request in order to establish the consummation of such transactions, and the taking of all proceedings in connection therewith. 
ARTICLE VII     
 
TERMINATION, AMENDMENT AND WAIVER
Section 7.1    Termination of this Agreement.  Notwithstanding anything to the contrary in this Agreement, this Agreement may be terminated and the transactions contemplated by this Agreement abandoned at any time prior to the Closing Date:
(a)    by mutual written consent of Seadrill and Seadrill Operating;
(b)    by Seadrill if any of the conditions set forth in Section 6.2 of this Agreement shall have become incapable of fulfillment, and shall not have been waived by Seadrill; or
(c)    by Seadrill Operating if any of the conditions set forth in Section 6.3 shall have become incapable of fulfillment, and shall not have been waived by Seadrill Operating;
provided, however, that the Party seeking termination pursuant to clause (b) or (c) is not then in material breach of any of its representations, warranties, covenants or agreements contained in this Agreement.
Section 7.2    Amendments and Waivers.  This Agreement may not be amended except by an instrument in writing signed on behalf of each Party hereto.  An instrument in writing by Seadrill Operating, on the one hand, or Seadrill, on the other hand, may waive compliance by the other with any term or provision of this Agreement that such other Party was or is obligated to comply with or perform.
ARTICLE VIII     
 
INDEMNIFICATION
Section 8.1    Indemnification by Seadrill.  Subject to the provisions of Section 8.2, following the Closing Date, Seadrill shall be liable for, and shall indemnify, defend and hold harmless Seadrill Operating and its officers, directors, employees, agents and representatives (the “Seadrill Operating Indemnitees”) from and against:
(a)    any Losses suffered or incurred by such Seadrill Operating Indemnitee by reason of, arising out of or otherwise in respect of any inaccuracy in, breach of any representation or warranty, or a failure to perform or observe fully any covenant, agreement or obligation of Seadrill in or under this Agreement or in or under any document, instrument or agreement delivered pursuant to this Agreement by Seadrill;

12

(b)    any Covered Environmental Losses relating to Seadrill Polaris or the West Polaris prior to or at the Closing Date (the “Covered Assets”) to the extent that Seadrill is notified by Seadrill Operating of any such Covered Environmental Losses within five (5) years after the Closing Date;
(c)    any Losses (other than Covered Environmental Losses) suffered or incurred by such Seadrill Operating Indemnitees in relation to the West Polaris for periods prior to the Closing; 
(d)    all federal, state, foreign and local income tax liabilities attributable to the operation of the Covered Assets prior to the Closing Date, including any such income tax liabilities of Seadrill that may result from the consummation of the transactions contemplated by this Agreement, but excluding any federal, state, foreign and local income taxes reserved on the books of Seadrill Polaris on the Closing Date; and
(e)    any fees, expenses or other payments incurred or owed by Seadrill to any brokers, financial advisors or comparable other persons retained or employed by it in connection with the transactions contemplated by this Agreement.
Section 8.2    Limitations Regarding Indemnification.  
(a)    The aggregate liability of Seadrill under Section 8.1 shall not exceed $450.0 million.
(b)    All obligations of any party to indemnify, hold harmless pursuant to this Agreement, shall apply irrespective of cause and notwithstanding the negligence (whether sole, concurrent, joint, active or passive) or breach of duty (whether statutory, contractual or otherwise), gross negligence or willful misconduct, or the unseaworthiness of any vessel or unairworthiness of any aircraft or is the result of any pre-existing condition, of the indemnified Party or any other entity or party; provided, however, that the following claims and all obligations to pay such claims shall be excluded from the obligations to indemnify and hold harmless hereunder: (i) fines and penalties imposed on any indemnitee up to the amount of $10.0 million; (ii) punitive damages up to the amount of $10.0 million;  and (iii) any and all damages cause by a party’s gross negligence or willful misconduct up to the amount of $10.0 million.
Section 8.3    Indemnification by Seadrill Operating.  Following the Closing Date, Seadrill Operating shall be liable for, and shall indemnify, defend and hold harmless Seadrill and its officers, directors, employees, agents and representatives (the “Seadrill Indemnitees”) from and against any Losses, suffered or incurred by such Seadrill Indemnitee by reason of, arising out of or otherwise in respect of any inaccuracy in, breach of any representation or warranty, or a failure to perform or observe fully any covenant, agreement or obligation of, Seadrill Operating in or under this Agreement or in or under any document, instrument or agreement delivered pursuant to this Agreement by Seadrill Operating or, to the extent such losses occur after the Closing Date, any Losses arising out of the West Polaris Drilling Contract or any violation or correction of violation of Environmental Laws with regard to the ownership or operation by Seadrill Polaris of the Covered Assets.
ARTICLE IX     
 
FURTHER ASSURANCES
Section 9.1    Further Assurances.  From time to time after the date of this Agreement, and without any further consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance with applicable Laws, as may be necessary or appropriate (a) to more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are intended to be so granted, (b) to more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned by this Agreement or intended so to be and (c) to more fully and effectively carry out the purposes and intent of this Agreement.
Section 9.2    Power of Attorney.  

13

(a)    Seadrill Operating hereby constitutes and appoints Georgina Sousa (the “Seadrill Operating Attorney-in-Fact”) as its true and lawful attorney-in-fact with full power of substitution for it and in its name, place and stead or otherwise on behalf of Seadrill Operating and its successors and assigns, and for the benefit of the Seadrill Operating Attorney-in-Fact to demand and receive from time to time the interests contributed, conveyed, purchased, sold or issued pursuant to this Agreement (or intended so to be) and to execute in the name of Seadrill Operating and its successors and assigns instruments of conveyance, instruments of further assurance and to give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of Seadrill Operating for the benefit of the Seadrill Operating Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which the Seadrill Operating Attorney-in-Fact may deem proper in order to (i) collect, assert or enforce any claims, rights or titles of any kind in and to the interests contributed, conveyed, assigned, assumed, purchase, sold or issued pursuant to this Agreement, (ii) defend and compromise any and all actions, suits or proceedings in respect of any of the interests contributed, conveyed, assigned, assumed, purchase, sold or issued pursuant to this Agreement (or intended so to be), and (iii) do any and all such acts and things in furtherance of this Agreement as the Seadrill Operating Attorney-in-Fact shall deem advisable.  Seadrill Operating hereby declares that the appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be terminated by any act of Seadrill Operating or its successors or assigns or by operation of law.
(b)    Seadrill hereby constitutes and appoints Georgina Sousa (the “Seadrill Attorney-in-Fact”) as its true and lawful attorney in fact with full power of substitution for it and in its name, place and stead or otherwise on behalf of Seadrill and its successors and assigns, and for the benefit of the Seadrill  Attorney-in-Fact to demand and receive from time to time the interests contributed, conveyed, purchased, sold or issued pursuant to this Agreement (or intended so to be) and to execute in the name of Seadrill and its successors and assigns instruments of conveyance, instruments of further assurance and to give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of Seadrill for the benefit of the Seadrill Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which the Seadrill Attorney-in-Fact may deem proper in order to (i) collect, assert or enforce any claims, rights or titles of any kind in and to the interests contributed, conveyed, assigned, assumed, purchase, sold or issued pursuant to this Agreement, (ii) defend and compromise any and all actions, suits or proceedings in respect of any of the interests contributed, conveyed, assigned, assumed, purchase, sold or issued pursuant to this Agreement, and (iii) do any and all such acts and things in furtherance of this Agreement as the Seadrill Attorney-in-Fact shall deem advisable.  Seadrill hereby declares that the appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be terminated by any act of Seadrill or its successors or assigns or by operation of law.
(c)    Seadrill Polaris hereby constitutes and appoints Georgina Sousa (the “Seadrill Polaris Attorney-in-Fact”) as its true and lawful attorney-in-fact with full power of substitution for it and in its name, place and stead or otherwise on behalf of Seadrill Polaris and its successors and assigns, and for the benefit of the Seadrill Polaris Attorney-in-Fact to demand and receive from time to time the interests contributed, conveyed, purchased, sold or issued pursuant to this Agreement (or intended so to be) and to execute in the name of Seadrill Polaris and its successors and assigns instruments of conveyance, instruments of further assurance and to give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of Seadrill Polaris for the benefit of the Seadrill Polaris Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which the Seadrill Polaris Attorney-in-Fact may deem proper in order to (i) collect, assert or enforce any claims, rights or titles of any kind in and to the interests contributed, conveyed, assigned, assumed, purchase, sold or issued pursuant to this Agreement, (ii) defend and compromise any and all actions, suits or proceedings in respect of any of the interests contributed, conveyed, assigned, assumed, purchase, sold or issued pursuant to this Agreement (or intended so to be), and (iii) do any and all such acts and things in furtherance of this Agreement as the Seadrill Polaris Attorney-in-Fact shall deem advisable.  Seadrill Polaris hereby declares that the appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be terminated by any act of Seadrill Polaris or its successors or assigns or by operation of law.
ARTICLE X     
 
MISCELLANEOUS

14

Section 10.1    Survival of Representations and Warranties.  The representations and warranties of Seadrill as to itself and as to Seadrill Polaris and the West Polaris contained in this Agreement and in or under any documents, instruments and agreements delivered pursuant to this Agreement, will survive the completion of the transactions contemplated hereby regardless of any independent investigations that Seadrill Operating may make or cause to be made, or knowledge it may have, prior to the date of this Agreement and will continue in full force and effect for a period of one year from the date of this Agreement.  At the end of such period, such representations and warranties will terminate, and no claim may be brought by Seadrill Operating against Seadrill thereafter in respect of such representations and warranties, except for claims that have been asserted by Seadrill Operating prior to the date of this Agreement.
Section 10.2    Headings; References, Interpretation.  All Article and Section headings in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof.  The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, including, without limitation, all Schedules attached hereto, and not to any particular provision of this Agreement.  All references herein to Articles, Sections and Schedules shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections of this Agreement and the Schedules attached hereto, and all such Schedules attached hereto are hereby incorporated herein and made a part hereof for all purposes.  All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa.  The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non‐limiting language (such as “without limitation,” “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter.
Section 10.3    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.
Section 10.4    No Third Party Rights.  Other than the rights of indemnification provided to Seadrill Operating’s withholding agents pursuant to Section 2.6, the provisions of this Agreement are intended to bind the Parties as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies, and no person is or is intended to be a third party beneficiary of any of the provisions of this Agreement.
Counterparts.  This Agreement may be executed in any number of counterparts with the same effect as if all signatory Parties had signed the same document.  All counterparts shall be construed together and shall constitute one and the same instrument.  The delivery of an executed counterpart copy of this Agreement by facsimile or electronic transmission in PDF format shall be deemed to be the equivalent of delivery of the originally executed copy thereof.
Section 10.5    Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.
Section 10.6    Severability.  If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement.  Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid and an equitable adjustment shall be made and necessary provision added so as to give effect, as nearly as possible, to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement.

15

Section 10.7     Deed; Bill of Sale; Assignment.  To the extent required and permitted by applicable law, this Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the interests referenced herein.
Section 10.8    Integration.  This Agreement and the instruments referenced herein supersede all previous understandings or agreements among the Parties, whether oral or written, with respect to the subject matter of this Agreement and such instruments.  This Agreement and such instruments contain the entire understanding of the Parties with respect to the subject matter hereof and thereof.  No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties after the date of this Agreement.
[THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK]

16

IN WITNESS WHEREOF, the parties to this Agreement have caused it to be duly executed as of the date first above written.
SEADRILL LIMITED

By:    /s/ Jon Olav Østhus    
Name:    Jon Olav Østhus    
Title:    Attorney    

SEADRILL OPERATING LP

By:  SEADRILL OPERATING GP LLC, its general partner

By:    /s/ David S. Sneddon    
Name:    David S. Sneddon    
Title:    Chief Accounting Officer    

SEADRILL POLARIS LTD.

By:    /s/ Jon Olav Østhus    
Name:    Jon Olav Østhus    
Title:    Director    

SIGNATURE PAGE 
TO 
PURCHASE AND SALE AGREEMENT

SCHEDULE A
INSURANCE POLICIES

	
				
	TYPE
	INSURER
	POLICY NUMBER
	EFFECTIVE DATE (S)

	Hull & Machinery, Hull Interest and Freight Interest 

	Marsh
	21933/15
	July 1, 2015 to June 30, 2016

	Hull & Machinery, Hull Interest and Freight Interest 

	Lloyd & Partners
	BM1509125/BM150930
	July 1, 2015 to June 30, 2016

	War Risk
	DNK
	2015 11890 11 1
	January 1, 2015 to December 31, 2015

	P&I / CGL
	Gard P&I (Bermuda) Ltd
	308.689
	February 20, 2015 to February 19, 2016

	Bunker Oil Pollution Damage 

	Gard P&I (Bermuda) Ltd
	B 45626
	February 20, 2015 to February 19, 2016

SCHEDULE A TO 
PURCHASE AND SALE AGREEMENT

SCHEDULE B

VESSEL REGISTRATION AND CLASSIFICATION

	
			
	Rig Name
	Registered Flag
	Classification Society

	West Polaris
	Panama
	American Bureau of Shipping

SCHEDULE B TO 
PURCHASE AND SALE AGREEMENT

EXHIBIT A
FORM OF SEADRILL OPERATING LP NOTE

PROMISSORY NOTE
(GUARANTEED)
June [__], 2015

FOR VALUE RECEIVED, the undersigned, SEADRILL OPERATING LP, a Marshall Islands limited partnership (the “Issuer”), hereby promises to pay to SEADRILL LIMITED, a Bermuda company (the “Holder”), at the Payment Office (as defined below) on the Final Maturity Date (as defined below), the then outstanding Principal Amount (as defined below), in accordance with the terms and provisions hereinafter set forth.  

This promissory note (“this Note”) is the Seadrill Operating Note referred to in the PSA (as defined below).  The terms and provisions of this Note are as follows: 

Article I 
DEFINITIONS; CONSTRUCTION
Section 1.1    Definitions.  
The following terms used herein shall have the meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined):
“Average Effective Differential” has the meaning provided in Section 2.4(b).
 “Business Day” shall mean a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close.
“Capital Lease Obligations” shall mean, with respect to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP; and, for the purposes of this Note, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.
“Capitalized Principal Amount” means, as of any date, the sum of (i) the Principal Amount deemed in effect for such date plus (ii) the aggregate amount of all additions to the Principal Amount representing accrued interest deemed made prior to such date pursuant to Section 2.6(a)(i).
 “Commissions” means all payments to Grupo Simples Oil Ltda. in connection with the Existing Drilling Contract or any Replacement Drilling Contract and all similar payments to any other Person in its role as an agent or local representative in connection with the Existing Drilling Contract or any Replacement Drilling Contract.
“Daily Effective Differential” means, for each day during the Determination Period, the result (which may be a negative number) obtained by multiplying the Daily Rate Differential for such day by the Economic Utilization for such day.
“Daily Rate Differential” means, for each day during the Determination Period, the result (which may be a negative number) obtained by subtracting the contractual dayrate applicable on such date under the Replacement Drilling Contract (if any) in effect on such day (after deducting from such dayrate any applicable Commissions calculated on a per day basis) from $450,000, provided that if no Replacement Drilling Contract is in effect on such day the Daily Rate Differential for such day shall be deemed to be $450,000.  

1

“Default” means any of the events specified in Article V, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied.
“Default Margin” shall mean 2% per annum.

“Determination Period” means the three year period beginning on the earlier of (i) the day that is thirty (30) days after Existing Drilling Contract Termination Date and (ii) the first day after the Existing Drilling Contract Termination Date on which a Replacement Drilling Contract is in effect, provided that in the case of an acceleration of this Note pursuant to Section 5.1, the Determination Period shall be deemed to end on the date this Note is paid in full after the date of such acceleration.
“Dollars” and “$” shall mean the lawful currency of the United States of America.
“Economic Utilization” means, for each day during the Determination Period, the percentage (ranging from zero to 100) of the contractual dayrate applicable on such date under the Replacement Drilling Contract (if any) in effect on such day (after deducting from such dayrate any applicable Commissions calculated on a per day basis) that is actually earned and received by Seadrill Polaris, provided that (i) if no Replacement Drilling Contract is in effect on such day the Economic Utilization for such day shall be deemed to be 100% and (ii) if a partial loss of the West Polaris has occurred, for any day thereafter for which Seadrill Polaris does not receive any portion of the contractual day rate as a result of such loss (after taking into account deductions from such dayrate for applicable Commissions), the Economic Utilization for such day shall be deemed to be 100%.
“Event of Default” shall mean any of the events specified in Article V, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied.
“Excluded Taxes” shall mean, with respect to the Holder, taxes imposed on or measured by its overall net income, franchise taxes, and any branch profits or similar tax imposed on it by any jurisdiction.
“Existing Drilling Contract” means that certain contract for offshore drilling services to which the drillship West Polaris is subject, dated January 10, 2007, between Seadrill Offshore AS and Esso Exploration Inc., as amended by Amendments No. 1 through No. 12 thereto, as assigned to ExxonMobil Deepwater Rig BV, and as novated to Seadrill Polaris, as such contract may be amended, supplemented or otherwise modified from time to time after the date of this Note, provided that the Existing Drilling Contract shall be deemed to be a Replacement Drilling Contract (and to no longer be the Existing Drilling Contract) if any amendment, supplement, modification, or amendment and restatement thereof renews such contract for an additional term or extends the term of such contract beyond the Existing Drilling Contract Termination Date with such deeming to be effective as of the first day of such renewal or additional term.
“Existing Drilling Contract Termination Date” means the date on which the Existing Drilling Contract (without giving effect to any amendment, supplement, modification, or amendment and restatement thereof that renews such contract for an additional term or extends the term of such contract beyond the Existing Drilling Contract Termination Date in effect on the date of this Note) terminates or expires in accordance with its terms.
“Final Maturity Date” means the earliest of (i) the last day of the Determination Period, (ii) the date this Note is paid in full or prepaid in full and (iii) the date this Note is accelerated in accordance with Article V.  
“GAAP” shall mean United States generally accepted accounting principles applied on a consistent basis.
“Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.
“Guarantee Obligation” shall mean as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit), if to induce the creation of such obligation of such other Person the guaranteeing person has issued a reimbursement, 

2

counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business.  The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Issuer in good faith.
“Guaranty” means the Guaranty, dated as of the date hereof, in the form of Exhibit A to this Note, made by the Guarantor in favor of the Holder pursuant to which the Guarantor guarantees on the terms set forth therein that percentage of the obligations of the Issuer under this Note equal to the Guarantor’s percentage ownership interest in the Issuer at the time the Guaranty is called upon. 
“Guarantor” means Seadrill Partners LLC, a Marshall Islands limited liability company.
“Hedge Agreements” shall mean all interest rate or currency swaps, caps or collar agreements, foreign exchange agreements, commodity contracts or similar arrangements entered into by the Issuer or its Subsidiaries providing for protection against fluctuations in interest rates, currency exchange rates, commodity prices or the exchange of nominal interest obligations, either generally or under specific contingencies.
“Holder” shall have the meaning assigned to such term in the opening paragraph of this Note.
“Holder Indemnitee” shall mean the Holder and each of the directors, officers, employees, agents, trustees, representatives, attorneys, consultants and advisors of or to the Holder.
“Indebtedness” shall mean of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property or assets acquired by such Person (even though the rights and remedies of the seller or Holder under such agreement in the event of default are limited to repossession or sale of such property or assets), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit or similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any equity interests of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above; (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation and (j) all obligations of such Person in respect of Hedge Agreements.
“Interest Rate” means 6.5% per annum.
“Issuer” shall have the meaning assigned to such term in the opening paragraph of this Note.
“Issuer Affiliate” shall mean the Issuer and each Subsidiary thereof.
“Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing).

3

“Material Adverse Effect” shall mean a material adverse effect on (a) the business, assets, liabilities, operations or condition (financial or otherwise) of the Issuer and its Subsidiaries taken as a whole, (b) the ability of the Issuer to perform its obligations under this Note, or (c) the ability of the Holder to enforce this Note.

“Note” shall have the meaning assigned to such term in the second paragraph of this Note.
“Obligations” shall mean, with respect to the Issuer, the unpaid amounts in respect of this Note and all other obligations and liabilities of the Issuer to the Holder, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Note.
“Partial Prepayment Amount” shall have the meaning assigned to such term in Section 2.3(b).
 “Payment Office” shall mean the office of the Holder located at Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM08, Bermuda, or such other location as to which the Holder shall have given written notice to the Issuer.
“Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.
 “Principal Amount” shall mean $50,000,000 or such other amount as shall be (i) determined from time to time prior to the Final Maturity Date as a result of partial prepayments of the principal of this Note made pursuant to Section 2.3(b) and (ii) determined on the Final Maturity Date (or, if later, the date this Note is paid in full) in accordance with the calculations detailed in Section 2.4 
“PSA” means the Purchase and Sale Agreement, dated as of June 16, 2015, by and among the Holder, the Issuer, and Seadrill Polaris, providing for, among other things, the purchase of the Purchased Equity by the Issuer from the Holder. 
 “Purchased Equity” means all of the equity interests in Seadrill Polaris.
“Purchase Price” shall have the meaning assigned to such term in the PSA.
“Quarterly Date” means the last day of each March, June, September and December occurring after the date of this Note.

“Quarterly Period” shall mean, (a) initially, the period commencing on the date of this Note and ending on the first Quarterly Date occurring thereafter; and (b) thereafter, each period commencing on the last day of the immediately preceding Quarterly  Period and ending on the  next succeeding Quarterly Date, or, if sooner, the Final Maturity Date. 

“Replacement Drilling Contract” means each contract for offshore drilling services to which the drillship West Polaris is subject entered into after the Existing Drilling Contract Termination Date, as each such contract may be amended, supplemented or otherwise modified from time to time after the date of this Note.  The Existing Drilling Contract shall be deemed to be a Replacement Drilling Contract if any amendment, supplement, modification, or amendment and restatement thereof renews such contract for an additional term or extends the term of such contract beyond the Existing Drilling Contract Termination Date in effect on the date of this Note with such deeming of the Existing Drilling Contract as a Replacement Drilling Contract to be effective as of the first day of such renewal or additional term.   
“Seadrill Polaris” means Seadrill Polaris Ltd., a Bermuda exempted company.
 “Subsidiary” shall mean as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the 

4

management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto, provided that “Taxes” shall not include Excluded Taxes.
“Total Reduction Amount” means the result obtained by multiplying the Average Effective Differential by the number of days in the Determination Period.  For the avoidance of doubt, if the Average Effective Differential is less than or equal to zero then the Total Reduction Amount shall be deemed to be zero.
Section 1.2    Other Definitional Provisions.
(a)    Unless otherwise specified therein, all terms defined in this Note shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto.
(b)    The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Note shall refer to this Note as a whole and not to any particular provision of this Note, and Section, Schedule and Exhibit references are to this Note unless otherwise specified.
(c)    The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.
(d)    The term “Holder” shall include, without limitation, its successors.
Section 1.3    Accounting Terms and Principles.  
Except as set forth below, all accounting terms not specifically defined herein shall be construed in conformity with GAAP and all accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in conformity with GAAP.
ARTICLE II     
FINANCIAL TERMS
Section 2.1    Issue.  
This Note is issued by the Issuer on the date hereof in satisfaction of a portion of the Purchase Price payable under the PSA on the date hereof.  This Note evidences the Principal Amount (as such amount shall be determined pursuant to the terms of this Note) that will be due and payable hereunder.   
Section 2.2    Payment on Final Maturity Date.  
On the Final Maturity Date, the Issuer shall pay the then outstanding Principal Amount together with all accrued and unpaid interest (calculated in accordance with Section 2.6 as of the Final Maturity Date or, if later, the date this Note is paid in full), and all other sums, if any, then owing or accrued under this Note.    
Section 2.3    Prepayment.  
(a)    Voluntary Prepayment in Full.  The Issuer may, by giving not less than seven (7) Business Day’s (or such shorter time as the Holder may agree) prior written notice to the Holder specifying that this Note is to be paid in full and the date of such payment, prepay this Note in full on such specified date by paying on such date an amount equal to the unpaid Principal Amount (determined at such time by the Holder and the Issuer in accordance with the next two sentences), together with all accrued and unpaid interest (calculated in accordance with Section 2.6 as of the date this Note is paid in full), and other sums, if any, then owing or accrued under this Note with respect to such principal 

5

amount.  During the period after the Issuer delivers such notice of prepayment to the Holder and prior to the prepayment date specified in such prepayment notice, the Issuer and the Holder shall negotiate in good faith to determine the Principal Amount for this Note.  In determining such Principal Amount the Holder and the Issuer shall take into account (i) the market conditions for day rates for rigs comparable to the West Polaris at the time of such prepayment, (ii) reasonable estimates as to the market conditions for day rates for rigs comparable to the West Polaris that would reasonably be expected to prevail over the unused portion of the three year Determination Period, (iii) the amount of previous prepayments of this Note, and (iv) the methodology otherwise employed in Section 2.4 of this Note for adjusting the Principal Amount to reflect variations in contractual day rates.   Once the Principal Amount is determined as set forth above, the Issuer shall prepay this Note in full together with such other amounts as provided in the first sentence  of this Section 2.3(a).  
(b)     Voluntary Prepayment in Part.  The Issuer may, by giving not less than seven (7) Business Day’s (or such shorter time as the Holder may agree) prior written notice to the Holder specifying the principal amount of this Note  to be prepaid (the “Partial Prepayment Amount”) and the date of such prepayment, prepay this Note on such specified date by paying on such date the Partial Prepayment Amount.  During the period after the Issuer delivers such notice of prepayment to the Holder and prior to the prepayment date specified in such prepayment notice, the Issuer and the Holder shall negotiate in good faith to determine the Principal Amount for this Note (as if the full amount of this Note was to be prepaid at such time).  In determining such Principal Amount the Holder and the Issuer shall take into account (i) the market conditions for day rates for rigs comparable to the West Polaris at the time of such prepayment, (ii) reasonable estimates as to the market conditions for day rates for rigs comparable to the West Polaris that would reasonably be expected to prevail over the unused portion of the three year Determination Period, (iii) the amount of previous prepayments of this Note, and (iv) the methodology otherwise employed in Section 2.4 of this Note for adjusting the Principal Amount to reflect variations in contractual day rates.  Once the Principal Amount is determined as set forth above, the Issuer shall pay the Partial Prepayment Amount, and the Principal Amount for all purposes thereafter shall be deemed to be the Principal Amount as so determined less the Partial Prepayment Amount  (subject to any subsequent adjustments in such Principal Amount made in accordance with the terms of this Note including Section 2.4).
(c)    Mandatory Prepayment in Full. Promptly after the Issuer becomes aware that Seadrill Polaris has received compensation from (i) the sale or other disposition of the West Polaris or (ii) a total loss of the West Polaris, the Issuer shall provide the Holder with a written prepayment notice specifying the amount of such compensation received by the Issuer, the date on which such compensation was received, and the date on which the Issuer will prepay this Note in full (which prepayment date shall be no less than seven (7) Business Days and no more than ten (10) Business Days after the Issuer delivers such prepayment notice).  During the period after the Issuer delivers such notice of prepayment to the Holder and prior to the prepayment date specified in such prepayment notice, the Issuer and the Holder shall negotiate in good faith to determine an agreed Principal Amount for this Note to be prepaid on the specified prepayment date.  In determining this amount, the parties shall consider (i) the market conditions for day rates in existence at the time of the sale, disposition or loss, (ii) reasonable estimates as to the future market conditions for day rates for rigs comparable to the West Polaris, and (iii) the amount actually received by Seadrill Polaris as compensation.  Once the Principal Amount is determined as set forth above, the Issuer shall prepay this Note in full on such specified date by paying on such date an amount equal to the unpaid Principal Amount (determined above), together with all accrued and unpaid interest (calculated in accordance with Section 2.6 as of the date this Note is actually paid in full), and other sums, if any, then owing or accrued under this Note with respect to  such principal amount.  
Section 2.4    Calculation of Principal Amount.  
On the Final Maturity Date (or, if later, the date this Note is paid in full) and immediately prior to giving effect to any payment of this Note required to be made on such date, the Principal Amount shall be calculated as follows: 
(a)    For each day during the Determination Period, the Daily Rate Differential, the Economic Utilization, and the Daily Effective Differential shall be determined for such day in accordance with the definitions of such terms.
(b)     After the Daily Rate Differential, the Economic Utilization, and the Daily Effective Differential have been calculated for each day during the Determination Period as provided in clause (a) above, the average effective 

6

differential (the “Average Effective Differential”) for the Determination Period shall be calculated by dividing (i) the sum of the Daily Effective Differentials for each day during the Determination Period (which sum, for the avoidance of doubt, shall reflect reductions for any such Daily Effective Differential that is a negative number) by (ii) the total number of days occurring during the Determination Period.  
(c)    If the Average Effective Differential calculated as provided in clause (b) above is greater than zero, the Total Reduction Amount shall be determined and the Principal Amount of this Note shall be deemed reduced at such time by the Total Reduction Amount (with such reduction deemed effective from the date of this Note).  If the Average Effective Differential is less than or equal to zero then the Total Reduction Amount shall be deemed to be zero and the Principal Amount of this Note shall not be reduced.   
Section 2.5    Cancellation of Note.  
If this Note is fully paid or prepaid, it shall be immediately cancelled. 
Section 2.6    Interest.  
(a)    The aggregate accrued and unpaid interest on this Note shall be calculated retrospectively on the Final Maturity Date (or, if later, the date on which this Note is paid in full) as follows: 
(i)    For each Quarterly Period that occurred during the period that commenced on the date of this Note and ended on the Final Maturity Date (or, if later, the date this Note was actually paid in full), interest shall be deemed to have accrued on the Capitalized Principal Amount deemed in effect on the first day of such Quarterly Period at a rate equal to the sum of (i) the Interest Rate plus (ii) for each day during such Quarterly Period that an Event of Default has occurred and is continuing or during which this Note has been accelerated in accordance with Article VI, the Default Margin, and such accrued interest shall be deemed to be added to such Capitalized Principal Amount on the first day of the next succeeding Quarterly Period, provided that if a partial prepayment of this Note in accordance with Section 2.3(b) shall have occurred during any such Quarterly Period, the calculation of the interest accrued during such Quarterly Period shall be appropriately adjusted for such Quarterly Period to reflect the amount and date of such prepayment. 
(ii)    The aggregate amount of interest accrued on this Note shall be the sum of the amounts of accrued interest determined for each Quarterly Period pursuant to clause (i) above.  
(b)    All computations of interest shall be made by the Holder on the basis of a year of 360 days.
(c)    Each determination by the Holder of interest amounts hereunder shall, except for manifest error, be final, conclusive and binding for all purposes. 
Section 2.7    Payments Generally.
(a)    All payments by the Issuer to the Holder hereunder shall be made to the Holder at the Payment Office in immediately available funds without setoff or counterclaim.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day. 
(b)    All payments hereunder shall be made in Dollars.  If any sum due from the Issuer under this Note or any order or judgment given or made in relation hereto has to be converted from the currency (the “first currency”) in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”) for the purpose of (i) making or filing a claim or proof against the Issuer, (ii) obtaining an order or judgment in any court or other tribunal or (iii) enforcing any order or judgment given or made in relation hereto, the Issuer shall indemnify and hold harmless the Holder from and against any loss suffered as a result of any discrepancy between (a) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (b) the rate or rates of exchange at which the Holder may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, 

7

claim or proof. The obligations to pay the amounts contemplated by this Section 2.7 shall be independent of and in addition to the other obligations of the Issuer hereunder.
Section 2.8    Taxes.  
Any and all payments by the Issuer under this Note shall be made free and clear of and without deduction for any and all present or future Taxes.  If any Taxes shall be required by law to be deducted from or in respect of any sum payable under this Note to the Holder, then the Issuer shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and the sum payable by the Issuer shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings of Taxes applicable to additional sums payable under this Section) the Holder receives an amount equal to the sum it would have received had no such deduction or withholding been made.

ARTICLE III     
REPRESENTATIONS AND WARRANTIES
To induce the Holder to accept this Note, the Issuer represents and warrants to the Holder on the date hereof that:
Section 3.1    Corporate Existence; Compliance with Law.  
The Issuer and each of its Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the limited partnership, limited liability company, corporate or other power and authority, and the legal right, to own and operate its property and assets, to lease the property and assets it operates as lessee and to conduct the business in which it is currently engaged, and (c) is in compliance with all requirements of applicable law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.
Section 3.2    Power; Authorization; Enforceable Obligations.
(d)    The Issuer has the power and authority, and the legal right, to make, deliver and perform this Note.  The Issuer has taken all necessary action to authorize the execution, delivery and performance of this Note.
(e)    No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required to be obtained by the Issuer in connection with (i) the issuance of this Note, (ii) the execution, delivery, validity or enforceability of this Note, or (iii) the performance of this Note, except, in each case, for routine consents, authorizations, filings and notices required to be made in the ordinary course of business.
(f)    This Note has been duly executed and delivered on behalf of the Issuer.
(g)    This Note constitutes the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
Section 3.3    No Legal Bar.  
The execution, delivery and performance of this Note by the Issuer and the use of the proceeds of this Note will not violate any applicable law or any material agreement of the Issuer and will not result in, or require, the creation or imposition of any Lien on any of its properties or revenues pursuant to any requirement of applicable law or any such agreement.

8

Section 3.4    No Material Litigation.  
No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Issuer, threatened by or against the Issuer or any Issuer Affiliate, or against any of its or their respective properties or revenues (a) with respect to this Note or any of the transactions contemplated hereby, or (b) that could reasonably be expected to have a Material Adverse Effect.
Section 3.5    No Default.  
No Default or Event of Default has occurred and is continuing.
ARTICLE IV     
COVENANTS
Section 4.1    Delivery of Financial Information.  
The Issuer will deliver to the Holder such financial or other information in respect of its business and financial status as the Holder may reasonably request including, but not limited to, copies of its unaudited quarterly financial statements and of its audited annual financial statements.
Section 4.2    Notice of Default.  
The Issuer shall give notice to the Holder of the occurrence of any Default or Event of Default within five (5) Business Days after the Issuer knows or has reason to know thereof.
Section 4.3    Conduct of Business and Maintenance of Existence, etc.  
The Issuer will (a) (i) preserve, renew and keep in full force and effect its corporate or other existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all agreements and requirements of applicable law, except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.
ARTICLE V     
EVENTS OF DEFAULT
Section 5.1    Events of Default.  
If any of the following events shall occur and be continuing:
(d)    The Issuer shall fail to pay the principal of this Note on the Final Maturity Date or on any other date when it becomes due in accordance with the terms hereof; or the Issuer shall fail to pay any interest on this Note, or any other amount payable hereunder, within three (3) Business Days after any such interest or other amount becomes due in accordance with the terms hereof; or
(e)    Any representation or warranty made or deemed made by the Issuer herein or by the Guarantor in the Guaranty or that is contained in any certificate, document or financial or other statement furnished by the Issuer or Guarantor at any time under or in connection with this Note or the Guaranty shall prove to have been inaccurate in any material respect on or as of the date made or deemed made or furnished; or
(f)    The Issuer or the Guarantor shall default in the observance or performance of any other agreement contained in this Note or the Guaranty to be performed by it (other than as provided in clause (a) of this Section 5.1), and such default shall continue unremedied for a period of 30 days after the earlier of (i) the date on which an officer 

9

of the Issuer or the Guarantor, as applicable, becomes aware of such failure and (ii) the date on which written notice thereof shall have been given to the Issuer or the Guarantor, as applicable, by the Holder; or
(g)    (i) The Issuer, any Issuer Affiliate, or the Guarantor shall fail to make any payment on any Indebtedness (other than the Obligations) of the Issuer, any such Issuer Affiliate or the Guarantor or on any Guarantee Obligation in respect of Indebtedness of any other Person, and, in each case, such failure relates to Indebtedness having a principal amount of $25,000,000 or more, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and the effect of such failure is to accelerate the maturity of such Indebtedness, (ii) any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness, if the effect of such event or condition is to accelerate the maturity of such Indebtedness, (iii) any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness, if the effect of such event or condition is to permit the acceleration of the maturity of such Indebtedness or (iv) any such Indebtedness shall become or be declared to be due and payable, or be required to be prepaid or repurchased (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or
(h)    (i) The Issuer or the Guarantor shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Issuer shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Issuer or the Guarantor any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against the Issuer or the Guarantor any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) the Issuer or the Guarantor shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Issuer or the Guarantor shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due;
then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (e) above, (i) the Principal Amount (calculated in accordance with Section 2.4 as of the date this Note is paid in full), all accrued and unpaid interest (calculated in accordance with Section 2.6 as of the date this Note is paid in full), and all other amounts owing under this Note shall immediately become due and payable, and (B) if such event is any other Event of Default, the Holder may, by notice to the Issuer, declare the Principal Amount (calculated in accordance with Section 2.4 as of the date this Note is paid in full), accrued interest (calculated in accordance with Section 2.6 as of the date this Note is paid in full), and all other amounts owing under this Note to be due and payable forthwith, whereupon the same shall immediately become due and payable.
ARTICLE VI     
MISCELLANEOUS
Section 6.1    Notices.  
All notices, demands, requests, consents and other communications provided for in this Note shall be given in writing, and addressed to the party to be notified as follows:

10

	
		
	To the Issuer:
	Seadrill Operating LP
Building 11, 2nd Floor
Chiswick Business Park
566 Chiswick High Road
London W4 6YS
United Kingdom
Attn:  Mr. Graham Robjohns

	To the Holder:
	Seadrill Limited 
Par-la-Ville Place 
14 Par-la-Ville Road 
Hamilton HM08 
Bermuda 
Attn: Georgina Sousa, Secretary

Either party hereto may change its address, telephone number or facsimile number for notices and other communications hereunder by notice to the other party.  All such notices and other communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery, or transmitted in legible form by facsimile machine, respectively, or if mailed, upon the third Business Day after the date deposited into the mail or if delivered, upon delivery.
Section 6.2    Waiver; Amendments.  
No amendment or waiver of any provision of this Note nor consent to any departure by the Issuer therefrom shall in any event be effective unless the same shall be in writing and (x) in the case of any such waiver or consent, signed by the Holder and (y) in the case of any other amendment, by the Holder and the Issuer, and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.
Section 6.3    Expenses; Indemnification.
(c)    The Issuer shall be obligated to pay all out-of-pocket costs and expenses (including, without limitation, but limited to the reasonable fees, charges and disbursements of outside counsel for the Holder) incurred by the Holder in connection with the enforcement or protection of its rights in connection with this Note, including its rights under this Section 6.3, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of this Note.
(d)    The Issuer shall indemnify each Holder Indemnitee against, and hold each Holder Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Holder Indemnitee) incurred by any Holder Indemnitee or asserted against any Holder Indemnitee by any third party or by the Issuer arising out of, in connection with, or as a result of (i) the execution or delivery of this Note or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or under this Note or the consummation of the transactions contemplated hereby, or (ii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Issuer, and regardless of whether any Holder Indemnitee is a party thereto, provided that such indemnity shall not, as to any Holder Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final judgment to have resulted from the gross negligence or willful misconduct of such Holder Indemnitee or (y) result from a claim brought by the Issuer against any Holder Indemnitee for breach in bad faith of such Holder Indemnitee’s obligations hereunder, if the Issuer has obtained a final judgment in its favor on such claim as determined by a court of competent jurisdiction.
(e)    The Issuer shall pay, and hold the Holder harmless from and against, any and all present and future stamp, documentary, and other similar taxes with respect to this Note, any collateral described herein, or any payments 

11

due hereunder, and save the Holder harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes.
(f)    To the extent permitted by applicable law, each party shall not assert, and hereby waives, any claim against any Holder Indemnitee or the other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result of, this Note or any agreement or instrument contemplated hereby, the transactions contemplated therein, or the use of proceeds thereof.
(g)    All amounts due under this Section 6.3 shall be payable promptly after written demand therefor.
Section 6.4    Successors and Assigns.  
The provisions of this Note shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Issuer may not assign or otherwise transfer any of its rights or obligations hereunder, and the Holder may not assign or otherwise transfer any of its rights or obligations hereunder or under this Note without the prior written consent of the Issuer.  Any other attempted assignment or transfer by any party hereto shall be null and void.  Nothing in this Note, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, each Holder Indemnitee) any legal or equitable right, remedy or claim under or by reason of this Note.
Section 6.5    Governing Law.  
This Note and the rights and obligations of the parties hereto and thereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.
Section 6.6    Survival.  
All covenants, agreements, representations and warranties made by the Issuer in this Note and in the certificates or other instruments delivered in connection with or pursuant to this Note shall be considered to have been relied upon by the Holder and shall survive the execution and delivery of this Note.  The provisions of Section 6.3 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of this Note, or the termination of this Note or any provision hereof. 
Section 6.7    Severability.  
Any provision of this Note held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Section 6.8    Acceptance.  
By its acceptance of this Note, the Holder agrees to be bound by the terms and provisions of this Note applicable to it.

12

Section 6.9    Maximum Interest.  
Notwithstanding anything to the contrary contained in this Note, the interest paid or agreed to be paid hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable law ("maximum rate").  If the Holder shall receive interest in an amount that exceeds the maximum rate, the excess interest shall be applied to the Principal Amount or, if it exceeds such unpaid principal, refunded to the Issuer.  In determining whether the interest contracted for, charged or received by the Holder exceeds the maximum rate, the Holder may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest; (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of this Note.
[Signature Pages Follow]

13

IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed as of the day and year first above written.
	
			
	 
	SEADRILL OPERATING LP, 
as Issuer

By: Seadrill Operating GP LLC,
       as general partner 

	 
	By:
	____________________________________

	 
	 
	Name:

	 
	

	Title:

14

Exhibit A
Form of Guaranty

15

GUARANTY

GUARANTY, dated as of June [__], 2015 (this “Guaranty”), by SEADRILL PARTNERS LLC, a Marshall Islands limited liability company (the “Guarantor”) in favor of SEADRILL LIMITED (the “Holder”).
W I T N E S S E T H:
WHEREAS, Seadrill Operating LP, a Marshall Islands limited partnership (the “Issuer”), has issued a $50 million promissory note, dated the date hereof (as amended,  supplemented or otherwise modified from time to time after the date hereof, the “Note”),
WHEREAS, terms defined in the Note and used herein shall have the meanings herein as therein defined unless otherwise defined herein;
WHEREAS, the Note was issued by the Issuer in satisfaction of a portion of the Purchase Price of the Purchased Equity under the PSA (as defined in the Note);
WHEREAS, the Guarantor will receive substantial direct and indirect benefits as a result of the purchase of the Purchased Equity contemplated by the Note; and
WHEREAS, in connection with the issuance of the Note, the Guarantor is required to have executed and delivered this Guaranty for the benefit of the Holder;
NOW THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
Section 2.Guaranty
(a)    The Guarantor hereby absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, the full and punctual payment when due and in the currency due, whether at stated maturity or earlier, by reason of acceleration, mandatory prepayment or otherwise in accordance herewith or the Note of the Guarantor’s Allocated Portion of all principal, interest (including all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of the Issuer at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding), expenses, indemnities or other amounts required to be paid by Issuer under the Note (the “Obligations”), whether or not from time to time reduced or extinguished or hereafter increased or incurred, whether or not recovery may be or hereafter may become barred by any statute of limitations, whether or not enforceable as against the Issuer, whether now or hereafter existing, and whether due or to become due.  This Guaranty constitutes a guaranty of payment and not of collection.
(b)    The Guarantor further agrees that, if any payment made by the Issuer or any other Person and applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, then, to the extent of such payment or repayment, the Guarantor’s liability hereunder shall be and remain in full force and effect, as fully as if such payment had never been made.  If, prior to any of the foregoing, this Guaranty shall have been cancelled or surrendered, this Guaranty shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of the Guarantor in respect of the amount of such payment.
(c)    For purposes of this Guaranty, the “Guarantor’s Allocated Portion” is that percentage of the obligations of the Issuer under this Note equal to the Guarantor’s percentage ownership interest in the Issuer as of the date this Guaranty is called upon by the Holder.  Notwithstanding anything to the contrary contained herein, the Guarantor’s liability hereunder shall be limited to the Guarantor’s Allocated Portion of the Obligations and all amounts payable by the Guarantor under Section 15.

Section 3.    Authorization; Other Agreements
The Holder is hereby authorized, without notice to, or demand upon, the Guarantor, which notice and demand requirements are expressly waived hereby, and without discharging or otherwise affecting the obligations of the Guarantor hereunder, from time to time, to do each of the following:
(a)    supplement, renew, extend, accelerate or otherwise change the time for payment of, or other terms relating to, the Obligations, or any part of them, or otherwise modify, amend or change the terms of the Note, including any increase or decrease of principal or the rate of interest thereon;
(b)    waive or otherwise consent to noncompliance with any provision of the Note or any other instrument evidencing the Obligations, or any part thereof;
(c)    accept partial payments on the Obligations;
(d)    receive, take and hold security or collateral for the payment of the Obligations or any part of them and exchange, enforce, waive, substitute, liquidate, terminate, abandon, fail to perfect, subordinate, transfer, otherwise alter and release any such security or collateral;
(e)    settle, release, compromise, collect or otherwise liquidate the Obligations or accept, substitute, release, exchange or otherwise alter, affect or impair any security or collateral for the Obligations or any part of them or any other guaranty therefor, in any manner;
(f)    add, release or substitute any one or more other guarantors, makers or endorsers of the Obligations or any part of them and otherwise deal with the Issuer or any other guarantor, maker or endorser;
(g)    apply to the Obligations any payment or recovery (x) from the Issuer, from any other guarantor, maker or endorser of the Obligations or any part of them or (y) from the Guarantor in such order as provided herein, in each case whether such Obligations are secured or unsecured or guaranteed or not guaranteed by others; or
(h)    refund (to the extent legally obligated to do so) at any time any payment received by the Holder in respect of any Obligation, and payment to the Holder of the amount so refunded shall be fully guaranteed hereby even though prior thereto this Guaranty shall have been cancelled or surrendered, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of the Guarantor hereunder in respect of the amount so refunded;
even if any right of reimbursement or subrogation or other right or remedy of the Guarantor is extinguished, affected or impaired by any of the foregoing (including any election of remedies by reason of any judicial, non‐judicial or other proceeding in respect of the Obligations that impairs any subrogation, reimbursement or other right of the Guarantor).
Section 4.    Guaranty Absolute and Unconditional
The Guarantor hereby waives any defense of a surety or guarantor or any other obligor on any obligations arising in connection with or in respect of any of the following and hereby agrees that its obligations under this Guaranty are absolute and unconditional and shall not be discharged or otherwise affected as a result of any of the following:
(a)    the invalidity or unenforceability of any of the Issuer’ obligations under the Note or any other agreement or instrument relating thereto, or any other guaranty of the Obligations or any part of them;

(b)    the absence of any attempt to collect the Obligations or any part of them from the Issuer or other action to enforce the same;
(c)    the disallowance in any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding (“Bankruptcy Proceeding”) of all or any portion of the Holder’s claim (or claims) for payment of the Obligations;
(d)    any Bankruptcy Proceeding commenced by or against the Issuer, the Guarantor or any of their respective subsidiaries, including any discharge of, or bar or stay against collecting, any Obligation (or any part of them or interest thereon) in or as a result of any such proceeding;
(e)    failure by the Holder to file or enforce a claim against the Issuer or its estate in any Bankruptcy Proceeding;
(f)    any action taken by the Holder if such action is authorized hereby or by the Note;
(g)    any change in the corporate existence, structure, or ownership of the Issuer;
(h)    any defense, set-off or counterclaim (other than a defense of payment) which may at any time be available to or be asserted by the Guarantor or any other person against the Holder;
(i)    any requirement of law affecting any term of the Guarantor’s obligations under this Guaranty; or
(j)    any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor or any other obligor on any obligations, other than the payment in full of the Obligations.
Section 5.    Waivers
The Guarantor hereby waives diligence, promptness, presentment, demand for payment or performance and protest and notice of protest, notice of acceptance and any other notice in respect of the Obligations or any part of them, and any defense arising by reason of any disability or other defense of the Issuer.  The Guarantor shall not, until the Obligations are irrevocably paid in full, assert any claim or counterclaim it may have against the Issuer or set off any of its obligations to the Issuer against any obligations of the Issuer to it.  
Section 6.    Reliance
The Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Issuer and any endorser and other guarantor of all or any part of the Obligations, and of all other circumstances bearing upon the risk of nonpayment of the Obligations, or any part thereof, that diligent inquiry would reveal, and the Guarantor hereby agrees that the Holder shall not have any duty to advise the Guarantor of information known to it regarding such condition or any such circumstances.
Section 7.    Waiver of Subrogation and Contribution Rights
Until the Obligations have been irrevocably paid in full, the Guarantor shall not enforce or otherwise exercise any right of subrogation to any of the rights of the Holder or any part of them against the Issuer or any right of reimbursement or contribution or similar right against the Issuer by reason of this Guaranty or by any payment made by the Guarantor in respect of the Obligations.
Section 8.    Default; Remedies
The obligations of the Guarantor hereunder are independent of and separate from the Obligations.  If any Obligation is not paid when due, or upon any Event of Default, the Holder may, at its sole election, proceed directly and at once, without notice, against the Guarantor to collect and recover the full amount or any portion of the Obligations 

then due, without first proceeding against the Issuer or any other guarantor of the Obligations, or joining the Issuer or any other guarantor in any proceeding against the Guarantor.
Section 9.    Irrevocability
This Guaranty shall be irrevocable as to the Obligations (or any part thereof) until all monetary Obligations then outstanding have been irrevocably repaid in cash, at which time this Guaranty shall automatically be cancelled.  Upon such cancellation and at the written request of the Guarantor or its successors or assigns, and at the cost and expense of the Guarantor or its successors or assigns, the Holder shall execute in a timely manner a satisfaction of this Guaranty and such instruments, documents or agreements as are necessary or desirable to evidence the termination of this Guaranty.
Section 10.    No Marshalling
The Guarantor consents and agrees that neither the Holder nor any Person acting for or on behalf of the Holder shall be under any obligation to marshal any assets in favor of the Guarantor or against or in payment of any or all of the Obligations.
Section 11.    Representations and Warranties
(a)    Corporate Existence; Compliance with Law.  The Guarantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.
(b)    Power; Authorization; Execution.  The Guarantor has the power and authority, and the legal right, to make, deliver and perform this Guaranty.  The Guarantor has taken all necessary action to authorize the execution, delivery and performance of this Guaranty. This Guaranty has been duly executed and delivered on behalf of the Issuer.
(c)    No Consents.  No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required to be obtained by the Issuer in connection with (i) the execution, delivery, validity or enforceability of this Guaranty, or (iii) the performance of this Guaranty, except, in each case, for routine consents, authorizations, filings and notices required to be made in the ordinary course of business.
(d)    Enforceability.  This Guaranty constitutes the legal, valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).
(e)    No Legal Bar. The execution, delivery and performance of this Guaranty by the Guarantor will not violate any applicable law or any material agreement of the Guarantor and will not result in, or require, the creation or imposition of any Lien on any of its properties or revenues pursuant to any requirement of applicable law or any such agreement.
Section 12.    Enforcement; Waivers; Amendments
(a)    No delay on the part of the Holder in the exercise of any right or remedy arising under this Guaranty or the Note or otherwise with respect to all or any part of the Obligations or any other guaranty of or security for all or any part of the Obligations shall operate as a waiver thereof, and no single or partial exercise by any such Person of any such right or remedy shall preclude any further exercise thereof.
(b)    None of the terms or provisions of this Guaranty may be waived, amended, supplemented or modified except with the prior written consent of the Holder and the Guarantor.
Section 13.    Successors and Assigns

This Guaranty shall be binding upon the Guarantor and upon the successors and assigns of the Guarantor and shall inure to the benefit of the Holder and its successors and assigns; all references herein to the Issuer and to the Guarantor shall be deemed to include their respective successors and assigns.  The successors and assigns of the Guarantor and the Issuer shall include, without limitation, their respective receivers, trustees and debtors‐in‐possession.  All references to the singular shall be deemed to include the plural where the context so requires.
Section 14.    Governing Law
This Guaranty, the rights and obligations of the parties hereto and all claims and causes of action arising out of this Guaranty shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.
Section 15.    Notices
All notices, demands, requests, consents and other communications provided for in this Note shall be given in writing, and addressed to the party to be notified as follows:
	
		
	To the Guarantor:
	Seadrill Partners LLC
Building 11, 2nd Floor
Chiswick Business Park
566 Chiswick High Road
London W4 6YS
United Kingdom
Attn:  Mr. Graham Robjohns

	To the Holder:
	Seadrill Limited 
Par-la-Ville Place 
14 Par-la-Ville Road 
Hamilton HM08 
Bermuda 
Attn: Georgina Sousa, Secretary

Either party hereto may change its address, telephone number or facsimile number for notices and other communications hereunder by notice to the other party.  All such notices and other communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery, or transmitted in legible form by facsimile machine, respectively, or if mailed, upon the third Business Day after the date deposited into the mail or if delivered, upon delivery.
Section 16.    Severability
Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Guaranty.
Section 17.    Costs and Expenses
The Guarantor agrees to pay or reimburse the Holder upon demand for all out-of-pocket costs and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel and costs of settlement), incurred by the Holder in enforcing this Guaranty against the Guarantor or any security therefor or exercising or enforcing any other right or remedy available in connection herewith or therewith. 

Section 18.    Entire Agreement
This Guaranty, taken together with all of the other documents executed and delivered by the Guarantor in connection with the Note, represents the entire agreement and understanding of the parties hereto and supersedes all prior understandings, written and oral, relating to the subject matter hereof.
Section 19.    Counterparts
This Guaranty may be executed by one or more of the parties to this Guaranty on any number of separate counterparts (including by telecopy or other electronic transmission), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signature pages may be detached from multiple counterparts and attached to a single counterpart so that all signature pages are attached to the same document.  Delivery of an executed counterpart by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, this Guaranty has been duly executed by the Guarantor
as of the day and year first set forth above.
SEADRILL PARTNERS LLC
		
	By:
	         
Name:  
Title:

ACKNOWLEDGED AND AGREED 
as of the date first above written:
SEADRILL LIMITED
By:       
Name: 
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]