Document:

Form of Notice of Grant of Stock-Settled Stock Appreciation Rights

 Exhibit 10.8h (11) 
  

			
	

	 	 GlobalSantaFe Corporation
 15375 Memorial Drive
 Houston, Texas 77079-4101

  

 Notice of Grant 
     – Stock-Settled Stock Appreciation Rights 

  

			
	 «First_Name» «Last_Name»
 «AddressLine_1»
 «AddressLine_2»
 «Address_Line_3»
 «City», «State» «Zip»
	 	Employee ID: «Empl_ID»

  

 Plan Name: GlobalSantaFe 2003 Long-Term Incentive Plan 
 Effective
                , you have been granted «NUMBER» stock appreciation rights (“SARs”), each of which, subject to the attached terms and
conditions, will allow you to receive ordinary shares of GlobalSantaFe Corporation of a value equal to any increase in the per-share price of the ordinary shares from the grant date to the date the SAR is exercised. The grant date price is $
             per share. 
 Your SARs will vest over a
three-year period on the dates indicated below: 
  

					
	 Number
 of SARs
	 	Date Vested	 	Date SARs Expire
	 	 	 
	«SAR1»	 	______________	 	______________
	 	 	 
	«SAR2»	 	______________	 	______________
	 	 	 
	«SAR3»	 	______________	 	______________
	 	 	 	 	 

 The SARs are granted under and governed by the terms and conditions of the GlobalSantaFe 2003 Long-Term Incentive
Plan and the attached terms and conditions, all of which are made a part of this document. 
 Attachment 
  

 

 
 GLOBALSANTAFE CORPORATION 
 TERMS AND CONDITIONS 
 OF 
 STOCK-SETTLED STOCK APPRECIATION RIGHTS 
 GlobalSantaFe Corporation (the “Company”),
desiring to afford you an opportunity to acquire ordinary shares of the Company, $.01 par value (“Ordinary Shares”), and to provide you with an added incentive as an employee of, consultant to, or other person providing key
services to the Company or of one or more of its Related Companies, has established the following terms and conditions under which it has granted to you the stock appreciation rights specified on the cover page of this Notice (the “SARs”)
under the GlobalSantaFe 2003 Long-Term Incentive Plan. Each SAR will allow you to receive a number of Ordinary Shares during a specified term, all as set forth on the cover page of this Notice of Grant (“Notice”), subject to
and upon the terms and conditions set forth on the cover page and below. 
 You are urged to consult your tax advisor prior to
exercising any of the SARs and prior to disposing of any shares acquired upon such exercise. 
  

	1.	Specification of Date, Number of SARs, Grant Date Price, and Term. 

  

	 	(a)	The grant date of the SARs is the effective date set forth in the first paragraph on the cover page of this Notice. 

  

	 	(b)	The number of SARs granted to you hereby is the number of SARs set forth in the first paragraph on the cover page of this Notice, subject to adjustments under Section 8.

  

	 	(c)	Subject to adjustments under Sections 6 and 7, the SARs first become exercisable in three annual installments as set forth in the table on the cover page of this Notice
(“Vesting Table”), each installment first becoming exercisable at the date set forth for that installment under “Date Vested” in said table. 

  

	 	(d)	The grant date price per share applicable to the SARs (the “Grant Date Price”) is the price set forth in the first paragraph on the cover page of this Notice, subject to
adjustments under Section 8. 

  

	 	(e)	The term of the SARs is ten years beginning on their grant date and expiring on the date set forth under “Date SARs Expire” in the table on the cover page of
this Notice. Upon the expiration of such term, the SARs shall expire and terminate and may not be exercised. 

	2.	Agreement. By accepting the SARs and the benefits thereof, you represent and agree that (i) you will abide by the terms of the Plan and such other terms and conditions
as may be imposed by the committee appointed by the board of directors to administer the Plan (the “Committee”), (ii) you will not induce or solicit, directly or indirectly, any employee of the Company or a Related
Company to terminate such employee’s employment with the Company or such Related Company and (iii) during the course of employment with or service to the Company or a Related Company and at all times thereafter, you will not disclose to
others or use, whether directly or indirectly, any Confidential Information. “Confidential Information” shall mean the information about the Company or a Related Company that you learned in the course of performing your
duties with the Company or a Related Company, including, without limitation, any proprietary knowledge, trade secrets, data, information and customer lists unless such disclosure is required by law or authorized by the Company or a Related Company.

  

	3.	Installment Provisions and Acceleration. The SARs are not exercisable in any part until the earliest of the dates specified in this Section and in Sections 6 and 7 below.

  

	  	The installments set forth in the table on the cover page of this Notice and referred to in Section 1(c) are cumulative, so that each matured installment or any portion thereof
may be exercised at any time until the expiration or prior termination of the SARs. 

  

	  	Nothing contained in this section shall be interpreted in a way that permits you to exercise a number of SARs in excess of the number of SARs granted hereby and referred to in
Section 1(b). 

  

	4.	Method of Exercise. The SARs may be exercised from time to time, in accordance with their terms, by written notice thereof signed and delivered by you or another person
entitled to exercise the SARs to the Secretary of the Company at its principal executive office in Houston, Texas, or as it may hereafter be located, or to such brokerage firm, third-party agent or other person as may be designated by the Secretary
from time to time. Such notice shall state the number of SARs being exercised and the grant date of the SARs being exercised. 

  

	  	 No later than 14 days after receipt of such notice, the Company shall issue and deliver to you whole Ordinary Shares equal in number to the product of A multiplied
by B and then divided by C, where A is the number of vested SARs exercised, B is the result of subtracting the Grant Date Price from the per-share Fair Market Value of the Ordinary Shares prevailing at the time of exercise as 

  

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defined by the Plan, and C is the per-share Fair Market Value of the Ordinary Shares prevailing at the time of exercise as defined by the Plan. Any
fractional shares resulting from this calculation shall be valued at the per-share Fair Market Value of the Ordinary Shares prevailing at the time of exercise as defined by the Plan and paid to you in cash if there is no withholding requirement as a
result of the exercise; if there is a withholding requirement, said cash amount will be applied toward satisfying the withholding requirement. 

  

	  	Upon exercise of any of the SARs, the Company will withhold from the shares to be delivered shares with a Fair Market Value (as prescribed by the Plan) sufficient to satisfy all or
a portion of any Federal, state and local tax withholding requirements, or the person exercising the SARs may deliver to the Company Ordinary Shares with a Fair Market Value sufficient to satisfy all or a portion of such tax withholding
requirements, excluding any shares deemed unacceptable for any reason by the Committee of the Company’s board of directors administering the GlobalSantaFe 2003 Long-Term Incentive Plan. 

  

	  	Automatic Exercise – Notwithstanding anything to the contrary in these Terms and Conditions, any of the SARs that have not theretofore been exercised will be automatically
exercised on your behalf, and without any permission or other action on your part, on the last day during the period when the SARs could otherwise be exercised if the Grant Date Price is then less than the prevailing per-share Fair Market Value of
the Ordinary Shares as defined by the Plan; provided, however, that neither the Company nor any officer of the Company, Plan administrator, member of the Committee or any agent of any of the foregoing shall have any liability for any delay in the
delivery of anything received upon such automatic exercise, including any change in the value of securities received or any interest, and the Company shall be entitled to deliver to the holder the proceeds of exercise when it determines to do so.

  

	5.	 Transferability. You may not transfer any of the SARs other than by will or by the laws of descent and distribution or, if applicable, as authorized by the
following sentence, and the SARs shall be exercisable during your lifetime only by you or, if applicable, by a transferee authorized by the following sentence. The SARs or any portion thereof may be transferred by you to (i) your spouse,
children or grandchildren (“Immediate Family Members”), (ii) a trust or trusts for your exclusive benefit and/or the exclusive benefit of Immediate Family Members, (iii) a partnership in which you and/or Immediate Family Members
are the only partners, (iv) a transferee pursuant to a judgment, decree or order relating to child support, alimony or marital property rights that is made pursuant to a domestic relations law of a state or country with competent jurisdiction
(a “Domestic Relations Order”), or (v) such other transferee as may be approved by the Committee of the board of directors in its sole and absolute discretion; provided, however, that (x) the board of directors and its Committee
each reserves the right to prohibit any transfer with or without cause in its sole and absolute discretion, and (y) subsequent transfers of the SARs or any portion 

  

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thereof are prohibited except those to or by you in accordance with this Section, by will or the laws of descent and distribution, or pursuant to a Domestic
Relations Order. Following any transfer, the SARs shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and any and all references to you in this Notice shall be deemed to refer to the
transferee; provided, however, that any and all references to employment or service or events of termination of employment or service shall continue to mean your employment or service or events of termination of your employment or service, and
following any such event the SARs shall be exercisable by the transferee only to the extent and for the periods specified in this Notice. In addition, notwithstanding any transfer of the SARs or any portion thereof, you will continue to be subject
to withholding in connection with any exercise, if applicable, as provided for in the GlobalSantaFe 2003 Long-Term Incentive Plan. Each transfer shall be effected by written notice thereof duly signed and delivered by the transferor to the Secretary
of the Company at its principal executive office in Houston, Texas, or as it may hereafter be located, or to such other person as may be designated by the Secretary from time to time. Such notice shall state the name and address of the transferee,
the number of SARs being transferred, and such other information as may be requested by the Secretary or his or her designee. The person or persons entitled to exercise the SARs shall be that person or those persons appearing on the registry books
of the Company as the owner or owners of the SARs, and the Company may treat the person or persons in whose name or names the SARs are registered as the owner or owners of the SARs for all purposes. The Company shall have no obligation to, or
liability for any failure to, notify you or any transferee of any termination of the SARs at or prior to their normal expiration date or of any event that will or might result in such termination. 

  

	6.	Termination of Employment or Service. 

  

	 	(a)	 Involuntary Termination Without Cause. If your employment with the Company or a Related Company is terminated by the Company or any such Related Company
without Cause (as hereinafter defined) after the first vesting date, the SARs shall vest and thereby become exercisable with respect to a number of previously unexercisable SARs, prorated for the number of months (and partial months) you were
employed from the most recent vesting date until the end of the full vesting period, and all of the SARs other than the SARs that can be exercised at the time of or as a result of such termination shall expire and terminate in all respects. All
vested SARs not previously exercised, regardless whether vested as a result of your termination of employment or vested prior thereto, shall remain exercisable for the longer of (i) one year following your termination date or (ii) the
period during which you are entitled to receive salary continuation under any agreement, policy, plan or other arrangement with the Company or any of its Related Companies; provided, however, that (x) in no event shall the period under clause
(ii) extend beyond the 

  

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maximum period permitted under Section 409A of the U.S. Internal Revenue Code of 1986 as amended and in effect at such time (the “Code”) and
applicable authorities, and (y) in no event shall any SAR remain exercisable beyond the term of the SAR. Upon expiration of the foregoing period, each of the SARs shall expire and terminate in all respects. 

  

	 	(b)	Voluntary Termination or Termination With Cause. If either you voluntarily terminate your employment with the Company or a Related Company or your employment with the Company
or a Related Company is terminated with Cause, the SARs, to the extent previously vested and not previously exercised, shall remain exercisable for three months following your termination date and, thereafter, shall expire and terminate; provided,
however, that no SAR shall in any event remain exercisable beyond the term of the SAR. At the time of such termination of employment, all of the SARs other than the SARs that can be exercised at the time of such termination shall expire and
terminate in all respects. 

  

	 	(c)	Retirement. If your employment with the Company and its Related Companies terminates for any reason other than Cause, death or disability and you have attained your
“early retirement date” as defined in the GlobalSantaFe Retirement Plan for Employees (or would have attained such “early retirement date” based on your age and service had you been eligible to participate in such plan), the SARs
will continue to become exercisable in accordance with the Vesting Table on the cover page of this Notice; provided however that the SARs shall terminate in any event upon the earlier of (i) the expiration of the five-year period following the
later of your termination of employment with the Company and its Related Companies or termination of your service as a member of the Company’s board of directors, or (ii) the expiration of the term of the SARs, or (iii) the date you
go to work for a competitor of the Company or of any Related Company, including without limitation as an employee of or consultant to the competitor, as determined by the Committee in its sole discretion. If this subsection (c) and any other
subsection of this Section 6 both apply, this subsection (c) will prevail. 

  

	 	(d)	Termination by Reason of Death or Disability. If your employment with the Company or a Related Company is terminated as a result of your death or Disability, the SARs will
immediately vest and thereby become exercisable as to the full number of SARs granted hereby and referred to in Section 1(b), to the extent not previously exercised, and said full number of SARs will remain exercisable for the three-year period
following the date of death or termination due to Disability; provided, however, that no SAR shall in any event remain exercisable beyond the term of the SAR. For purposes of this Section, the term “Disability” shall mean any
complete and permanent Disability as defined in Section 22(e)(3) (or any successor provision thereto) of the Code and determined in accordance with the procedures set forth in the regulations thereunder. 

  

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	  	For purposes of this Notice, a termination of your “employment” with the Company and its Related Companies will be deemed to occur at the close of business
on the earliest of (i) the last day on which you are assigned to a position with the Company or any of its Related Companies for the purpose of performing your occupation, in the case of termination by reason of your death, disability or
retirement, (ii) the last day of an approved leave of absence if you do not resume the performance of your occupation for the Company or any of its Related Companies on or before the next business day, and (iii) the last day on which you
are assigned to a position with the Company or any of its Related Companies for the purpose of performing your occupation in any other case. For purposes of this Notice, you shall not be considered to be an employee or to be serving the Company or a
Related Company for the period during which you are entitled to receive salary continuation under any agreement, policy, plan or other arrangement with the Company or any of its Related Companies. 

  

	  	You may be terminated with Cause if you willfully engage in conduct that is materially injurious to the Company and/or a Related Company, monetarily or otherwise; provided however
that (i) no termination shall be with Cause until you have been delivered a copy of a written notice setting forth that you were guilty of the conduct and specifying the particulars thereof in detail and (ii) termination solely on account
of inadequate performance or incompetence shall not constitute termination with Cause. No act or failure to act shall be considered “willful” unless you have acted or failed to act without a reasonable belief that your action or failure to
act was in the best interest of the Company or a Related Company. Notwithstanding anything contained in this Notice to the contrary, your failure to perform after notice of termination is given shall not constitute Cause. 

 

	7.	Change in Control. If a Change in Control occurs while you are employed by or providing services to the Company or a Related Company or if a Change in Control occurs after
your employment terminates in accordance with Section 6(c), the SARs granted hereby, to the extent not previously exercised, shall become fully exercisable on the date of such Change in Control, irrespective of the limitations described in
Section 1(c), and shall remain exercisable throughout the term of the SARs. 

  

	  	A “Change in Control” means the occurrence of any of the following events: 

  

	 	(i)	 The acquisition by any individual, entity or group (within the meaning of Section 13(d) or 14(d) of the U.S. Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”), other than an Excluded Person, of the beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of 35% or more of either (A) the then outstanding ordinary shares of the
Company or of any affiliate of the Company by which you are employed or which 

  

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directly or indirectly owns or controls any affiliate by which you are employed (the “Outstanding Company Ordinary Shares”) or (B) the
combined voting power of the then outstanding voting securities of the Company or of any affiliate of the Company by which you are employed or which directly or indirectly owns or controls any affiliate by which you are employed entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that neither an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or by any affiliate
controlled by the Company nor an acquisition by an affiliate of the Company that remains under the Company’s control will constitute a Change in Control; or 

  

	 	(ii)	Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s equityholders, was approved by a vote of at least two-thirds of the directors then comprising the
Incumbent Board will be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or threatened election
contest (meaning a solicitation of the type that would be subject to Rule 14a-12(c) of Regulation 14A under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

  

	 	(iii)	 Approval by the equityholders of the Company of a reorganization, merger, consolidation or similar transaction to which the Company or any affiliate is a party, in
each case unless, following such reorganization, merger, consolidation or similar transaction, (A) more than 50% of, respectively, the then outstanding ordinary shares or shares of common stock of the corporation or other entity resulting from
such reorganization, merger, consolidation or similar transaction and the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote generally in the election of directors is then
beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities immediately
prior to such reorganization, merger, consolidation or similar transaction in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, consolidation or similar transaction, of the Outstanding Company
Ordinary Shares and Outstanding Company Voting Securities, as the case may be, (B) 50% of, respectively, the then outstanding ordinary shares or shares of common stock of the parent of the corporation or other entity resulting from such
reorganization, merger, consolidation or similar transaction and the combined voting power of the then outstanding voting securities of the parent of such corporation or other entity entitled to vote generally in the election of directors is then
beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities immediately prior to such 

  

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reorganization, merger, consolidation or similar transaction, (C) no Person (excluding the Company, any affiliate of the Company that remains under the
Company’s control, any employee benefit plan (or related trust) sponsored or maintained by the Company or by any affiliate controlled by the Company or such corporation resulting from such reorganization, merger, consolidation or similar
transaction, and any Person beneficially owning, immediately prior to such reorganization, merger, consolidation or similar transaction, directly or indirectly, 35% or more of the Outstanding Company Ordinary Shares or Outstanding Company Voting
Securities, as the case may be) beneficially owns, directly or indirectly, 35% or more of, respectively, the then outstanding ordinary shares or shares of common stock of the corporation or other entity resulting from such reorganization, merger,
consolidation or similar transaction or the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote generally in the election of directors, and (D) at least a majority of the members
of the board of directors of the corporation resulting from such reorganization, merger, consolidation or similar transaction were members of the Incumbent Board at the time of the execution of the initial agreement providing for such
reorganization, merger, consolidation or similar transaction; or 

  

	 	(iv)	 Approval by the equityholders of the Company of any plan or proposal which would result directly or indirectly in (A) a complete liquidation or dissolution of
the Company or of any affiliate of the Company by which you are employed, or (B) any sale or other disposition (or similar transaction) (in a single transaction or series of related transactions) of (x) 50% or more of the assets or
earnings power of the Company or any affiliate of the Company by which you are employed or which, directly or indirectly owns or controls any affiliate by which you are employed or (y) business operations which generated a majority of the
consolidated revenues (determined on the basis of the Company’s four most recently completed fiscal quarters for which reports have been completed) of the Company and its affiliates immediately prior thereto, other than to an affiliate of the
Company or to a corporation or other entity with respect to which following such sale or other disposition (I) more than 50% of, respectively, the then outstanding ordinary shares or shares of common stock of such corporation or other entity
and the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of
the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportions
as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities, as the case may be, (II) no Person (excluding the Company, any affiliate of the Company
that remains under the Company’s control, any employee benefit plan (or related trust) sponsored or maintained by the Company or by any affiliate controlled by the Company or such corporation, and any Person beneficially owning, immediately
prior to such sale or other disposition, directly or indirectly, 35% or more of the Outstanding 

  

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Company Ordinary Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 35% or more of,
respectively, the then outstanding ordinary shares or shares of common stock of such corporation or other entity or the combined voting power of the then outstanding voting securities of such corporation or other entity entitled to vote generally in
the election of directors, and (III) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such
sale or other disposition of assets; or 

  

	 	(v)	Approval by the equityholders of the Company of a “merger of equals” (which for purposes of this Subsection shall mean a merger with another company of relatively equal
size) to which the Company is a party as a result of which the persons who were equity holders of the Company immediately prior to the effective date of such merger shall have beneficial ownership of less than 55% of the combined voting power for
election of members of the board (or equivalent) of the surviving entity or its parent following the effective date of such merger, provided that the Board shall have authority to increase said percentage as may in its sole discretion be deemed
appropriate to cover a specific transaction. 

  

	  	For purposes of the preceding sentence, the term “Excluded Person” shall mean and include (i) any corporation beneficially owned by shareholders of the Company in
substantially the same proportion as their ownership of shares of the Company and (ii) the Company and any affiliate of the Company. Also, for purposes of the preceding sentence, the term “Board” shall mean the board of directors of
the Company. 

  

	8.	Adjustments. If outstanding shares of the class then underlying the SARs are increased, decreased, changed into or exchanged for a different number or kind of shares or
securities of the Company through reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock split, then there shall be substituted for each share then underlying the unexercised portion of the SARs the number
and class of shares or securities into or for which each outstanding share of the class underlying the SARs shall be so changed or exchanged, with a corresponding adjustment in the Grant Date Price. Such adjustments shall become effective on the
effective date of any such transaction; except that in the event of a stock dividend or of a stock split effected by means of a stock dividend or distribution, such adjustments shall become effective immediately after the record date therefor.

  

	  	 Upon a dissolution or liquidation of the Company, or upon a reorganization, merger or consolidation of the Company with one or more corporations as a result of
which the Company is not the surviving corporation, or upon a sale of substantially all of the property of the Company (“Terminating Transactions”), the SARs shall terminate, unless provision be made in writing in connection
with such transaction for the assumption of stock appreciation rights theretofore granted under the Plan under which the SARs were granted, or the substitution 

  

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for such stock appreciation rights of any stock appreciation rights covering the stock of a successor employer corporation, or a parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices, in which event the SARs shall continue in the manner and under the terms so provided. If the SARs shall terminate pursuant to the foregoing sentence, the person or
persons then entitled to exercise any unexercised portions of the SARs shall have the right, at such time immediately prior to the consummation of the Terminating Transaction as the Company shall designate, to exercise the SARs to the extent not
theretofore exercised. 

  

	  	Adjustments under this Section 8 shall be made by the board of directors or the Committee, whose determination as to what adjustment shall be made, and the extent thereof,
shall be final, binding and conclusive. No fractional shares of stock shall be issued under the SARs or in connection with any such adjustment. 

  

	9.	Limitation. You or any other person entitled to exercise the SARs shall be entitled to the privileges of stock ownership in respect of shares subject to the SARs only when
such shares have been issued and delivered as fully paid shares upon exercise of the SARs in accordance with their terms. 

  

	10.	Requirements of Law and of Stock Exchanges. The issuance of shares upon the exercise of the SARs shall be subject to compliance with all of the applicable requirements of law
with respect to the issuance and sale of such shares. In addition, neither the Company nor any Related Company shall be required to issue or deliver any certificate or certificates upon exercise of the SARs prior to the admission of such shares to
listing on notice of issuance on any stock exchange on which shares of the same class are then listed. 

  

	  	By accepting the SARs, you represent and agree for yourself and your transferees by will or by the laws of descent and distribution or otherwise that unless a registration statement
under the U.S. Securities Act of 1933 is in effect as to shares issued upon any exercise of the SARs, any and all shares so issued shall be acquired for investment and not for sale or distribution, and each notice of the exercise of any portion of
the SARs shall be accompanied by a representation and warranty in writing, signed by the person entitled to exercise the same, that the shares are being so acquired by good faith for investment and not for sale or distribution. In the event the
Company’s legal counsel shall, at the Company’s request, advise it that registration under the U.S. Securities Act of 1933 of the shares as to which the SARs are at the time being exercised is required prior to issuance thereof, neither
the Company nor any Related Company shall be required to issue or deliver such shares unless and until such legal counsel shall advise that such registration has been completed or is not required. 

  

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	11.	Definition of Certain Terms. The term “Related Company” means any affiliate of the Company and any other business venture in which the Company has a
significant interest as determined in the discretion of the Committee of the board of directors. The term “you,” and related terms such as “your” used in this Notice refer to the individual whose name
appears first on the cover page of this Notice. 

  

	12.	Continued Employment and Future Grants. Neither the grant of the SARs nor the other arrangements outlined herein give you the right to remain in the employ of or to continue
to provide services to the Company or any Related Company or to be selected to receive similar or identical grants in the future. 

  

	13.	Notices. Notice or other communication to the Company with respect to this Notice must be made in writing and delivered to: Secretary, GlobalSantaFe Corporation, at its
principal business office, Houston, Texas. 

  

	14.	Governing Law. The SARs and this Notice shall be governed by, and construed in accordance with, the laws of the state of Texas. 

  

	15.	Section 280G Payments. 

  

	 	(a)	General Rule. Notwithstanding any contrary provisions in any plan, program or policy of the Company or any Related Company and except as provided in subsection (b), if all or
any portion of the benefits payable under this Notice, either alone or together with other payments and benefits which you receive or are entitled to receive from the Company or any Related Company, would constitute a “parachute payment”
within the meaning of Section 280G of the Code, the Company shall reduce your payments and benefits payable under this Notice to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of
the Code, but only if, by reason of such reduction, the net after-tax benefit shall exceed the net after-tax benefit if such reduction were not made. “Net after-tax benefit” for these purposes shall mean the sum of (i) the total
amount payable to you under this Notice, plus (ii) all other payments and benefits which you receive or are then entitled to receive from the Company or any affiliate that, alone or in combination with the payments and benefits payable under
this Notice (after taking into account any reduction contemplated in subsection (c)), would constitute a “parachute payment” within the meaning of Section 280G of the Code (each such benefit hereinafter referred to as an
“Additional Parachute Payment”), less (iii) the amount of federal income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each year in which the foregoing shall be paid to you (based
upon the rate in effect for such year as set forth in the Code at the time of the payment under this Notice), less (iv) the amount of excise taxes imposed with respect to the payments and benefits described in (i) and (ii) above by
Section 4999 of the Code. 

  

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	 	(b)	Exception if Gross-Up Applies. If you are entitled to a Gross-Up Payment with respect to an Additional Parachute Payment paid pursuant to any other plan, program or policy of
the Company or any Related Company, the provisions of Section 15(a) above shall not apply. A “Gross-Up Payment” means a payment by the Company or a Related Company to cover the excise tax imposed on an Additional Parachute Payment by
Section 4999 of the Code. 

  

	 	(c)	Ordering Rule. Notwithstanding any contrary provisions in any other plan, program or policy of the Company or any Related Company, if any plan, program or policy of the
Company or any Related Company provides for a reduction designed to avoid Code Section 4999 excise tax, such reduction shall first be applied to any Additional Parachute Payment subject to such reduction and, after having given effect to such
reduction, the provisions of Section 15(a) above shall apply to the benefits payable under this Notice. 

  

	16.	Section 409A of the Code. If any provision of this Notice would result in the imposition of an excise tax under Section 409A of the Code and related regulations and
Treasury pronouncements (“Section 409A”), that provision will be reformed to avoid imposition of the excise tax, and no action taken to comply with Section 409A shall be deemed to impair a benefit under this Notice.

  

	17.	GlobalSantaFe 2003 Long-Term Incentive Plan. The SARs are subject to, and the Company and you are bound by, all of the terms and conditions of the GlobalSantaFe 2003
Long-Term Incentive Plan as the same shall have been amended from time to time in accordance with the terms thereof, provided that no such amendment shall deprive you, without your consent, of any of the SARs or any rights hereunder. Pursuant to
such Plan, the board of directors or its Committee established for such purposes is authorized to adopt rules and regulations not inconsistent with the Plan and to take such action in the administration of the Plan as it shall deem proper. A copy of
the Plan in its present form is available for inspection at the Company’s principal office during business hours by you or any other persons entitled to exercise the SARs. 

  

 - 12 -GlobalSantaFe Severance Program for Shorebased Staff Personnel

 Exhibit 10.11f 
 GlobalSantaFe Severance Program 
 For Shorebased Staff Personnel 
 SUMMARY PLAN DESCRIPTION AND PLAN DOCUMENT 
 (Effective January 1, 2007, through December 31, 2007) 
  

 Table of Contents 
  

					
	 	  	 	  	Page
			
	1.	  	Purpose of the Plan	  	1
			
	2.	  	Definitions	  	1
			
	3.	  	Eligibility for Severance Benefit	  	4
			
	4.	  	Benefit Calculation and Payment of Severance Benefit	  	5
			
	5.	  	Continuation of Other Benefits	  	6
			
	6.	  	Tax Effect	  	7
			
	7.	  	Unemployment Benefits; Taxes	  	8
			
	8.	  	Payment of Severance Benefits on Death	  	8
			
	9.	  	Non-Assignment of Severance Payment	  	9
			
	10.	  	Plan Amendment and Termination	  	9
			
	11.	  	Adoption of Plan by Affiliates	  	9
			
	12.	  	Claims Procedures	  	10
			
	13.	  	Participant Rights	  	12
			
	14.	  	Plan Document Controls	  	13
			
	15.	  	Controlling Law	  	13
			
	16.	  	Code Section 409A	  	14
			
	17.	  	General Information	  	14

  

 -i- 

 GlobalSantaFe Severance Program 
 For Shorebased Staff Personnel 
 SUMMARY PLAN
DESCRIPTION AND PLAN DOCUMENT 
 (Effective January 1, 2007, through
December 31, 2007) 
  

	1.	Purpose of the Plan 

 The GlobalSantaFe
Severance Program for Shorebased Staff Personnel has been adopted effective for the period January 1, 2007, through December 31, 2007. The purposes of the Plan are: 
  

	 	(a)	To make Severance Benefits available to eligible Employees that will financially assist with their transition following involuntary layoff from employment with an Employer, other
than for Cause, while the Plan is in effect; 

  

	 	(b)	To resolve any possible claims arising out of employment, including its termination, by providing eligible Employees with Severance Benefits in return for a Waiver and Release from
liability. 

 This Plan is voluntarily offered by the Employers, and payments under this Plan are not required by any legal
obligation other than the Plan itself. 
 This Plan supersedes, amends and restates all prior severance plans, practices and policies (other
than individual contracts providing for severance benefits) in effect with any Employer, and such prior severance plans, practices and policies are discontinued and terminated with respect to all Employees eligible for a benefit under this Plan.

  

	2.	Definitions 

 As used in this Plan, the
following terms shall have the following meanings (and the singular includes the plural, unless the context clearly indicates otherwise): 
 Affiliate: The Company and any corporation that, together with GSF, is a member of a controlled group of corporations under Code Section 414(b), is a member of an affiliated service group under Code Section 414(m), or is
under common control pursuant to Code Section 414(c). 
 Base Pay: The Employee’s base salary or pay, excluding Bonuses,
overtime, commissions, cost-of-living adjustments, special pay related to foreign assignment, and other irregular or extra compensation, as of his or her Layoff Date. Base salary or pay will be appropriately converted to an annual or weekly amount,
as applicable. Hourly base pay will be converted to a weekly amount by multiplying the Employee’s hourly rate by the Employee’s regularly scheduled hours per week, excluding overtime hours. 
  

 Bonus: A payment made under an established incentive compensation practice of an Employer
providing regular and ongoing bonus opportunities. For this purpose, an annual bonus is a bonus payable with respect to a one-year period and not an annual payment made with respect to a longer period (such as a multi-year performance cycle). In the
event that any annual bonus is paid in installments over 12 months or less, the payments will be deemed paid in a single aggregate amount on the date the last payment is received. The term “Bonus” will not include (i) payments
constituting part of an Employee’s Base Pay, (ii) allowances, adjustments or bonuses that represent special area or living allowances, (iii) commissions, (iv) contingent or other irregular or extra compensation based upon
contract completions or extended travel assignments, (v) extraordinary bonuses that are not part of a program of regular and ongoing bonus opportunities, (vi) employer contributions under a defined benefit or defined contribution plan and
(vii) any other form of compensation that does not constitute part of an Employee’s Base Pay, such as restricted stock awards, stock options awarded under the Employer’s stock option plans as in effect from time to time, or any
severance payments. 
 Notwithstanding the above, “Bonus” includes only that compensation that is considered
“wages” under Code Section 3121(a)(1), without regard to any limitations on amounts as may be stated from time to time therein. 
 Cause: Unacceptable or inadequate performance as determined by the Employer, including but not limited to failure to perform the Employee’s job at a level or in a manner acceptable to the Employer, misconduct, dishonesty, acts
detrimental or destructive to the Employer or any other Affiliate or to any employees or property of the Employer or any other Affiliate, or any violation of the policies of the Employer. 
 COBRA: The Consolidated Omnibus Budget Reconciliation Act of 1985, currently embodied in Code Section 4980B, which provides for continuation
of group health plan coverage in certain circumstances. 
 COBRA Rate: The cost of continued coverage under COBRA, which as of
January 1, 2005, is 102% of the full group rate (including the employee’s share and the Company’s share of the group coverage cost and a 2% administrative fee). 
 Code: The Internal Revenue Code of 1986, as amended, and the regulations thereunder. 
 Company: GlobalSantaFe Corporate Services Inc., a Delaware corporation, and any successor to GlobalSantaFe Corporate Services Inc. 
 Effective Date: January 1, 2007. 
 Employee: An individual who, immediately prior to the Layoff Date, is (i) an active, regular (not temporary), full time shorebased employee of an Employer and (ii) on the Houston U.S. dollar payroll of an Employer. However,
the definition of “Employee” shall not include (a) subject to Section 3(b)(v), any rig-based employee, (b) any employee covered by a collective bargaining agreement that does not provide for his or her coverage, and
(c) any person, regardless of whether such person is treated as an employee for income tax purposes: (y) who has agreed in writing to be treated as other than an 

  

 -2- 

 
employee, or (z) in the case of persons subject to U.S. income tax, whose compensation is reported to the Internal Revenue Service on a form other than
Form W-2 or whose compensation is reported on a Form W-2 solely by a person or entity other than an Employer. The determination of whether an Employee is on an Employer’s Houston U.S. dollar payroll will be made by the Plan Administrator in its
sole discretion. For purposes of this definition, “full-time” means regularly scheduled employment for at least 30 hours per week. Except as otherwise required by law, an individual on any unpaid leave from an Employer, short-term or
long-term disability of an Employer, or worker’s compensation will not be considered an active Employee until the individual’s return to active service of the Employer. 
 Employer: The Company or any Affiliate (as the context requires) that participates in the Plan pursuant to Section 11. 
 ERISA: The Employee Retirement Income Security Act of 1974, as amended. 
 GSF: GlobalSantaFe Corporation, a Cayman Islands corporation, and any successor to GlobalSantaFe Corporation. 
 Layoff Date: The date designated by the Employer as the day after the last day on which an Employee shall remain in active employment with the
Employer due to involuntary layoff. 
 Participant: Any Employee eligible for a Severance Benefit. 
 Plan: The GlobalSantaFe Severance Program for Shorebased Staff Personnel as set forth in this document. 
 Plan Administrator: The person or persons appointed by the Company to serve as plan administrator, as further described in Section 17.

 Service: The total sum, as of the Employee’s Layoff Date, of his or her current period and prior periods of active, regular
(not temporary), full-time employment, whether or not shorebased and whether or not on a U.S. dollar payroll, with an Employer or any Affiliate, including for this purpose any period of disability that does not exceed 30 days. For purposes of this
definition, “full-time” means regularly scheduled employment for at least 30 hours per week, and a “prior period of employment” means any period of employment with an Employer or any Affiliate that was not immediately succeeded
by a period of non-employment from and Employer or Affiliate of greater duration. 
 Severance Benefit: A benefit described in
Section 4 of this Plan. 
 Severance Period: The period of time, commencing on the Layoff Date, equal to the total number of
years and/or weeks, as the case may be, of Base Pay that a Participant is entitled to receive a Severance Benefit under this Plan. 
 Waiver and Release: The legal document in which an Employee, in exchange for certain Severance Benefits under the Plan, releases each Employer and all other Affiliates, their 

  

 -3- 

 
agents, servants, employees, officers, directors, insurance carriers, employee benefit plans, and trustees, fiduciaries and agents of such plans, and any and
all other persons, firms, organizations and corporations from liability and damages arising from or in connection with the Employee’s employment or the cessation of his or her employment or active employment by the Employer or any other
Affiliate and agrees to certain restrictions on disclosure of confidential information, solicitation of employees and interference with the affairs of the Employer or any other Affiliate. With respect to Employees working in the United Kingdom, the
term “Waiver and Release” shall refer to a compromise agreement in terms of Section 203 of the Employment Rights Act 1996 and associated legislation of the United Kingdom. 
 Waiver and Release Requirement: The requirement that an Employee in exchange for certain Severance Benefits under the Plan: (i) execute and
return a Waiver and Release to the Plan Administrator by the date established by the Plan Administrator for such purpose, but in no event later than 60 days after the Employee’s Layoff Date, and (ii) not revoke the Waiver and Release
within the seven days following its execution and return. 
  

	3.	Eligibility for Severance Benefit 

  

	 	(a)	Qualifying Events 

 An Employee will receive a
Severance Benefit under this Plan if (i) the Employee’s employment with his or her Employer is involuntarily terminated by the Employer other than for Cause, (ii) the Employee remains employed by his or her Employer in good standing
and at a satisfactory level of performance through the date preceding the Layoff Date, (iii) to the extent required by Section 4, the Employee fulfills the Waiver and Release Requirement, and (iv) the Senior Vice President or
subsidiary President in charge of the Employee’s department and GSF’s Senior Vice President, Human Resources, have each certified in writing that he or she has made a determination that the Employee is eligible to receive a Severance
Benefit pursuant to the terms of this Plan. Each eligible Employee is hereby advised to consult an attorney before signing a Waiver and Release. 
  

	 	(b)	Disqualifying Events 

 Notwithstanding the
foregoing, NO Severance Benefit will be paid if: 
  

	 	(i)	the Employee’s termination of employment results from death, disability, or, except as otherwise required by law, layoff during an unpaid leave of absence; or

  

	 	(ii)	except in the event the offer is rescinded before the Employee’s Layoff Date, the Employee is offered a non-rig-based position at the same or higher rate of Base Pay by an
Employer, any other Affiliate, or any corporation, partnership or other business entity under common control with GSF, whether or not the Employee accepts the position; or 

  

 -4- 

	 	(iii)	except in the event the offer is rescinded before the Employee’s Layoff Date, an Employee who has held a rig-based position with the Company or any Affiliate within the prior
three years is offered a rig-based position at the same or higher rate of Base Pay by an Employer, any other Affiliate, or any corporation, partnership or other business entity under common control with GSF, whether or not the Employee accepts the
position; or 

  

	 	(iv)	the Employee accepts a non-rig-based position with an Employer, any other Affiliate, or any corporation, partnership or other business entity under common control with GSF at a
lower level of Base Pay; or 

  

	 	(v)	the Employee accepts a transfer to a rig-based position with an Employer or any other Affiliate; provided that the Employee will remain eligible for Severance Benefits if the
Employee is subsequently laid off from the rig-based assignment during the six-month period commencing on the date of transfer to the rig-based position, with the Severance Benefit calculated using the Base Pay in effect prior to the transfer to the
rig-based position; or 

  

	 	(vi)	subject to the provisions in subsection 10(c), this Plan is amended in a way that makes the Employee ineligible or is terminated before the Employee has returned an executed Waiver
and Release and has met all the other requirements for a Severance Benefit hereunder; or 

  

	 	(vii)	the Employee fails to return all property and materials of each Employer and all other Affiliates to his or her supervisor or other appropriate representative(s) of the Employers
and the Affiliates no later than the Employee’s Layoff Date; or 

  

	 	(viii)	the Employee is, for any reason, entitled to severance benefits or retention benefits or retention Bonuses under any other contract, agreement, plan, program or policy of an
Employer or any Affiliate, or under any agreement between the Employee and an Employer or any Affiliate, other than statutory benefits; or 

  

	 	(ix)	in connection with any sale or other transfer of any business or assets of any Employer, the Employee remains in substantially the same job regardless of whether or not a change of
employers is a result of such sale or transfer; or 

  

	 	(x)	the Employee’s employment is terminated by reason of the expiration of an employment contract that is not renewed. 

  

	4.	Benefit Calculation and Payment of Severance Benefit 

 An Employee who meets the requirements to be eligible for a Severance Benefit as described in Section 3 will receive, as his or her Severance Benefit, the benefits described in (a) or (b) below (but not
both), as appropriate: 
  

 -5- 

	 	(a)	An Employee who fulfills the Waiver and Release Requirement will receive (i) two weeks’ Base Pay for each $10,000 of the Employee’s annual Base Pay, prorated for
partial increments of $10,000, plus (ii) one week’s Base Pay for each year of the Employee’s Service (with a two-week minimum), prorated for partial years of Service. The maximum Severance Benefit is fifty-two weeks of Base Pay;

  

	 	(b)	An Employee who does not fulfill the Waiver and Release Requirement will receive a maximum Severance Benefit of six weeks of the Employee’s Base Pay. 

The Severance Benefit will be paid by continuing to pay the individual at current Base Pay for the duration of the Severance Period. The Severance
Benefit will continue even if the individual’s employment is terminated following layoff and/or if the individual is also receiving retirement benefits. If an individual is recalled to employment with an Employer or Affiliate while receiving
Severance Benefit payments, the Severance Benefits will be discontinued effective upon the date of his or her return to the regular payroll and the individual will not be entitled to any further Severance Benefit payments with respect to the Layoff
Date that preceded his or her return to an Employer’s or Affiliate’s regular payroll. 
 Except as otherwise provided in
Section 7, the Severance Benefit will be reduced by the amount of any statutory redundancy or other legally required benefit received by the Employee as a result or in respect of his or her layoff. 
  

	5.	Continuation of Other Benefits 

 A
Participant who satisfies all the requirements for any Severance Benefit under this Plan will, in addition to the Severance Benefit, be entitled to the following benefits, subject to the terms of the governing plans: 
  

	 	(a)	Medical/Dental Plan Benefits 

 A Participant will
be entitled to continue the medical and dental plan coverage in effect on the Participant’s Layoff Date if the Participant is eligible for and elects continuation of that coverage in accordance with COBRA. The Participant will be required to
pay the active employee rate with respect to coverage during the Severance Period (or three months, if longer) and thereafter the full COBRA Rate with respect to the continued coverage. The eligibility of the Participant to continue coverage at both
the active employee rate and the full COBRA Rate will not exceed the period required by COBRA. Benefits under this subsection 5(a) will be governed by and subject to (1) the terms and conditions of the plan documents providing the benefits,
including the reservation of the right to amend or terminate such benefits under those plan documents at any time, and (2) the provisions of COBRA. The period of coverage provided under this Section will constitute continuation coverage
required by COBRA. Notwithstanding the foregoing, in the event that a Participant obtains medical and/or dental coverage from a subsequent employer, the obligation of an Employer to provide the 

  

 -6- 

 
Participant with medical and/or dental benefits under this subsection 5(a) will terminate. 
  

	 	(b)	Life Insurance 

 The Participant’s coverage
under any life insurance benefit provided by an Employer, as in effect immediately preceding the Participant’s Layoff Date, will continue for the Severance Period (or three months, if longer), subject to the Participant’s payment of the
employee portion of the premium, if any. Notwithstanding the foregoing, the obligation of an Employer to continue providing life insurance benefits under this subsection 5(b) will terminate upon the Participant obtaining life insurance coverage from
a subsequent employer. 
  

	 	(c)	Savings and Pension Plans Benefits 

 The
Participant will be entitled to the benefits, if any, that the Participant is entitled to under an Employer’s savings and pension plans, pursuant to the terms in effect during the Severance Period. 
  

	 	(d)	Disability Benefits 

 The Participant’s
coverage under any short-term and long term disability plans of any Employer will cease on the Layoff Date. 
  

	 	(e)	Flexible Spending Accounts 

 A Participant’s
rights under any of Employer’s health care reimbursement plan and/or dependent care reimbursement plan will be governed by the provisions of those plans and, with respect to any such health care reimbursement plan, the provisions of COBRA.

  

	 	(f)	All Other Benefit Plans or Programs 

 A
Participant’s participation in all other employee benefit plans and/or programs of any Employer will cease as of his or her Layoff Date, subject to the terms and conditions of the governing documents of those employee benefit plans and/or
programs. 
  

	6.	Tax Effect 

  

	 	(a)	 Notwithstanding anything to the contrary in this Plan, if GSF’s independent accounting firm (“Accounting Firm”) determines that any payment or
distribution by any Employer or Affiliate to or for the benefit of the Participant (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, and whether paid or payable or distributed or distributable
in cash, stock or any form) (a “Payment”) constitutes a “parachute payment” as defined in Section 280G of the Code (or any successor provision thereto) (“Parachute Payment”) that would be subject to the excise tax
imposed by Section 4999 of the 

  

 -7- 

 
Code, or any interest or penalties are incurred by the Participant with respect to such excise tax (such excise tax, together with any such interest and
penalties, are hereinafter collectively referred to as the “Basic Excise Tax”), then the aggregate present value of all Payments to the Participant, whether payable pursuant to this Plan or otherwise, shall be reduced to an amount equal to
one dollar less than three times the Participant’s base amount (“280G Limit”) and, to the extent necessary, Payments payable under this Plan and any Payments payable under any other plan, agreement, or arrangement between the
Participant and any Employer or Affiliate shall be reduced in order to prevent the 280G Limit from being exceeded. The Plan Administrator, in its sole discretion, shall determine the order in which Payments are reduced in order to comply with the
280G Limit. In the event that any portion of a Payment requires reduction under this clause (i), the Participant will promptly repay the applicable Employer or Affiliate the amount that the Payment is to be reduced (the “Overpayment”) plus
interest on the Overpayment at 120% of the applicable Federal rate provided for a demand loan under Section 7872(f) of the Code, and the Overpayment will be treated as a demand loan for all purposes. For purposes of this subsection (a), the
terms “base amount” and “present value” shall have the meaning assigned under Section 280G of the Code; 
  

	 	(b)	Except as otherwise expressly provided in this Section 6, all determinations required to be made under this Section 6, including whether a reduction is required pursuant
to subsection 6(a), and the assumptions to be utilized in arriving at such determinations, will be made by the Accounting Firm, which will provide detailed supporting calculations both to the Plan Administrator and the Participant within 15 business
days of the receipt of written notice from the Participant that there has been a Payment, or an earlier time as is requested by the Plan Administrator. All fees and disbursements of the Accounting Firm will be paid by the applicable Employer(s), as
determined by the Plan Administrator. 

  

	7.	Unemployment Benefits; Taxes 

 Payments
under this Plan will not be reduced because of any unemployment benefits an Employee may be eligible to receive under applicable unemployment laws of any federal, state or other sovereign entity that the Company or any Affiliate is not required to
pay. Any required United States federal or state tax withholding, FICA (Social Security) taxes and any tax required to be withheld under the laws of the United Kingdom, if applicable, will be deducted from any benefit paid under the Plan.

  

	8.	Payment of Severance Benefits on Death 

 If
a Participant dies on or after his or her Layoff Date and after executing and returning the Waiver and Release (without having timely revoked it) but before receiving his or her full Severance Benefit, any remaining Severance Benefit will instead be
paid (a) to the Participant’s beneficiary (or beneficiaries), if living, designated under the group life insurance plan of the Participant’s Employer, or (b) if no beneficiary is so designated or 

  

 -8- 

 
living, to the executor of the Participant’s estate, in a lump sum as soon as practicable after the date of death. 
  

	9.	Non-Assignment of Severance Payment 

 No
benefit under this Plan will be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, voluntary or involuntary, by operation of law or otherwise, and any attempt to do so will be void. Also, no benefit under
this Plan will be liable for or subject to the debts, contracts, liabilities, engagements or torts of the person entitled to it, except as required by law. 
  

	10.	Plan Amendment and Termination 

  

	 	(a)	Except as provided in subsection 10(c) below, the Board of Directors of the Company may at any time (i) terminate this Plan, or (ii) amend this Plan. Any amendment or
termination pursuant to this subsection 10(a) will be set out in an instrument in writing duly authorized by the Board of Directors of the Company. 

  

	 	(b)	Unless terminated earlier as provided in subsection 10(a) above and except as provided in subsection 10(c) below, this Plan will terminate at 11:59 p.m., Houston, Texas time on
December 31, 2007. 

  

	 	(c)	No amendment or termination of this Plan may be made or shall be effective to the extent that it would adversely affect the benefits under this Plan payable to a Participant who has
returned (and has not revoked) a signed Waiver and Release and has met all of the other requirements for a Severance Benefit under this Plan (other than the expiration of the Waiver and Release revocation period) before the Plan is amended or
terminated. 

  

	11.	Adoption of Plan by Affiliates 

 Each
Affiliate of the Company will be considered an Employer, and will remain an Employer, under this Plan upon its employment of an Employee, provided that an Affiliate will not be an Employer if: 
  

	 	(a)	The Affiliate is specifically excluded from coverage under this Plan either through termination of this Plan or by action of the Board of Directors of the Company or the Affiliate;
or 

  

	 	(b)	The Affiliate becomes an Affiliate after the Effective Date as a result of a transaction involving a transfer of ownership interest in an entity, and no action has been taken by the
Affiliate or the Company that specifically contemplates that the Affiliate will become an Employer in this Plan. 

 By its
participation in the Plan, each Affiliate acknowledges the appointment and authority of the Plan Administrator by the Company and agrees to the Plan’s terms. By its participation in the Plan, an Affiliate also authorizes and designates the
Company and 

  

 -9- 

 
the Plan Administrator as the Affiliate’s agents to act in all transactions affecting the continued operation of the Plan. 
  

	12.	Claims Procedures 

  

	 	(a)	Making a Claim 

 If benefits due under this Plan
have not been provided within the applicable time frame specified for such benefits, a Participant, his or her beneficiary or an authorized representative (referred to as “Claimant”) must request those benefits in writing within 90 days of
the Layoff Date or termination of benefit payment from the Plan Administrator. Claims will be evaluated and approved or denied by the Plan Administrator in accordance with the terms of the Plan. 
 This Section 12 describes procedures that must be followed by the Plan in denying a claim, or by the Claimant in appealing the denial of a claim.

 For all claims and appeals, the time frame during which a benefit determination must be made begins when the claim or appeal is filed as
required by the Plan, even if all of the information necessary to make a benefit determination is not a part of the filing. If the deadline for a decision on a claim or appeal is extended because the Claimant did not provide all of the information
necessary to decide the claim, the deadline for making the benefit determination will be extended by the length of time that passes between the extension notice and the date on which the requested additional information is provided to the Plan
Administrator. 
 A Claimant may not sue for any Plan benefits until he or she has gone through all of the appeal procedures provided in this
Section 12. 
  

	 	(b)	Denial of a Claim 

 If a claim for benefits is
denied, the Claimant will be given written or electronic notice of the denial within a reasonable period of time after the claim is received. This will not be later than 90 days after the claim was received unless special circumstances require an
extension of time for processing. If there is an extension, the Claimant will be given written notice of the extension, the reason for the extension within the initial 90-day period after the claim was received, and the date by which the decision is
expected to be made. The extension will not extend beyond 180 days after the original claim was received by the Plan Administrator. 
 Any
notice that a claim for benefits has been denied will include: 
  

	 	(i)	the specific reason(s) for the denial; 

  

	 	(ii)	the specific provision(s) of the Plan on which the denial is based; 

  

 -10- 

	 	(iii)	a description of any additional material or information necessary in order for the claim to be approved, and an explanation of why that material or information is necessary; and

  

	 	(iv)	an explanation of how to appeal the denial, including a statement of the Claimant’s right to file a lawsuit under Section 502(a) of ERISA if his or her claim is denied on
appeal. 

  

	 	(c)	Appealing a Denied Claim 

 If the claim is denied,
the Claimant can request reconsideration of this claim denial by the Plan Administrator. The request must be made in writing within 60 days after the date the Claimant receives the claim denial. In connection with the appeal, the Claimant may
provide the Plan Administrator written comments, documents, records and other information relating to the claim for benefits. The Claimant also will be provided, upon request and free of charge, reasonable access to, and copies of, all documents,
records, and other information relevant to the claim for benefits. This includes any such item that: 
  

	 	(i)	was relied on in making a benefit determination; 

  

	 	(ii)	was submitted, considered or generated in making the benefit determination, regardless of whether it was relied on; or 

  

	 	(iii)	demonstrates compliance with administrative processes and safeguards designed to ensure benefit determinations are appropriately made in accordance with the Plan documents.

  

	 	(d)	Review of Denied Claim on Appeal 

 The Plan
Administrator will reconsider any denied claim for which it receives an appeal as set forth in subsection 12(c). The Plan Administrator’s review will take into account all comments, documents, records, and other information submitted by the
Claimant relating to the claim, even if this information was not submitted or considered in the initial benefit determination. 
 The Plan
Administrator must make its decision on the appeal within a reasonable period after receiving the appeal, but not later than 60 days after the appeal was received (plus up to an additional 60 days if special circumstances require an extension of the
deadline for making a decision on appeal). The Claimant will be notified in writing, within 60 days after the date that the appeal was received by the Plan Administrator, if any extension is necessary. That notice will state why the extension is
required and the date by which the Plan Administrator expects to make the decision on the appeal. 
 The decision on the appeal will be
provided to the Claimant in writing or electronically. If the claim is denied on appeal, the decision will include: 
  

 -11- 

	 	(i)	the specific reason(s) for the denial; 

  

	 	(ii)	the specific provision(s) of the Plan on which the denial is based; 

  

	 	(iii)	a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to
the claim for benefits (as described above in subsection 12(c)); 

  

	 	(iv)	a statement describing any voluntary appeal procedures offered by the Plan and the Claimant’s right to obtain further information about any such procedures; and

  

	 	(v)	a statement of the Claimant’s right to file a lawsuit under ERISA. 

 Subject to a Claimant’s right to file a lawsuit under ERISA, the decision on appeal will be final and binding on the Claimant, the Plan Administrator and all other interested parties. 
  

	13.	Participant Rights 

 As a participant in the
Plan you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan Participants shall be entitled to: 
 Receive Information About Your Plan and Benefits 
 Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as work sites and union halls, all documents governing the Plan, including insurance contracts and collective
bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 
 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including insurance contracts and
collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The administrator may make a reasonable charge for the copies. 
 Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each Participant with a copy of this
summary annual report. 
 Prudent Actions by Plan Fiduciaries 
 In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit
plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in 
  

 -12- 

 the interest of you and other Plan Participants and beneficiaries. No one, including your employer, your
union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 
 Enforce Your Rights 
 If your claim
for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under
ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a
case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a
claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court after you have exhausted all of the appeal procedures provided for in Section 12 of the Plan. If it should happen that Plan
fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court
costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 
 Assistance with Your Questions 
 If
you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA or if you need assistance in obtaining documents from the Plan Administrator, you
should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S.
Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security
Administration. 
  

	14.	Plan Document Controls 

 In the event of any
inconsistency between this Plan document and any other communication regarding this Plan, this Plan document controls. 
  

	15.	Controlling Law 

 This Plan is an employee
welfare benefit plan under ERISA. This Plan and the Waiver and Release will be interpreted under ERISA and the laws of the state of Texas to the extent that state law is applicable. Any controversy or dispute arising under or as a result of this
Plan will be subject to the exclusive jurisdiction of the United States and will be 
  

 -13- 

 brought in Houston, Harris County, Texas. As a condition to participating in and receiving any Severance
Benefits under this Plan, a Participant agrees to waive all of the Participant’s rights to pleas regarding subject matter jurisdiction, personal jurisdiction, or venue with respect to any matter(s) or dispute(s) arising out of or connected with
this Plan. 
  

	16.	Code Section 409A 

 Notwithstanding
anything in this Plan to the contrary, if any Plan provision would either (i) fail to meet the requirements of a separation pay arrangement not providing for the deferral of compensation as described in Code Section 409A or applicable
Treasury Department guidance (an “Exempt Arrangement”) or (ii) result in the imposition of an applicable tax under Code Section 409A, that Plan provision will be reformed to avoid imposition of the applicable tax and no action
taken to comply with Code Section 409A shall be deemed to adversely affect the Participant’s rights to a Severance Benefit. Notwithstanding anything in this Plan to the contrary, an Employee’s Severance Benefit shall not exceed two
times the maximum amount that may be taken into account under a qualified plan pursuant to Code Section 401(a)(17) for the year preceding the Employee’s Layoff Date or such other limitation that would satisfy the requirements for an Exempt
Arrangement. 
  

	17.	General Information 

  

	 	(a)	Plan Sponsor: GlobalSantaFe Corporate Services Inc., 15375 Memorial Drive, Houston, Texas 77079, telephone number 1-800-231-5754. 

  

	 	(b)	Employer Identification Number of Plan Sponsor: 95-3161742. 

  

	 	(c)	Plan Number: 511. 

  

	 	(d)	Plan Year: The plan year for reporting to governmental agencies and employees shall be the calendar year. 

  

	 	(e)	Plan Administrator: The Administrative Committee of the Company, or such person as the Company may designate from time to time, 15375 Memorial Drive, Houston, Texas 77079,
telephone number 1 800-231-5754. 

  

	 	(f)	Authority: The Plan Administrator is responsible for the operation and administration of the Plan. The Plan Administrator is authorized, in its discretion, to construe and
interpret the Plan, and its decisions shall be final and binding. Benefits under this Plan will be paid only if the Administrative Committee decides, in its discretion, that the applicant is entitled to them. The Plan Administrator shall make all
reports and disclosures required by law. 

  

	 	(g)	Agent for Service of Legal Process: General Counsel, GlobalSantaFe Corporate Services Inc., 15375 Memorial Drive, Houston, Texas 77079. 

  

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	 	(h)	Plan Duration: January 1, 2007, through December 31, 2007, unless terminated earlier by action of the Board of Directors of the Company pursuant to subsection
10(a). 

  

	 	(i)	Source of Benefits: Payments under this Plan shall be made from the general assets of the appropriate Employers, as determined by the Plan Administrator.

 IN WITNESS WHEREOF, GlobalSantaFe Corporate Services Inc. has caused these presents to be executed by a duly authorized
officer in a number of copies, all of which shall constitute one and the same instrument, which may be sufficiently evidenced by any executed copy hereof, this 16th day of January 2007, but effective as of the date set forth above. 
  

			
	 GLOBALSANTAFE CORPORATE SERVICES INC.

	By:	 	

		 	Walter A. Baker
		 	Vice President

  

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