Document:

First Amendment to Employment Agreement

 Exhibit 10.3 
 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT 
 This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this
“Amendment”) is made and entered into as of the 7th day of March, 2006, by and between Autobytel Inc., a Delaware corporation (the “Company”), and Richard Walker (the “Executive”). 
 RECITALS 
 WHEREAS, the Company and
the Executive entered into an Employment Agreement, dated as of April 27, 2005, whereby the Executive was engaged as the Company’s Executive Vice President and Chief Operating Officer (the “Employment Agreement”). 
 WHEREAS, pursuant to the terms of the Employment Agreement, the Term of the Executive’s employment will automatically renew for an additional one
(1) year period on April 27, 2006. 
 WHEREAS, on March 1, 2006 the Company entered into an employment agreement with James
Riesenbach for the position of Chief Executive Officer and President, effective March 20, 2006 (the “Riesenbach Agreement”). 
 WHEREAS, the Company and the Executive desire to amend the Employment Agreement to provide for a potential change in employment status of the Executive in connection with the contemplated commencement of employment by James Riesenbach at
the Company pursuant to the Riesenbach Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual agreements contained herein, and with reference to the above recitals, the parties hereby agree as
follows: 
 1. Amendment to Section 1.2 of the Employment Agreement. Section 1.2 of the Employment Agreement is hereby
amended by deleting the text thereof in its entirety and inserting in lieu thereof the following: 
 1.2 TERM OF EMPLOYMENT.
The Company hereby employs the Executive as an employee of the Company, and the Executive hereby accepts such employment by the Company, for a period (the “Term”) commencing on the date hereof and expiring on the first to occur of
(a) the termination of the Executive’s employment pursuant to Article 6, and (b) April 27, 2007 (the “Termination Date”); provided however, that in the event Mr. James Riesenbach commences
employment (the “Riesenbach Commencement”) with the Company as its President and Chief Executive Officer pursuant to the Riesenbach Agreement, the Executive shall have the right upon at least thirty (30) days’ prior
written notice to terminate the term of this Agreement as of May 31, 2006. If the Executive does not provide such notice to terminate the term of this Agreement subsequent to the Riesenbach Commencement, he will remain employed by the Company
until April 27, 2007 unless his employment status is changed or terminated in accordance with this Section 1.2 or Article 6 of this Agreement. Whether or not 

 
the Riesenbach Commencement occurs, the Executive may at any time on or subsequent to May 31, 2006 resign his position as Executive Vice President and
Chief Operating Officer and all other officer titles he holds with the Company and all officer positions and/or directorships he holds with all of its subsidiaries upon thirty (30) days’ prior written notice to the Company (a
“Voluntary Change in Status”) or the Company may cause an Involuntary Change in Status (as defined and provided in Section 6.1). In the case of either a Voluntary Change in Status or an Involuntary Change in Status,
(i) the Term shall automatically extend to April 27, 2008 unless earlier terminated by the Company for Cause (as defined below) or by the Executive under Section 6.2 of this Agreement, and (ii) the Executive shall no longer be
employed by the Company on a full-time basis but shall thereafter be employed on a part-time basis and advise the Chief Executive Officer of the Company and the Board of Directors of the Company on business and corporate development matters as
reasonably requested by either of them (taking into account the Executive’s other commitments). As used herein, “Cause” means (A) the willful misappropriation by the Executive of the funds or property of the Company or its
affiliates for personal gain, (B) the commission by the Executive of any willful act, or gross negligence, which materially injures, or could reasonably be expected to materially injure, the reputation, business or business relationships of the
Company and its affiliates, (C) the commission by the Executive of a felony or other crime involving moral turpitude, or (D) the Executive’s continued willful and material breach of his obligations under this Agreement, in the case of
this clause (D) after written notice to the Executive from the Company of such failure and such failure not having been cured by the Executive within thirty (30) days of such notice. In the event of a Voluntary Change in Status or an
Involuntary Change in Status, the Executive shall no longer be entitled to a Base Salary under Section 3.1 or a Bonus under Section 3.2 of this Agreement in respect of service performed subsequent to the date on which the Executive becomes
a part-time employee but shall be compensated at the rate of an annual salary of twelve thousand dollars ($12,000) subject to withholding under Section 3.3. During such part-time employment the Executive shall not be entitled to any benefits to
which he may otherwise be entitled pursuant to Articles 4 or 5 of this Agreement, though the Executive shall be entitled to reimbursement for all travel and other business expenses incurred by the Executive in connection with such employment
provided the Executive provides to the Company adequate documentation for such expenses for purposes of tax deductibility. During the Term the Company shall make available to the Executive the office space it currently leases in Denver, Colorado (or
an equivalent office space in Denver, Colorado) for use in connection with his employment with the Company. Upon the first to occur of (a) the termination of the Executive’s employment with the Company (other than termination by the
Company for Cause) on or subsequent to May 31, 2006, (b) an Involuntary Change in Status or (c) a Voluntary Change in Status no earlier than May 31, 2006, then the Executive shall be entitled to, in addition to amounts payable
under Section 6.2, a payment from the Company in an amount equal to the payment due to the Executive under Section 6.1(a) in the case of an Involuntary Change in Status; provided, however, that the Executive shall only be
entitled to receive any such payment on the first such occasion. 
 2. Amendment to Article 2 of the Employment Agreement. In the
event of a Voluntary Change in Status or an Involuntary Change in Status, then Article 2 of the Employment Agreement shall be deleted in its entirety and the following inserted therefor: 
 ARTICLE 2 
 DUTIES AND OBLIGATIONS 
  

 2 

 During the Term, the Executive shall be employed as an employee of the Company and shall provide advice
to the Chief Executive Officer of the Company and the Board of Directors of the Company on business and corporate development matters as reasonably requested by either of them (taking into account the Executive’s other commitments). The
Executive generally shall perform such services from Denver, Colorado. 
 3. Bonuses. If (a) the Riesenbach Commencement occurs
and the Executive exercises his related right to terminate the term of the Employment Agreement as of May 31, 2006 or (b) the Executive exercises his right to cause a Voluntary Change in Status as of May 31, 2006 (each, an “Early
Resignation”) then as full payment of all bonuses due to the Executive under Section 3.2 of the Employment Agreement, (i) the Executive hereby accepts for 2005 the amount allocated to his position under the bonus schedule reviewed by
the Compensation Committee of the Board in respect of 2005 and (ii) the Executive hereby accepts for 2006 an amount equal to the Target bonus for his position for 2006 multiplied by five twelfths (5/12). The Bonus in respect of 2005 shall in
any event be paid at the same time as bonuses generally are paid to the Company’s senior executives for such year, and, in the event the Early Resignation occurs, the Bonus in respect of 2006 shall be paid promptly upon such Early Resignation.
In the event of such Early Resignation, the Executive hereby waives any additional bonus due in respect of 2006 under Sections 3.2, 6.1 and 6.2, or otherwise; provided, however, that nothing in this Section 3 shall affect the Executive’s
right to receive an amount equal to his Bonus (at Target level) as part of the severance payable to him pursuant to clause (a) of the proviso in the first sentence of Section 6.1 of the Employment Agreement. If the Early Resignation does
not occur, Bonuses shall continue to be paid to the Executive in accordance with Section 3.2 of the Employment Agreement. 
 4.
Amendment to Change of Control Provision. Section 3.5 of the Employment Agreement is hereby deleted in its entirety and the following shall be inserted therefor: 
 3.5 CHANGE OF CONTROL. Notwithstanding Article 1 above, in the event of a Change of Control (as defined in Section 3.6) of the
Company (a) during the Term while the Executive remains employed by the Company as its Executive Vice President and Chief Operating Officer, or (b) at any time during the six (6) month period following the termination of the
Executive’s employment with the Company as its Executive Vice President and Chief Operating Officer, the Company shall pay to the Executive, concurrently with the consummation of such Change of Control, a lump sum amount equal to the remainder
of (x) two (2) times the sum of the Executive’s annual Base Salary plus the Bonus (at the Target level) minus (y) any amount previously paid to the Executive pursuant to the last sentence of Section 1.2 (the
“Severance Compensation”); provided, that the Company’s obligation to pay the Severance Compensation shall be conditioned on the following: if the Executive is employed by the Company as its Executive Vice President and Chief
Operating Officer at the time of the Change of Control and the Person or Group that acquires the Company requests that the Executive continue as an employee of the Company, the successor entity, or any of their respective affiliates on substantially
the same (or better, from the Executive’s perspective) terms relating to salary, bonus, and benefits in effect at such time under this Agreement, the Executive shall agree to continue such employment for a period of ninety (90) days from
the date of the Change of Control or such lesser period of time as the Person or Group shall request. If the Executive’s 

  

 3 

 
employment with the Company is terminated after he becomes entitled to receive the Severance Compensation, then such termination shall be deemed to be
pursuant to Section 6.2. 
 5. Amendment to Article 6 of the Employment Agreement. Article 6 of the Employment Agreement is
hereby amended by deleting the text of Sections 6.1 and 6.2 in their entirety and inserting in lieu thereof the following: 
 6.1 CHANGE IN
STATUS BY THE COMPANY. The Company may, subsequent to May 31, 2006 and during the Term, upon thirty (30) days’ prior written notice, remove the Executive from his positions as an officer of the Company and as an officer and/or
director of its subsidiaries and change his status from that of full-time employee to part-time employee (collectively, an “Involuntary Change in Status”) for any reason or no reason by delivering written notice thereof to the
Executive, and in such event, except as set forth in the proviso to this Section 6.1, neither party shall have any rights or obligations under Sections 3.1 and 3.2, or Articles 4 and 5 (except for the gross up of any travel costs as required
under Section 5.2); provided, however, that the Company shall pay to the Executive (a) an amount equal to twelve (12) months of the Executive’s Base Salary in effect at the time of the Involuntary Change in Status plus the Bonus
(at the Target level for the year in which the Involuntary Change in Status occurs) and shall continue to provide all benefits in accordance with Section 4 for a period of twelve (12) months after the effective date of the Involuntary
Change in Status (subject in each case to Section 3.3), except that the Company shall not be required to provide such benefits to the extent that, during such twelve (12) month period, the Executive receives substantially similar (or
better, from the Executive’s perspective) benefits from a new employer, and (b) any amount due and owing as of the date of the Involuntary Change in Status pursuant to Section 3.1 and Section 3.2 (including a Bonus for the year
in which the Involuntary Change in Status occurs prorated to the date of the Involuntary Change in Status) and Articles 4 and 5 (subject, in each case, to Section 3.3), and the remaining provisions of this Agreement shall remain in full force
and effect in accordance with their terms. The amounts payable pursuant to this Section 6.1 shall be in full payment for the services rendered by the Executive pursuant to this Agreement during the Term up through the Involuntary Change in
Status, and the Executive shall not be entitled to any additional amounts in consideration for his services prior to his Involuntary Change in Status. 
 6.2 TERMINATION BY THE EXECUTIVE. At any time during the Term but in any event no earlier than an effective date of May 31, 2006, upon sixty (60) days’ prior written notice (thirty (30) days in the
event of a termination date of May 31, 2006), the Executive may terminate his employment under this Agreement and resign as an employee of the Company for any reason or no reason by delivering written notice thereof to the Company, and in such
event, except as set forth in the next two sentences of this Section 6.2, neither party shall have any rights or obligations under Article 2, Sections 3.1 and 3.2, or Articles 4 and 5. In the event the Executive terminates his employment under
this Agreement prior to a Voluntary Change in Status or an Involuntary Change in Status, then (a) the Company shall pay the Executive any amount due and owing as of the termination date pursuant to Section 3.1 and Section 3.2 and
Articles 4 and 5 (subject, in each case, to Section 3.3), and (b) the remaining provisions of this Agreement shall remain in full force and effect in accordance with their terms. In the event the Executive terminates his employment under
this Agreement subsequent to a Voluntary Change in Status or an Involuntary Change in Status, then the Company shall pay the Executive any 

  

 4 

 
amounts due through the termination date in respect of the Executive’s then annual salary and as reimbursement for out-of-pocket expenses properly
incurred during the Term that have not yet been reimbursed; provided, however, that the amounts and benefits required by this Section 6.2 shall be provided only if the Executive has executed (and not revoked) a release in favor of the Company
(which release shall be substantially in the form attached as Exhibit A). 
 6. Full Force and Effect. Except as amended by Sections
1, 2, 3, 4 and 5 hereof, the Employment Agreement remains in full force and effect. 
 7. Governing Law. This Amendment shall be
construed, interpreted and governed by the laws of the Sate of California, without giving effect to the principles of conflict of laws thereof. 
 8. Notices. Any notice given in connection with this Amendment shall be made in writing and shall be considered effected if delivered in accordance with the provisions of Section 9.4 of the Employment Agreement, as if such
notice had been given in connection therewith. 
 9. Counterparts. This Amendment may be executed in counterparts, each of which shall
be deemed an original but all of which together shall constitute one and the same instrument. 
 10. Definitions. All capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Employment Agreement. 
 11. Legal
Fees. Reasonable attorney’s fees and costs up to seven thousand five hundred dollars $7,500 incurred by the Executive in connection with the negotiation and preparation of this Amendment and diligence related matters shall be borne by the
Company. 
 [Signature page follows] 
  

 5 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

  
  

			
	 AUTOBYTEL INC.

		
	By:	 	 /s/    Michael
Fuchs        

	 Name:
	 	 Michael Fuchs

	 Title:
	 	 Chairman

	
	 RICHARD WALKER

	
	 /s/    Richard Walker
        

		 	
		 	

  

 6Form of Notice of Stock Option Grant to Non-Employee Directors

 Exhibit 10.10g(3) 
 

 
 GLOBALSANTAFE CORPORATION 
 NOTICE OF STOCK OPTION GRANT 
 AND SPECIFICATION OF THE TERMS AND CONDITIONS 
 OF 
 NON-EMPLOYEE DIRECTOR STOCK
OPTION GRANTED 
 [NAME OF GRANTEE] 
 (Under the GlobalSantaFe Corporation 2001 Long-Term Incentive Plan) 
 GLOBALSANTAFE CORPORATION (the
“Company”), desiring to afford you an opportunity to purchase ordinary shares of the Company, $.01 par value (“Ordinary Shares”), and to provide you with an added incentive as a director of the Company, has established the
following terms and conditions under which it has granted you an option (“Option”) under the GlobalSantaFe Corporation 2001 Long-Term Incentive Plan (the “Plan”) to purchase Ordinary Shares subject to and upon the terms and
conditions set forth below. This Option is a non-qualified stock option and is not subject to incentive stock option treatment under the U.S. federal Internal Revenue Code or applicable rules thereunder. You are urged to consult your tax
advisor prior to exercising this Option and prior to disposing of any shares acquired upon such exercise. 
  

	1.	Specification of Date, Number of Shares, Option Price and Term. 

  

	 	(a)	The date of this Option is May 13, 2002. 

  

	 	(b)	The number of Ordinary Shares of the Company optioned hereby 8,000. 

  

	 	(c)	Subject to acceleration under Sections 2 and 5 and to adjustments under Section 7, an installment of 4,000 of the 8,000 shares optioned hereby first becomes purchasable on
May 13, 2003, and a second installment consisting of the remaining 4,000 shares first becomes purchasable on May 13, 2004. 

  

	 	(d)	The per share option price under this Option is $            , subject to adjustments under Section 7.

  

	 	(e)	The term of this Option commences May 13, 2002, and expires at the close of business at the Company’s principal executive office on May 11, 2012; upon the expiration
of such term this Option shall expire and be cancelled and it may not thereafter be exercised. 

 Form 2A(1) 
 (5-02) 
  

	2.	Installment Provisions and Acceleration. This Option is not exercisable in any part until the earliest of the dates specified in this Section and in Section 5 below.

 The installments set forth 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 this Option. 
 If a Change in Control occurs while you are a
director of the Company, the shares optioned hereby shall become fully purchasable on the date of such Change in Control irrespective of the limitations described in Section 1(c). Your Option shall remain exercisable throughout the
Option term. 
 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 (the “Outstanding Company Ordinary Shares”) or (B) the combined voting power of the then outstanding voting securities of the Company 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) lndividuals 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-11 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 

 Form 2A(1) 
 (5-02) 
 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 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 

 Form 2A(1) 
 (5-02) 
 Company, 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 (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 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. 

 Form 2A(1) 
 (5-02) 
 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 (iii) 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. 
 Nothing contained in this section shall be
interpreted in a way which permits you to purchase a number of shares in excess of the number of shares optioned hereby as specified in Section 1 (b). 
  

	3.	Method of Exercise. This Option may be exercised from time to time, in accordance with its terms, by written notice thereof signed and delivered by you or another person
entitled to exercise this Option to the Corporate Secretary of the Company at its principal executive office in Houston, Texas, or as it may hereafter be located. Such notice shall state the number of shares being purchased and shall be accompanied
by the payment in full in cash of the option price for such number of shares. Such payment may also be made, in whole or in part, by the surrender of Ordinary Shares of GlobalSantaFe Corporation with a Fair Market Value equal to the amount of the
required payment; provided, however, that you must have held the shares surrendered for at least six months, and provided further that the Board of Directors of GlobalSantaFe Corporation or its Compensation Committee may reject any or all shares so
tendered if the shares are deemed by either of them in their discretion to be unacceptable. Promptly after receipt of such notice and payment, the Company shall issue certificates to you or such other person exercising this Option.

  

	4.	Transferability. You may not transfer this Option other than by will or by the laws of descent and distribution or, if applicable, as authorized by the following sentence,
and this Option shall be exercisable during your lifetime only by you or, if applicable, by a transferee authorized by the following sentence. This Option 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 Compensation Committee of the Company’s Board of Directors in its sole and absolute discretion; provided, however, that (x) the Board of
Directors of the Company and its Compensation Committee each reserves the right to prohibit 

 Form 2A(1) 
 (5-02) 
 any transfer with or without cause in its sole and absolute discretion, and (y) subsequent
transfers of this Option or any portion 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, this Option
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 service as a director or events of termination of service as a director shall continue to mean your service as a director or events of termination of your service as a director, and following any such event the options shall be
exercisable by the transferee only to the extent and for the periods specified in this Notice. Each transfer shall be effected by written notice thereof duly signed and delivered by the transferor to the Corporate Secretary of the Company at its
principal executive office in Houston, Texas, or as it may hereafter be located. Such notice shall state the name and address of the transferee, the amount of this Option being transferred, and such other information as may be requested by the
Corporate Secretary. The person or persons entitled to exercise this Option shall be that person or those persons appearing on the registry books of the Company as the owner or owners of this Option, and the Company may treat the person or persons
in whose name or names this Option is registered as the owner or owners of this Option 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 this Option at or
prior to its normal expiration date or of any event that will or might result in such termination. 
  

	5.	Termination of Service as a Director. If your service as a director of the Company is terminated by reason of your death, disability or ineligibility for reelection under the
provisions of the Company’s Articles of Association regarding age (“retirement”), or your service as a director of the Company is terminated by the Company’s shareholders other than for cause (to mean acts of misconduct harmful
to the Company, inadequate performance or incompetence), or your service as a director of the Company is terminated due to a failure to nominate you for reelection as a director other than for cause, this Option will immediately become exercisable
as to the full number of shares optioned hereby as specified in Section 1 (b), to the extent not previously exercised, and will remain exercisable as to said full number of shares until the expiration of the term of this Option; provided,
however, that if the foregoing acceleration provision becomes operative during the six-month period immediately following the date of this Option, then this Option shall immediately become exercisable as to said full number of shares upon the
expiration of said six- month period and remain exercisable until the expiration of the term of this Option. In any other case of termination of your service as a director, including without limitation termination by the Company’s shareholders
for cause, or due to a failure to nominate you for reelection for cause, or due to your resignation or decision not to stand for 

 Form 2A(1) 
 (5-02) 
 reelection, this Option shall remain exercisable, only to the extent exercisable at the date of
such termination, for three months after termination of service as a director, said period in any event not to extend beyond the expiration of the term of this Option. Upon expiration of the foregoing periods, this Option shall expire, terminate and
be cancelled in all respects. At the time your service as a director of the Company terminates, this Option shall expire, terminate and be cancelled in all respects as to all shares other than the shares as to which this Option can be exercised at
the time of or as a result of such termination. 
 Anything to the contrary in these Terms and Conditions notwithstanding, if your service as
a director of the Company terminates and such termination does not and will not result in acceleration of the vesting of all unvested installments of this Option, any unvested installment of this Option that would have vested within the 15 days
following the day of such termination will be deemed to have vested on the day immediately preceding the day of such termination. 
  

	6.	Death, Disability or Retirement. In the event of your death, disability or retirement, you or your legal representative or representatives, or the person or persons entitled
to do so under your last will and testament or under applicable intestate laws, shall have the right to exercise this Option, to the extent not previously exercised, as to the lesser of the full number of shares optioned hereby as specified in
Section 1 (b) hereof or such lesser number of shares as shall have resulted from the operation of Section 5. For purposes of Section 5 and this Section 6, the term “disability” shall mean a physical or mental
condition which totally and permanently prevents you from continuing to serve as a director, as reasonably determined in good faith by the Compensation Committee of the Board of Directors of GlobalSantaFe Corporation. 

  

	7.	Adjustments. If outstanding shares of the class then subject to this Option 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 subject to the unexercised portion of this Option the
number and class of shares or securities into or for which each outstanding share of the class subject to this Option shall be so changed or exchanged, all without any change in the aggregate purchase price for the shares then subject to the
unexercised portion of this Option, but with a corresponding adjustment in the purchase price per share. 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. 

 Form 2A(1) 
 (5-02) 
 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”), this Option shall terminate,
unless provision be made in writing in connection with such transaction for the assumption of options theretofore granted under the Plan or the substitution for such options of any options 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 this Option shall continue in the manner and under the terms so provided. If this Option shall terminate pursuant to the
foregoing sentence, the person then entitled to exercise any unexercised portions of this Option shall have the right, at such time immediately prior to the consummation of the Terminating Transaction as the Company shall designate, to exercise this
Option to the extent not theretofore exercised. 
 Adjustments under this Section 7 shall be made by the Company’s Board of
Directors 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 this Option or in connection with any such adjustment. 

 

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

  

	9.	Requirements of Law and of Stock Exchanges. The issuance of shares upon the exercise of this Option 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, the Company shall not be required to issue or deliver any certificate or certificates for such purchase upon exercise of this Option 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 this
Option, 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 Securities Act of 1933 is in effect as to shares purchased upon any
exercise of this Option, any and all shares so purchased shall be acquired for investment and not for sale or distribution and each notice of the exercise of any portion of this Option 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 

 Form 2A(1) 
 (5-02) 
 Securities Act of 1933 of the shares as to which this Option is at the time being exercised is
required prior to issuance thereof, the Company shall not 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. 
  

	10.	GlobalSantaFe Corporation 2001 Long-Term Incentive Plan. This Option is subject to, and the Company and you are bound by, all of the terms and conditions of the GlobalSantaFe
Corporation 2001 Long-Term Incentive Plan as the same may be amended from time to time in accordance with the terms thereof, provided that no such amendment shall deprive you, without your consent, of this Option or any rights hereunder. The Board
of Directors of the Company 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 executive office during business hours by you or any other persons entitled to exercise this Option. 

  

	11.	Definition of Certain Terms. Capitalized terms used in this Notice and not defined herein are used as they are used in the GlobalSantaFe Corporation 2001 Long-Term Incentive
Plan as the same shall have been amended from time to time. The term “you,” and related terms such as “your” used in this document refer to the individual whose name appears in the heading on the first page of this document.

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