Document:

Exhibit

Exhibit 10.60

CONSULTING AGREEMENT

This Consulting Agreement (“Agreement”) is by and between ENSCO Incorporated (the “Company”), and Patrick Carey Lowe (“Consultant”).  This Agreement is entered into on December 31, 2019 and shall be effective as of January 1, 2020 (“Effective Date”).  

RECITALS

The Company wishes to utilize certain services performed by Consultant, and Consultant can provide and desires to render to the Company such services, and the parties agree that it would be to their mutual advantage to execute this Agreement and thereby define the terms and conditions that will control the rendering of services provided to the Company by Consultant.
In consideration of the promises and mutual covenants in this Agreement, the Company and Consultant hereby agree as follows:
		
	I.
	Services to be Provided by Consultant

A.Description of Consulting Services.  Subject to the terms of this Agreement, the Company retains Consultant, and Consultant agrees to serve as a consultant to the Company and its affiliates for the purpose of providing part-time transitional support and general consulting services to the Company and its affiliates on such matters as the Company may reasonably request (made by the Company’s Chief Executive Officer) from time to time, all at such times and location(s) as are mutually agreeable Consultant and the Company (collectively, the “Consulting Services”).  The Consulting Services shall not exceed twenty (20) hours per month unless otherwise mutually agreed upon by the parties. During the Term, Consultant shall be entitled to accept other engagements or employment and pursue other activities and interests, so long as such employment, activities and interests do not otherwise unreasonably conflict with his obligations hereunder. 

B.Company’s Reliance.  The Company is entering into this Agreement in reliance on Consultant’s special and unique abilities in rendering the Consulting Services and Consultant will use Consultant’s best effort, skill, judgment, and ability in rendering the Consulting Services.  

C.Representations by Consultant.  Consultant represents to the Company that Consultant is under no contractual, legal or fiduciary obligation or burden that reasonably may be expected to interfere with Consultant’s ability to perform the Consulting Services in accordance with the Agreement’s terms, including without limitation any agreement or obligation to or with any other company, and that Consultant is not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Consultant’s engagement by the Company or to refrain from competing, directly or indirectly, with the business of any other party.  Consultant agrees that Consultant will not use, distribute or provide to anyone at the Company any confidential or proprietary information belonging to any other company or entity, at any time during Consultant’s performance under this Agreement.  Consultant further represents that Consultant’s performance of the Consulting Services will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Consultant in confidence or in trust prior to this Agreement, and Consultant will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any other party.

D.Nature of Relationship Between Parties.  Consultant will render the Consulting Services under this Agreement as an independent contractor, while specifically adhering to the rules, policies, regulations and procedures of the Company, as may be amended by the Company at any time.  Except as otherwise specifically agreed to by the Company in writing, Consultant shall have no authority or power to bind the Company with respect to third parties, and Consultant shall not represent to third parties that Consultant has 

authority or power to bind the Company.  It is not the intention of the parties to this Agreement to create, by virtue of this Agreement, any employment relationship, trust, partnership, or joint venture between Consultant and the Company or any of its affiliates, to make them legal representatives or agents of each other or to create any fiduciary relationship or additional contractual relationship among them.  

		
	II.
	COMPENSATION FOR CONSULTING SERVICES

A.Consulting Fee.  In exchange for the Consulting Services, the Company shall pay Consultant an aggregate consulting fee of $1,178,000 (the “Consulting Fee”), which amount shall be payable in arrears in twelve (12) monthly installments following the Effective Date, with the first eleven (11) installments in the amount of $98,166.67 each and the final installment in the amount of $98,166.63.  Each monthly installment shall be paid within fifteen (15) days after the applicable month-end to the bank account designated by Consultant. The Consulting Fee constitutes the sole compensation to which Consultant shall be entitled for performance of the Consulting Services.

B.Expense Reimbursement.  Consultant will be reimbursed for reasonable, documented out of pocket travel and business expenses incurred in the performance of the Consulting Services in accordance with the Company’s travel and expense policies.  Any reimbursement will be made within 30 days of submission of appropriate documentation of such costs by Consultant to the Company. 

C.Benefits.  Consultant shall at all times be an independent contractor (and not an employee or agent of the Company); therefore, during the Term, Consultant shall not be entitled to participate in any benefit plans or programs that the Company provides or may provide to its employees, including, but not limited to, pension, profit-sharing, medical, dental, workers’ compensation, occupational injury, life insurance and vacation or sick benefits.  Notwithstanding the foregoing, the foregoing shall not operate to limit any rights Consultant may have to continued benefits coverage by virtue of prior employment with any affiliate of the Company.

D.Workers’ Compensation.  Consultant understands and acknowledges that the Company shall not obtain workers’ compensation insurance covering Consultant.

		
	III.
	PAYMENT OF TAXES

A.Federal, State, and Local Taxes.  Neither federal, state, or local income tax nor social security tax nor payroll tax of any kind (collectively “Taxes”) will be withheld or paid by the Company or any of its affiliates on behalf of Consultant.  Consultant will not be treated as an employee of the Company or any of its affiliates with respect to the Consulting Services for federal, state, or local tax purposes.

B.Notices to Consultant About Tax Duties And Liabilities.  Consultant understands that Consultant is responsible to pay, according to the applicable law, Consultant’s Taxes.  The parties agree that any tax consequences or liability arising from the Company’s payments to Consultant shall be the sole responsibility of Consultant.  Should any local, state, or federal taxing authority determine that any of the payments under Sections II(A) or (B) constitute income subject to withholding under any federal, state, or local law, then Consultant agrees to indemnify and hold the Company harmless for any and all Tax liability, including, but not limited to, Taxes, levies, assessments, fines, interest, costs, expenses, penalties, and attorneys’ fees.   

		
	IV.
	INDEMNIFICATIONS AND COVENANTS

A.Limitations on the Company’s Liability and Consultant’s Indemnification of the Company.  By entering into this Agreement and receiving the Consulting Services, but subject to the other Agreement terms, the Company will not be liable for any Damages (defined below) caused by Consultant’s dishonesty, willful misconduct, or gross negligence or for Consultant’s breach of this Agreement.  Consultant shall indemnify and hold harmless the Company from and against all losses, judgments, damages, expenses 

(including, without limitation, reasonable fees and expenses of counsel), liabilities, and amounts paid in settlement (collectively “Damages”) incurred by or asserted against the Company arising from, as a result of, in connection with, or relating to Consultant’s dishonesty, willful misconduct, or gross negligence in performing any Consulting Services or for Consultant’s breach of this Agreement.

B.Consultant’s Standard of Care.  Subject to the other Agreement provisions, Consultant will provide all Consulting Services with the same degree of care, skill, and prudence that would be customarily exercised in the Company’s best interest.

C.Confidential Information; Non-Disclosure; Non-Solicitation; Non-Competition and Work Product Ownership.  

(i)    Confidential Information.  Consultant has previously received and will continue to have access to the Company’s trade secrets and other confidential information which is not known to the Company’s competitors or within the Company’s industry generally, which was developed by the Company over a long period of time and/or at its substantial expense, and which is of great competitive value to the Company (collectively “Confidential Information”).  For purposes of this Agreement, “Confidential Information” includes all confidential or proprietary information (whether tangible, intangible, written, oral, electronic, or other) of the Company or its affiliates.  Such confidential or proprietary information shall include, but shall not be limited to, all trade secrets and the following items (as well as all information relating to the following items):  (a) all confidential or competitively sensitive information relating to the business of the Company or its subsidiaries and affiliates, (b) all intellectual property and proprietary rights of the Company or its subsidiaries and affiliates (including, without limitation, the Intellectual Property), (c) computer codes and instructions, processing systems and techniques, inputs and outputs (regardless of the media on which stored or located) and hardware and software configurations, designs, architecture and interfaces, (d) business research, studies, procedures, costs, plans and strategies, (e) financial data, budgets and plans, (f) distribution methods, plans and strategies, (g) marketing data, research, methods, plans, strategies and efforts, (h) information regarding actual and prospective suppliers and customers (including lists, profiles, identities of and customer nonpublic personal information), (i) the terms of contracts and agreements with, the needs and requirements of, and the Company’s course of dealing with, actual or prospective suppliers and customers, (j) personnel information (including the names, contact information, skills and compensation of employees, contractors and other service providers of the Company), (k) customer and vendor credit information, (l) information received from third parties subject to obligations of non-disclosure or non-use, (m) costs, pricing and pricing strategies, (n) audit processes, management methods and information, reports, recommendations and conclusions, and (o) development tools, techniques and processes and training methods and manuals.  Failure by the Company to mark any of the Confidential Information as confidential or proprietary shall not affect its status as Confidential Information.  For purposes of this Agreement, “Intellectual Property” means: (a) all inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto, and all patents and patent applications claiming such inventions, (b) all trademarks, service marks, trade dress, logos, trade names, fictitious names, brand names, brand marks and corporate names, together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights, and all applications, registrations, and renewals in connection therewith, (d) all mask works and all applications, registrations, and renewals in connection therewith, (e) all trade secrets (including research and development, know how, formulas, compositions, manufacturing and production processes and techniques, methodologies, technical data, designs, drawings and specifications), (f) all computer software (including data, source and object codes and related documentation), (g) all other proprietary rights, (h) all copies and tangible embodiments thereof (in whatever form or medium), or (i) similar intangible personal property which have been or are developed or created in whole or in part by the Consultant (1) at any time and at any place while the Consultant is providing services to the Company and which, in the case of any or all of the foregoing, are related to and used in connection with the business of the Company or (2) as a result of tasks assigned to the Consultant by the Company.

		
	(ii)
	Non-Disclosure.

(a)    In exchange for the Company’s agreement to provide Consultant with Confidential Information and to protect the Company’s legitimate business interests, Consultant shall hold all Confidential Information in strict confidence.  Consultant shall not, during the Term or at any time thereafter, disclose to anyone, or publish, use for any purpose, exploit, or allow or assist another person to use, disclose or exploit, except for the benefit of the Company, without prior written authorization of the Company, any Confidential Information or part thereof, except as permitted:  (1) in the ordinary course of the Company’s business or Consultant’s work for the Company; or (2) by law.  Consultant shall use all reasonable precautions to assure that all Confidential Information is properly protected and kept from unauthorized persons.  

(b)    Consultant agrees that Consultant shall not use or disclose any confidential or trade secret information belonging to any former employer or third party, and Consultant shall not bring onto the premises of the Company or onto any Company property any confidential or trade secret information belonging to any former employer or third party without such third parties’ consent.   

(c)    During the Term, the Company will receive from third parties their confidential and/or proprietary information, subject to a duty on the Company’s part to maintain the confidentiality of and to use such information only for certain limited purposes.  Consultant agrees to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or organization or to use it except as necessary in the course of Consultant’s Consulting Services with the Company and in accordance with the Company’s agreement with such third party.
        
(d)      Notwithstanding the foregoing, if Consultant makes a confidential disclosure of a trade secret or other confidential information to a government official or an attorney for the sole purpose of reporting a suspected violation of law, or in a court filing under seal, Consultant shall not be held liable under this Agreement or under any federal or state trade secret law for such a disclosure.

(iii)Non-Solicitation. Consultant hereby agrees that during the Term and for a period of twelve (12) months thereafter (the “Restricted Period”), Consultant will not, directly or indirectly, induce or attempt to induce, or cause or solicit any officer, manager, contractor or employee of the Company or its affiliates to cease their relationship with the Company or its affiliates or hire or engage any such officer, manager, contractor or employee of the Company or its affiliates, or in any way materially interfere with the relationship between the Company and its affiliates, on the one hand, and any such officer, manager, contractor or employee, on the other hand.  Notwithstanding the foregoing, nothing in this Agreement shall prohibit Consultant from making a general, public solicitation for employment, or using an employee recruiting or search firm to conduct a search, that does not specifically target employees or consultants of the Company or its affiliates so long as no persons who were at any time during the twelve (12) month period prior to the commencement of such solicitation, employees or consultants of the Company or its affiliates are hired or otherwise engaged as a result of such general solicitations or search firm efforts.  Consultant hereby agrees that during the Restricted Period, he will not, directly or indirectly, induce, or attempt to induce, cause or solicit any customer, client or supplier of the Company or its affiliates to reduce or cease doing business with the Company or its affiliates, or in any way knowingly interfere with the relationship between any customer, client or supplier of the Company or its affiliates, on the one hand, and the Company and its affiliates, on the other hand.

(iv)Non-Competition. In exchange for the Consulting Fee and the Company’s provision to Consultant of Confidential Information and to protect the Company and its affiliates’ legitimate business interests, Consultant hereby agrees that during the Restricted Period, Consultant will not, without the prior written consent of the Board of Directors of Valaris plc, directly or indirectly, provide services to, or own any interest in, manage, operate, control, or participate in the ownership, management, operation or control of, any entity engaged in offshore drilling operations (including as an employee or consultant, other than as an employee of, or consultant to, the Company or its affiliates); provided, however, that notwithstanding the foregoing, Consultant may own, directly or indirectly, solely as a passive investment, securities of any entity 

traded on a national securities exchange if Consultant is not a controlling person of, or a member of a group which controls, such entity and does not, directly or indirectly, own two percent (2%) or more of any class of securities of such entity.
 
(v)    Work Product.  

(a)    Prior Proprietary Information Retained and Licensed.  Consultant has attached hereto as Exhibit 1 a list describing all work product, information, inventions, original works of authorship, ideas, know-how, processes, designs, computer programs, photographs, illustrations, developments, trade secrets and discoveries, including improvements Consultant conceived, created, developed, made, reduced to practice or completed, either alone or with others (collectively, “Work Product”) that Consultant: (i) made, created, developed or invented by Consultant prior to the Term; (ii) claims a proprietary right or interest in; and (iii) does not assign to the Company hereunder (collectively referred to as the “Prior Proprietary Information”).  If no such list is attached or if such list indicates “none,” Consultant represents that there is no such Prior Proprietary Information.  Consultant understands and agrees that the Company makes no attempt to verify Consultant’s claim of ownership to any of the Prior Proprietary Information.  Consultant agrees that Consultant shall not incorporate in any work that Consultant performs for the Company any Prior Proprietary Information or any of the technology described in any Prior Proprietary Information.  Nonetheless, if in the course of Consultant’s Consulting Services, Consultant incorporates into a Company product, process or machine Prior Proprietary Information, Consultant agrees to grant and hereby grants the Company a nonexclusive, royalty-free, irrevocable, sublicensable, transferable, perpetual, and worldwide license to make, have made, modify, use, have used, import, export, reproduce, distribute, prepare and have prepared derivative works of, offer to sell, sell and otherwise exploit such Prior Proprietary Information, and provided further that all of the foregoing rights of the Company shall extend to any derivative works so prepared.

(b)     Maintenance of Records.  Consultant agrees to keep and maintain adequate and current hard-copy and electronic records of all Work Product made by Consultant (solely or jointly with others) during the Term.  The records will be available to and remain the sole property of the Company during the Term and at all times thereafter.

(vi)    Return of Company Property.    Upon the termination of the Consulting Services under this Agreement for any reason, Consultant shall immediately return and deliver to the Company any and all Confidential Information, software, devices, data, reports, proposals, lists, correspondence, materials, equipment, computers, hard drives, papers, books, records, documents, memoranda, manuals, e-mail, electronic or magnetic recordings or data, including all copies thereof, books of account, drawings, prints, plans, and the like which belong to the Company or relate to the Company’s business and which are in Consultant’s possession, custody or control, whether prepared by Consultant or others.  If at any time after termination of Consultant’s Consulting Services under this Agreement, for any reason, Consultant determines that Consultant has any Confidential Information in Consultant’s possession or control, Consultant shall immediately return to the Company all such Confidential Information in Consultant’s possession or control, including all copies and portions thereof.  Further, upon termination of the Consulting Services under this Agreement for any reason, Consultant shall not retain any Confidential Information, data, information or documents belonging to the Company or any copies thereof (in electronic or hard copy format).  

V.     TERM OF AGREEMENT; TERMINATION

A.    Term; Termination Payments.  The term of this Agreement shall commence on the Effective Date and, subject to the following provisions of this section, shall continue until December 31, 2020 (the “Term”).  The Company or Consultant may terminate this Agreement at any time for any reason or no reason and with or without advance notice.  Upon any termination by Consultant other than as a result of death or disability or any termination by the Company by reason of Consultant’s gross misconduct or willful negligence, the Company shall pay the Consultant the Consulting Fee earned through the date of termination within thirty (30) days following the date of termination. Upon any termination by reason of Consultant’s death or disability or any termination by the Company for any other reason, the Company shall pay to the Consultant (or his 

beneficiaries, as applicable) any unpaid installments of the Consulting Fee, in a single lump sum within thirty (30) days following the date of termination.

B.    Survival.  The provisions respectively set forth in Section IV and Section VI.A. shall survive termination or expiration of this Agreement.  In addition, all provisions of this Agreement, which expressly continue to operate after the termination of this Agreement or which relate to the validity, interpretation, reformation, or enforcement (including jurisdiction and venue) of this Agreement, shall survive the Agreement’s termination or expiration.

VI.    OTHER PROVISIONS

A.    Non-Disparagement.  Consultant agrees that the Company’s goodwill and reputation are assets of great value to the Company which have been obtained and maintained through great costs, time and effort.  Therefore, Consultant agrees that during the Term and at all times thereafter, Consultant shall not in any way disparage, libel or defame the Company, its business or business practices, its products or services, or its employees, consultants, or directors.  Consultant further agrees that during the Term and at all times thereafter, Consultant shall not, directly or indirectly, communicate in any manner with any member of the press or media concerning the Company, its affiliates, current or former officers, directors, or Consultants except as permitted by law and/or Company policy.

B.    Partial Invalidity.  In the event any court of competent jurisdiction holds any provision of this Agreement to be invalid or unenforceable, such invalid or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required, and the remaining provisions shall not be affected or invalidated and shall remain in full force and effect.  

C.    Reformation.  Consultant agrees that in the event any of the covenants contained in this Agreement shall be held by any court to be effective in any particular area or jurisdiction only if said covenant is modified to limit its duration or scope, then the court shall have such authority to so reform the covenant and the parties hereto shall consider such covenant(s) and/or other provisions to be amended and modified with respect to that particular area or jurisdiction so as to comply with the order of any such court and, as to all other jurisdictions, the covenants contained herein shall remain in full force and effect as originally written.  
 
D.    Entire Agreement.  This Agreement is the entire agreement between the parties with respect to the subject matter hereof, and fully supersedes any and all prior agreements, understandings, or representations between the parties, whether oral or written, pertaining to the subject matter of this Agreement (including, for the avoidance of doubt, any term sheets discussed, negotiated or signed by and  between the parties).  Consultant represents and acknowledges that in executing this Agreement, Consultant does not rely, and has not relied, upon any representation(s) by the Company or its agents except as expressly contained in this Agreement.  Consultant agrees that Consultant has used Consultant’s own judgment in executing this Agreement.  This Agreement may not be amended unless it is in writing and signed by Consultant and the Company.  This Agreement shall be binding upon the parties, their heirs, legal representatives, successors and assigns.

E.    Controlling Law.  Any dispute in the meaning, effect, or validity of this Agreement and/or any dispute arising out of Consultant’s relationship with the Company shall be resolved in accordance with the laws of the State of Texas without regard to the conflict of laws provisions thereof.  Venue of any litigation arising from this Agreement or Consultant’s relationship with the Company shall be in a state district court of competent jurisdiction in Harris County, Texas, or the United States District Court for the Southern District of Texas, Houston Division.  Consultant consents to personal jurisdiction of the state district courts of Harris County, Texas and to the United States District Court for the Southern District of Texas, Houston Division, and agrees that Consultant shall not challenge personal jurisdiction in such courts.  Consultant waives any objection that Consultant may now or hereafter have to the venue or jurisdiction of any proceeding in such courts or that any such proceeding was brought in an inconvenient forum (and agrees not to plead or claim the same).

F.    Voluntary Agreement.  Consultant acknowledges that Consultant has had an opportunity to consult with an attorney or other counselor concerning the meaning, import, and legal significance of this Agreement, and Consultant has read this Agreement, as signified by Consultant’s signature hereto, and Consultant has either waived the advice of counsel or is voluntarily executing this Agreement after advice of counsel for the purposes and consideration herein expressed.

G.    Limitations on Assignment.  In entering into this Agreement, the Company is relying on the unique services of Consultant; services from another company or contractor will not be an acceptable substitute.  Except as provided in this Agreement, Consultant may not assign this Agreement or any of the rights or obligations set forth in this Agreement without the explicit written consent of the Company.  Any attempted assignment by Consultant in violation of this paragraph shall be void.  Whether with or without Consultant’s consent, the Company may assign this Agreement in whole or part to any of its subsidiaries or any successor.

H.    Headings.  The headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement.

I.    Counterparts.  This Agreement and amendments to it will be in writing and may be executed in counterparts.  Each counterpart will be deemed an original, but both counterparts together will constitute one and the same instrument.
    
J.    Ambiguities.    Any rule of construction to the effect that ambiguities shall be resolved against the drafting party shall not apply to the interpretation of this Agreement.

K.    Miscellaneous.    In this Agreement, (i) “hereto,” “herein,” and similar terms are references to this Agreement as a whole; (ii) “Section” refers to a section of this Agreement, unless otherwise indicated; (iii) the singular includes the plural and vice versa, and each gender includes each of the others; (iv) the use herein of the word “including,” when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation,” or “but not limited to,” or words of similar import) is used with references thereto, but rather shall be deemed to refer to all other items and matters, that reasonably could fall within the broadest possible scope of such general statement, term or matter; and (v) “or” means and / or.

L.    Notice.    All notices required or permitted to be given hereunder shall be in writing and shall be valid and sufficient if dispatched (i) by hand delivery, (ii) by facsimile transceiver, with confirming letter mailed promptly thereafter by first class mail, postage prepaid, (iii) by overnight express courier or (iv) by certified mail, postage prepaid, return receipt requested, deposited in any post office in the United States, in any case, addressed to the addresses set forth on the signature page of this Agreement, or such other addresses as may be provided from time to time in the manner set forth above.  When sent by facsimile, notices shall be considered to have been received at the beginning of recipient's next business day following their confirmed transmission; otherwise, notices shall be considered to have been received only upon delivery or attempted delivery during normal business hours.

The signatures below indicate that the Parties have read, understand and will comply with this Agreement, which is effective as of the Effective Date and has been executed as of December 31, 2019.

Patrick Carey Lowe 

Signature:    /s/ Patrick Carey Lowe                                                                                                                                                       
Printed Name:    Patrick Carey Lowe                                                                                                                                

Address:                                                                                                                                                                            

ENSCO Incorporated

Signature:    /s/ Kristin Larsen                                                                                                                                    

Name:               Kristin Larsen                                                                                                                                         

Title                  Vice President and Secretary - ENSCO Incorporated                                                                                 

Address:    5847 San Felipe, Suite 3300
Houston, Texas 77057                      
              Attention: General Counsel                      

EXHIBIT 1
LIST OF PRIOR PROPRIETARY INFORMATION

None.Exhibit

Exhibit 10.61

SEVERANCE AGREEMENT
DATED: December 31, 2019
This Agreement is entered into between:
		
	(1) 
	Ensco Global Resources Limited, (registered in England under no. 07098531) whose registered office is at 7 Albemarle Street, London, England, W1S 4HQ (“Company"); and

		
	(2)
	Patrick Carey Lowe (the "Executive"). 

Whereas:
		
	(A)
	The Parties acknowledge that the Executive has been employed by the Company since 18 August 2008. 

		
	(B)
	In order to achieve certainty and finality, it is the intention of the Executive and the Company in entering into this Agreement that it shall operate to terminate the relationship between them and, in consideration of the settlement set out herein, provide a full and absolute and irrevocable release by the Executive of all current and future claims in any jurisdiction in connection with his employment whether or not he has knowledge of them, whether or not they are in the contemplation of the Parties and whether or not they exist in fact or law, as at the date of this Agreement.

		
	(C)
	This Agreement contains confidentiality provisions in Section B of Annex A, which are clear and specific as regards what the Executive is entitled to disclose, in full compliance with all legal and regulatory requirements.

By signing this Agreement, the Executive and the Company hereby agree as follows:
		
	1.
	Definitions and Interpretation

		
	1.1
	In this Agreement:

	
		
	the "Adviser"
	means Adrian Hoggarth;

	"Affiliate"
	means any company which is for the time being a subsidiary, subsidiary undertaking or holding company of Valaris plc or the Company, or a subsidiary or subsidiary undertaking of any such holding company (the terms "subsidiary" and "holding company" being defined as in section 1159 of the Companies Act 2006 and "subsidiary undertaking" being defined as in section 1162 of that Act); 

	“Valaris plc”
	means Valaris plc, a company registered in England under company number 07023598; and

	“Parties”
	means both the Company and the Executive, and “Party” shall mean any one of them.

1.2 References to any statute or any statutory provision shall, unless the context otherwise requires, be construed as including any subsequent or amended statute or any corresponding provision of such new or amended statute.

		
	2.
	Termination of Employment.  

2.1. The Executive’s employment with the Company will terminate on 31 December 2019 (the “Termination Date”). 
2.2. This Agreement is deemed as providing notice between the Company and the Executive. The Company and the Executive agree that the totality of the arrangements set out in this Agreement provide the Executive with reasonable notice. 
2.3. The salary and benefits provided to the Executive under his normal terms of employment will be paid by the Company in the normal way up to and including the Termination Date, but thereafter will cease.
2.4.The Executive agrees to waive payment in lieu of holiday entitlement accrued but untaken as at the Termination Date (if any). 
2.5. The Company acknowledges the Executive’s letter marked for the attention of Shareholders and Board of Directors dated 22 November 2019 in respect of his resignation as Director and/or Officer of the companies and positions listed therein as Exhibit A, effective as of 30 November 2019. The Executive confirms that he will execute such further deeds, forms and documents as the Company or any relevant Affiliate may request to ensure completion of such resignations and any other formal resignations/removals, including in respect of any trusteeship or nominee shareholdings. 
2.6. The Company will procure that, for a period of six years after the Termination Date, the Executive will be covered by directors’ and officers’ liability insurance cover in respect of the Executive’s position as a director or officer of the Company and any Affiliate, if and to the extent that existing or former directors of the Company or relevant Affiliate are so covered, subject always to the terms of the applicable scheme as in force from time to time. The Company gives no warranty as to the continued existence or extent of such cover.
3.    Severance Benefits and Legal Costs  
3.1. Subject to the Executive’s compliance with all the terms and warranties of this Agreement, the Company shall provide the Executive with the cash payments and benefits set out in Section A of Annex A at the times set out therein. All payments shall be made subject to any necessary deductions for income tax and social security contributions and any other deductions required or authorised to be made by virtue of a statutory provision. 
3.2. On the commencement of any proceedings by the Executive against the Company or any Affiliate or any other material breach of this Agreement by the Executive, the Company may, in its absolute discretion, require all or part of the Cash Severance (as defined in Section A-1 of Annex A) to be repaid if and to the extent that the Company incurs any liabilities, losses, damages, costs or expenses as a result of or in connection with such proceedings or breach. The Company may commence proceedings to recover such an amount as a debt owing from the Executive. The Executive agrees that this repayment provision is intended to be a genuine pre-estimate of the loss which may be suffered by the Company or any Affiliate in such circumstances, and in no way constitutes a penalty.
3.3.
3.3.1 The Company shall maintain continued group health plan coverage following the Termination Date under any of Valaris corporate’s group health plans that covered the Executive immediately before the Termination Date which are subject to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) (as codified in Code Section 4980B and Part 6 of Subtitle B of Title I of ERISA), for the Executive and his eligible spouse and other eligible dependents (together, “Dependents”), for a period of one (1) year following the Termination Date. During this period, the Executive shall be responsible for paying the cost associated with COBRA coverage at the same rate that the Executive paid for coverage under such group health plans immediately prior to the Termination Date. Following the one (1) year anniversary of the Termination Date, the Executive shall be responsible for the full cost associated with COBRA coverage.

3.3.2 After the Termination Date, the Executive, and his Dependents, if any, must first elect and maintain any COBRA continuation coverage under the group health plan that they are entitled to receive under the 

terms of such plan and COBRA. In all respects, the Executive and his Dependents shall be treated the same as other COBRA qualified beneficiaries under the terms of such plan and the requirements of COBRA during the period while COBRA coverage remains in effect.
  
3.3.3 The Company’s obligation to provide the COBRA coverage shall be terminated if the Executive becomes eligible for group medical coverage provided by another employer. The Executive covenants to give prompt notice to the Company if he becomes eligible for group medical coverage offered by another employer during the period in which he and his Dependents are covered by COBRA. 

3.3.4 The provision of benefits under this Section shall only apply if and to the extent that such benefits are provided to employees of the Company for that period, subject always to the terms of the applicable scheme and of any related policy of insurance as in force from time to time. The Company gives no warranty as to the continued existence or extent of such benefits.  
3.4 The Company will pay the reasonable costs of the Adviser, being costs incurred by the Executive exclusively in connection with advice as to the terms and effect of this Agreement and, in particular, (a) its effect on his ability to pursue a claim before an Employment Tribunal or other court following its signing and (b) the nature and limitations of the confidentiality provisions contained in the Agreement, subject to its receipt of an invoice addressed to the Executive and marked payable by the Company in respect of those costs and subject to a maximum (excluding VAT but including all disbursements) of GBP £1,000. 
4. Employment Reference. The Company shall, within seven (7) days of receipt of a request from a prospective employer or employment agency, provide a factual employment reference confirming the identity of the positions held by the Executive and the dates of the Executive’s employment with the Company. This Section is subject to any legal obligations the Company may have in respect of the contents of a written reference, and to the proviso that the Company will cease to be obliged to provide a reference, whether written or oral, in the agreed terms if, after the signing of this Agreement, new facts come to the Company’s attention which suggest that the agreed reference would be inaccurate or misleading. The Company also reserves the right to make such disclosures as are required by law or regulatory requirements. While any reference will be given in good faith, neither the Company, any Affiliate nor their directors, officers or employees shall be liable for any errors, omissions or inaccuracies in the information contained in the reference, or any loss or damage caused by it.
5. Taxation
5.1 The Company will pay the Cash Severance payable under Section A-1 of Annex A less all required deductions for income tax and social security contributions. 
5.2 Any further tax or social security contributions which may be payable in respect of any payment or benefit provided under this Agreement will be for the Executive's own account and the Executive agrees with the Company that, to the extent that the Company or any Affiliate is obliged to make any payment of, or in respect of, tax or social security contributions or of any fine, penalty or interest ("Taxes") in respect of any payment or benefit provided under this Agreement, the Executive will promptly indemnify the Company or the relevant Affiliate on an after-tax basis in full for any such Taxes (except any fine, penalty or interest charged solely by reason of any fault or delay by the Company or the relevant Affiliate in dealing with an assessment for tax by any relevant authority). The Company will endeavour to notify the Executive at his last known address of any claim or demand that it has received in respect of any such Taxes, and afford the Executive a reasonable opportunity to, and provide the Executive with reasonable access to any documentation the Executive may reasonably require to, challenge or dispute such a claim or demand at his own expense.
6. Certain Continuing Obligations. The Executive acknowledges and agrees that the post-termination restrictive covenants and obligations that apply to the Executive as set forth in Section B of Annex A shall survive termination of the employment relationship and the execution of this Agreement, and the Executive shall continue to fully honor his post-employment obligations.  

7. Full and Final Settlement. The Executive expressly agrees that the terms of this Agreement are in full and final settlement of:
		
	(a)
	all and any claims, costs, expenses or rights of action of any kind whatsoever or howsoever arising (whether statutory, contractual, at common law or otherwise) whether known or unknown to the Parties, whether or not existing in fact or in law at the time of this Agreement and whether or not they are or could be in the contemplation of the Parties at the time of this Agreement (and whether arising in the United Kingdom or in any other country in the world) that he may have now or in the future against the Company or any Affiliate or any of their officers, shareholders or employees relating to or arising directly or indirectly out of or in connection with his employment prior to the Termination Date, the termination of his employment with the Company or any other matter whatsoever outstanding on the Termination Date, including but not limited to any claim relating to or arising out of any directorships or other offices with the Company or any Affiliate or their termination (the "Specified Matters"); and

		
	(b)
	any claim which the Executive may otherwise have for: breach of contract (including wrongful dismissal); unfair dismissal; detrimental treatment or dismissal relating to a protected disclosure; redundancy; unlawful deduction from wages; holiday pay; equal pay; unlawful discrimination, harassment or victimisation on grounds of age, disability (including discrimination arising from disability and failure to make reasonable adjustments), gender reassignment, marriage and civil partnership, race, religion or belief, sex or sexual orientation; personal injury; and any breach of (a) the right to be accompanied under the Employment Relations Act 1999; (b) the Employment Rights Act 1996 (or any regulations made under that Act); (c) the Trade Union and Labour Relations (Consolidation) Act 1992; (d) the Working Time Regulations 1998; (e) the National Minimum Wage Act 1998; (f) the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000; (g) the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002; (h) the Information and Consultation of Employees Regulations 2004; (i) the Transnational Information and Consultation of Employees Regulations 1999; (j) the Protection from Harassment Act 1997; (k) the Data Protection Act 2018; (l) the Occupational and Personal Pension Scheme (Consultation by Employers and Miscellaneous Amendment) Regulations 2006; (m) the Pensions Act 2008; and (n) the General Data Protection Regulation (Regulation (EU) 2016/679), as regards a claim for damages for any breach which occurred prior to the date of this Agreement, and any legislation, order or regulation implementing such regulation (the "Specified Claims").

		
	(c)
	The waiver in Section 7 shall not extend to: (a) any claims by the Executive to enforce the terms of this Agreement; or (b) any claim for any latent personal injury attributable to the Executive’s employment with the Company of which the Executive is unaware, and of which he could not reasonably be expected to be aware, as at the date of this Agreement.

8. Warranties
8.1 The Executive warrants, undertakes and represents to the Company that:
		
	(a)
	having taken independent legal advice from the Adviser, he has notified the Company in writing of all and any actual or potential claims (whether at the date of this Agreement or in the future) he may have against the Company or any Affiliate or any of their employees, officers or shareholders and he has no other complaints whatsoever against the Company in relation to the Specified Matters including, without limitation, the Specified Claims;

		
	(b)
	he shall not continue, institute or commence any claims, actions or proceedings before any court or Employment Tribunal whatsoever arising out of or in connection with his employment with the Company or its termination or otherwise, and he undertakes that neither he nor anyone acting on his behalf will present or issue such a claim; and

		
	(c)
	as at the date of this Agreement he has not committed any act or made any omission which might amount to a repudiatory breach of his terms and conditions of employment (or which would be a breach of this Agreement, 

if it happened after the date of this Agreement) and that there are no circumstances which would entitle the Company to terminate his employment without notice.
8.2 The Executive acknowledges that the Company has entered into this Agreement in reliance on the warranties, undertakings and representations above.
9. Compliance with Statutory Requirements
9.1 The Executive confirms that he has taken independent legal advice as to the terms and effect of this Agreement from the Adviser, who is a solicitor of the Senior Courts of England and Wales holding a current practising certificate and in respect of whom there is currently in force a policy of insurance covering the risk of a claim in relation to the advice given to the Executive. The Executive understands that by entering into this Agreement he will not be able to bring or pursue any claim in any court or Employment Tribunal against the Company or any Affiliate arising from his employment with the Company or its termination including, without limitation, the Specified Claims. The Executive also confirms that he has received independent legal advice from the Adviser on the nature and limitations of the confidentiality provisions in Section B of Annex A.
9.2 The Parties agree that the conditions regulating settlement agreements under the following provisions have been satisfied:
		
	(a)
	section 203(3) of the Employment Rights Act 1996;

		
	(b)
	section 147(3) of the Equality Act 2010;

		
	(c)
	section 14 of the Employment Relations Act 1999;

		
	(d)
	section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992;

		
	(e)
	regulation 35(3) of the Working Time Regulations 1998;

		
	(f)
	section 49(4) of the National Minimum Wage Act 1998;

		
	(g)
	regulation 9 of the Part Time Workers (Prevention of Less Favourable Treatment) Regulations 2000;

		
	(h)
	regulation 10 of the Fixed Term Employees (Prevention of Less Favourable Treatment) Regulations 2002;

		
	(i)
	regulations 39 and 40 of the Information and Consultation of Employees Regulations 2004;

		
	(j)
	regulations 40 and 41 of the Transnational Information and Consultation of Employees Regulations 1999;

		
	(k)
	paragraphs 12 and 13 of the schedule to the Occupational and Personal Pension Scheme (Consultation by Employers and Miscellaneous Amendment) Regulations 2006; and

		
	(l)
	section 58(5) of the Pensions Act 2008.

10. Co-Operation. After the Termination Date, the Executive agrees to provide the Company and any Affiliate with such reasonable assistance as may be required, regarding matters of which he has knowledge and/or experience, with respect to and in the conduct of any litigation or investigation arising from or in relation to events that occurred during the Executive’s employment with the Company (whether such litigation or investigation is then pending or subsequently initiated) involving the Company or any Affiliate, including (but not limited to) providing testimony and preparing to provide testimony if so requested by the Company or relevant Affiliate. The Executive’s reasonable expenses properly incurred and evidenced and incurred wholly in connection with the performance of his obligations under this Section will be reimbursed, and the Executive will receive a reasonable fee (in an amount determined by the Company or relevant Affiliate) in consideration of his time in complying with this Section.   

ANNEX A

		
	A.
	Severance Benefits.  Without prejudice to Section 3 of this Agreement, the Executive shall receive the following Severance Benefits:

		
	1.
	Cash Severance.  By way of compensation for the termination of his employment but without any admission of liability, the Company will make a payment to the Executive of USD $2,300,000, subject to any necessary deductions for income tax and social security contributions, by electronic transfer to the account nominated by the Executive for payroll purposes, no later than thirty (30) days after the later of: 

		
	(i)
	the Termination Date; and 

		
	(ii)
	receipt by the Company’s General Counsel of a copy of this Agreement (including this Annex A) signed by the Executive, together with the Adviser's certificate in Appendix 1 to this Agreement signed by the Adviser.

		
	2.
	Cash Bonus. A cash amount, payable on the date in March 2020 when such bonus amounts relating to the 2019 calendar year are otherwise payable to similarly situated employees of the Company, equal to the Executive’s bonus under the Cash Incentive Plan (“ECIP”) based on the actual achievement of applicable performance metrics. Any bonus paid shall be paid subject to any necessary deductions for income tax and social security contributions and the Executive waives any further rights to any bonus payment under the ECIP. For the avoidance of doubt, the Executive shall not be entitled to bonus relating to any calendar year after the 2019 calendar year.

The Executive hereby agrees and acknowledges that all equity-based awards (whether to be settled in cash or shares) held by the Executive under any equity or long-term incentive plans of the Company or an Affiliate - including without limitation all Restricted Share Awards, Restricted Share Units and Performance Unit Awards - will be forfeit on the Termination Date. The Executive also hereby waives all rights to any further payments or awards under such plans.
		
	3.
	Tax Assistance: The Company shall pay for the cost associated with the preparation of the Executive’s tax returns and the resolution of any tax issues that may result from payment received as a result of the Executive’s employment with the Company in the United Kingdom in the same manner and to the same extent that the Company provides this benefit to other executives of the Company. It is the Executive’s responsibility to file returns and provide any required documentation on a timely basis to comply with U.S. expatriate tax laws as well as the tax laws of the United Kingdom. The Company shall neither be responsible nor reimburse the Executive for any penalties or interest assessed to or incurred by the Executive resulting from or attributable to the Executive’s failure to timely file any return or timely provide any required information or documentation. Notwithstanding anything herein to the contrary, the third party tax services provided in this Section will only apply with respect to taxes due on payments and other compensation the Executive has received and will receive from the Company and will apply to: (i) any tax periods in which the Executive has received or will receive any such payments or other compensation from the Company and (ii) any tax periods in which the Executive is subject to taxation in the United Kingdom in respect of his employment with the Company.

		
	B.
	Restrictive Covenants  

		
	1.
	In consideration for payment of USD $56,000 (subject to deduction of income tax and National Insurance contributions) (“RC Payment”), the Executive represents to, and covenants with or in favor of the Company and any Affiliate, that:

		
	i.
	the Executive will comply with all post-termination restrictive agreements, policies or covenants that apply to, or cover, the Executive, including, without limitation, those regarding Confidential 

Information (as defined below), return of Company property and non-disparagement, as set forth in Sections B-2, B-3 and B-4 hereof;
		
	ii.
	the Executive will comply with all of the Company’s policies, standards and procedures covering the Executive as an employee, officer or director of the Company or any Affiliate; and

		
	iii.
	the Executive will comply with Section C of this Annex A.

The covenants undertaken by the Executive in this Section are undertaken to the Company for itself and as agent for all Affiliates, and shall apply whether he acts directly or indirectly. 
The Executive hereby agrees that he will, at the request and expense of the Company, enter into a direct agreement or undertaking with any Affiliate whereby he will accept restrictions and provisions corresponding to the restrictions and provisions in this Section (or such of them as may be appropriate in the circumstances) in relation to such activities and such area and for such a period as such Affiliate may reasonably require for the protection of its legitimate business interests.
The Company will make a payment to the Executive of the RC Payment by electronic transfer to the account nominated by the Executive for payroll purposes, no later than thirty (30) days after the later of: 
(i)    the Termination Date; and 
		
	(ii)
	receipt by the Company’s General Counsel of a copy of this Agreement (including this Annex A) signed by the Executive, together with the Adviser's certificate in Appendix 1 to this Agreement signed by the Adviser.

		
	2.
	Confidentiality 

		
	(a)
	During the course of the Executive’s employment with the Company, the Company has or will (1) disclose or entrust to the Executive, and provide the Executive with access to, Confidential Information, (2) place the Executive in a position to develop business goodwill belonging to the Company, and (3) disclose or entrust to the Executive business opportunities to be developed for the Company. 

		
	(b)
	The Executive acknowledges that Confidential Information has been and will be developed or acquired by the Company through the expenditure of substantial time, effort and money and provides the Company with an advantage over competitors who do not know or use the Confidential Information. The Executive further acknowledges and agrees that the nature of the Confidential Information obtained during his employment would make it difficult, if not impossible, for the Executive to perform in a similar capacity for a business competitive with the Company without disclosing or utilising Confidential Information. 

		
	(c)
	During and following the Executive’s employment by the Company, the Executive shall hold in confidence and not directly or indirectly disclose, use, copy or make lists of any Confidential Information, except to the extent necessary to carry out his duties on behalf of the Company. Subject to Section B-6 of this Annex A below, and only insofar as the Executive is permitted to do so (if such compulsion has been requested by any regulatory or governmental authority or body), the Executive agrees to give the Company notice of any and all attempts to compel disclosure of any Confidential Information within one (1) business day of being informed that such disclosure is being, or will be, compelled. Such written notice shall include a description of the Confidential Information to be disclosed, the court, government agency, or other forum through which the disclosure is sought, and the date by which the Confidential Information is to be disclosed, and shall contain a copy of the subpoena, order or other process used to compel disclosure. For the avoidance of doubt, the provisions of this subsection shall not apply to (a) any disclosure or use authorised by the Company or required by applicable law and (b) any information that is or becomes generally available to the public (other than as a result of the Executive’s unauthorised disclosure).

		
	(d)
	This confidentiality covenant shall be in addition to, and not limit or restrict in any way, any other confidentiality agreement or other post-employment covenant between the Executive and the Company.

		
	(e)
	“Confidential Information” means information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to the business, products, affairs and finances of the Company or any Affiliate for the time being confidential to the Company or the relevant Affiliate, and trade secrets including, without limitation, technical data and know-how relating to the business of the Company or any Affiliate or any of their business contacts, including in particular (by way of illustration only and without limitation): (i) information relating to the business of exploring, acquiring, developing, exploiting and disposing of oil and natural gas resources (regardless of when conceived, made, developed or acquired); (ii) information relating to the business or prospective business, current or projected plans or internal affairs of the Company or any Affiliate; (iii) information relating to the current or prospective marketing or sales of any products or services of the Company or any Affiliate, including non-public lists of customers' and suppliers' names, addresses and contacts; sales targets and statistics; market share and pricing information; marketing surveys; research and reports; non-public advertising and promotional material; strategies; and financial and sales data; (iv) information relating to any actual or prospective business strategies of the Company or any Affiliate; (v) information relating to any actual acquisitions, investments or corporate opportunities or prospective acquisition, investment targets or corporate opportunity; (vi) know-how, trade secrets, unpublished information relating to the Company’s or any Affiliate’s intellectual property and to the creation, production or supply of any products or services of the Company or any Affiliate; (vii) information to which the Company or any Affiliate owes an obligation of confidence to a third party (including, without limitation, customers, clients, suppliers, partners, joint venturers and professional advisors of the Company or any Affiliate); and (viii) other commercial, financial or technical information relating to the business or prospective business of the Company or any Affiliate, or to any past, current or prospective client, customer, supplier, licensee, officer or employee, agent of the Company or any Affiliate, or any member or person interested in the share capital or assets of the Company or any Affiliate, and any other person to whom the Company or any Affiliate may provide or from whom they may receive information which is confidential or commercially sensitive and is not in the public domain (whether marked confidential or not). 

		
	3.
	The Executive confirms that all writings, records, and other documents and things comprising, containing, describing, discussing, explaining, or evidencing any Confidential Information, and all equipment, computers, mobile phones, components, manuals, parts, keys, tools, and the like, and any other property in the Executive’s custody, possession or control that have been obtained by, prepared by, or provided to, the Executive by the Company or any Affiliate in the course or scope of his employment with the Company (or any Affiliate) shall be and remains the exclusive property of the Company (or any Affiliate, as applicable), shall not be copied and/or removed from the premises of the Company or any Affiliate, except in pursuit of the business of the Company or any Affiliate, and shall be delivered to the Company or any Affiliate, as applicable, without the Executive retaining any copies or electronic versions, by the Termination Date.  

		
	4.
	To the extent permissible by law or regulatory requirements and to the extent such information is not in the public domain, the Executive and the Company agree to keep the circumstances leading to the termination of the Executive’s employment and the terms (but not the existence) of this Agreement entirely confidential.

		
	5.
	The Executive shall refrain from, either orally or in writing, any criticisms or disparaging comments about the Company, any Affiliate or any of their directors, officers or employees, or in any way relating to his employment or separation from employment with the Company. The Executive further agrees that he will not take any action which could reasonably be expected to damage the reputation or be detrimental to or otherwise critical of the Company or any Affiliate or any of their directors, officers or employees. The Company shall, with effect from the Termination Date, use reasonable endeavors to instruct the executive officers and/or directors of the Company to refrain (subject to any legal or regulatory requirements) from any criticisms or 

disparaging comments (whether orally or in writing) about the Executive or in any way relating to his employment or separation from employment with the Company (or any Affiliate).
		
	6.
	The restrictions contained in this Section B of this Annex A will not apply to the Executive:

		
	a.
	making a disclosure in relation to which he receives specific prior consent from the Company in accordance with Section B-7 of this Annex A such consent not to be unreasonably refused or delayed; 

		
	b.
	making a protected disclosure within the meaning of Part IVA of the Employment Rights Act 1996 (commonly known as “whistleblowing”). For the avoidance of doubt and as a non-exhaustive summary only, a disclosure is protected for these purposes if:

		
	i.
	the Executive has a reasonable belief that the disclosure is made in the public interest and the relevant information disclosed indicates there is, has been, or is likely to be, a criminal offence, a breach of a legal obligation, a miscarriage of justice, danger to the health and safety of an individual or damage to the environment - or that any such matter has been or is likely to be deliberately concealed; and

		
	ii.
	the disclosure is made to an appropriate body, including but not limited to a regulator or legal adviser;

c.     making a disclosure to the police;
d.     reporting an offence to a law enforcement agency;
e.    reporting a regulatory breach to a regulator;
f.    co-operating with a criminal investigation or prosecution; 
g.    complying with an order of a court or tribunal of competent jurisdiction; 
		
	h.
	disclosing information for the purpose of seeking legal, medical or professional advice (provided that the Executive uses reasonable endeavours to ensure that those professional advisers are subject to a duty of confidentiality as regards that disclosure);

i.    disclosing information to the relevant tax authorities in respect of the Executive’s personal tax affairs;
j.    making a relevant pay disclosure under section 77 of the Equality Act 2010;
		
	k.
	disclosing information which is in or has come into the public domain other than through an unauthorised disclosure by the Executive; 

		
	l.
	in respect of the facts leading up to termination or the terms of this Agreement only, disclosing information to the Executive’s spouse, civil partner or partner (provided that the Executive uses reasonable endeavours to ensure that they agree to keep the information confidential); 

		
	m.
	in respect of the facts leading up to termination or the terms of this Agreement only, disclosing information to the Executive’s recruitment consultant or a prospective employer to the extent necessary to discuss his employment history; or 

n.    making any disclosures which are required by law or regulatory requirements.
		
	7.
	If the Executive has any queries in relation to Section B-6 of this Annex A, or in order to seek consent for the purposes of Section B-6(a), these should be directed to the General Counsel of the Company. 

		
	C.
	Intellectual Property

		
	1.
	The Parties are aware that the Executive may create or have created or make or made Company Works, Company Inventions and Company IPR, during the course of his employment and duties with the Company and that all Company Works, Company Inventions and Company IPR were vested in and owned by the Company immediately upon their creation. 

		
	2.
	To the extent that such rights did not or do not vest immediately in the Company:

		
	a.
	the Executive hereby agrees to assign to the Company all of the Executive’s right, title and interest in the Company Works, Company Inventions and Company IPR free of charge subject to the Patents Act 1977; and 

		
	b.
	the Executive hereby assigns to the Company all future copyright, database rights and rights in designs in the Company Works and Company Inventions.  

		
	3.
	The Executive shall promptly disclose to the Company full details of any Company Works, Company Inventions and Company IPR and shall render all possible assistance to the Company both in obtaining and in maintaining such Company IPR and shall forthwith and from time to time, at the request and expense of the Company, do all things and execute all documents necessary or desirable to give effect to the provisions of this Section C of Annex A.

		
	4.
	The Executive shall not, either before or after the Termination Date (unless the same shall have become public knowledge), make public or disclose any Company Works or Company Inventions or give any information in respect of it except to the Company or as the Company may direct. 

		
	5.
	The Executive hereby irrevocably and unconditionally waives, in favour of the Company, its licensees and successors in title any and all moral rights conferred on the Executive by Chapter IV of Part I of the Copyright, Designs and Patents Act 1988 in relation to all Company Works (existing or future).

		
	6.
	In this Section C, the following terms have the following meanings:

	
		
	“Company Invention”
	means any invention, development, discovery, idea, improvement, process or innovation whether patentable or capable of registration or not and whether or not recorded in any medium, made wholly or partially by the Executive alone or with others (except only those which are made by the Executive wholly outside the course of his employment);

	“Company IPR”
	means all Intellectual Property Rights created by the Executive alone or with others (except only those Intellectual Property Rights which are created by the Executive wholly outside the course of his employment) including but not limited to all Intellectual Property Rights subsisting from time to time in any Company Invention or Company Works;

	
		
	“Company Works”
	means all works and materials including but not limited to documents, designs, drawings, photos, graphics, papers, records, reports, software, typographical arrangements get-up, and trade names, authored, originated, conceived, written or made wholly or partially by the Executive alone or with others (except only those which are authored, originated, conceived, written or made by the Executive wholly outside the course of his employment); and

	“Intellectual Property Rights”
	means any and all intellectual property rights including without limitation patents, know-how, trade marks, rights in designs, trade or business names, copyrights, database rights and topography rights (whether or not any of these is registered and including applications for registration of any such thing) and all rights or forms of protection of a similar nature or having equivalent or similar effect to any of these which may subsist anywhere in the world.

		
	D.
	Miscellaneous.  

		
	1.
	This Agreement may be executed in any number of counterparts, and by the Parties on separate counterparts, but shall not be effective until each Party has executed at least one counterpart.

		
	2.
	Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument.

		
	3.
	This Agreement may be executed by faxed or emailed copies.

		
	4.
	Notwithstanding that this Agreement is marked "without prejudice" and "subject to contract" it shall when signed by all Parties become binding and open.

		
	5.
	This Agreement (including for the avoidance of doubt this Annex A) shall be governed by and construed under English law and each of the Parties hereby irrevocably agrees for the exclusive benefit of the Company that the Courts of England are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Agreement.

		
	6.
	This Agreement (including for the avoidance of doubt this Annex A) may be amended or modified only by a written instrument identified as an amendment hereto that is executed by both Parties.  

		
	7.
	This Agreement (including for the avoidance of doubt this Annex A) sets forth the entire agreement of the Parties and fully supersedes and replaces any and all prior agreements, promises, representations, or understandings, written or oral, between the Company (and any Affiliate) and the Executive that relates to the subject matter of this Agreement, other than any terms of employment of the Executive that are expressed to survive termination and have not been terminated by this Agreement. The Executive acknowledges that in executing this Agreement, the Executive does not rely, and has not relied, upon any oral or written representation, promise or inducement by the Company and/or any Affiliate or any of their officers, shareholders or employees, except as expressly contained in this Agreement.

		
	8.
	A Party’s waiver of any breach or violation of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any later breach of the same or any other provision hereof by such Party.

		
	9.
	Should any provision of this Agreement (including for the avoidance of doubt this Annex A) be declared or be determined by any court of competent jurisdiction to be illegal, invalid or unenforceable, all remaining provisions of this Agreement shall otherwise remain in full force and effect and be construed as if such illegal, invalid, or unenforceable provision has not been included herein.

		
	10.
	Wherever appropriate to the intention of the Parties, the respective rights and obligations of the Parties hereunder shall survive any termination or expiration of this Agreement.

		
	11.
	In accordance with the Contracts (Rights of Third Parties) Act 1999, only the Executive, the Company and any Affiliate and any director, officer, employee or shareholder thereof may enforce this Agreement. The consent of only the Parties is required for the variation or termination of this Agreement, even if that variation or termination affects the benefits conferred on any third party.

SIGNED  ..............................................
    for and on behalf of
    Ensco Global Resources Limited

SIGNED  ..............................................
    Patrick Carey Lowe

APPENDIX 1
Adviser's Certificate
		
	1.
	I am a solicitor of the Senior Courts of England and Wales holding a current practising certificate.

		
	2.
	I have advised Patrick Carey Lowe of the terms and effect of this Agreement and, in particular:

a) its effect on his ability to pursue a claim before an Employment Tribunal or other court following its signing; and
b) the nature and limitations of the confidentiality provisions contained in the Agreement.
		
	3.
	I am not acting (and have not acted) in relation to this matter or any other matter for the Company or any Affiliate.

		
	4.
	There is currently in force a policy of insurance covering the risk of a claim by Patrick Carey Lowe in respect of loss arising in consequence of the advice I have given.

Signed ............................................................
Adrian Hoggarth
Jurit LLP

Dated: ............................. 2019

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