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DIGITALBRIDGE GROUP, INC.1
2014 OMNIBUS STOCK INCENTIVE PLAN2
Section 1.    General Purpose of Plan.
The name of this plan is the DigitalBridge Group, Inc. 2014 Omnibus Stock Incentive Plan (the “Plan”). The purpose of the Plan is to enable the Company to attract and retain highly qualified personnel who will contribute to the Company’s success and to provide incentives to Participants (hereinafter defined) that are linked directly to increases in stockholder value and will therefore inure to the benefit of all stockholders of the Company. To accomplish the foregoing, the Plan provides that the Company may grant awards of Stock, Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights, Cash-Based Awards and Other Awards (each as hereinafter defined).
Section 2.    Definitions.
For purposes of the Plan, the following terms shall be defined as set forth below:
(a)“Administrator” means, except as provided in Section 3(a), the Board, or the compensation committee of the Board or a similar committee performing the functions of the compensation committee and which is comprised of not less than two Non‐Employee Directors who are independent.
(b)“Award” means an award of Stock, Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights, Cash-Based Award or Other Awards under the Plan.
(c)“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.
(d)“Board” means the Board of Directors of the Company.

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 1 Effective June 21, 2021, Colony Capital, Inc. (fka Colony NorthStar, Inc.) changed its name to “DigitalBridge Group, Inc.” 
 2 As adjusted to reflect the series of merger and reorganization transactions (collectively, the “CLNS Merger”) contemplated by that certain Agreement and Plans of Merger, dated as of June 2, 2016, by and among NorthStar Asset Management Group Inc. (“NSAM”), Colony Capital, Inc., NorthStar Realty Finance Corp. and other signatories thereto, as amended from time to time, pursuant to which Colony Capital, Inc. (fka Colony NorthStar, Inc.) survived the CLNS Merger and succeeded to the obligations of NSAM under the NorthStar Asset Management Group Inc. 2014 Omnibus Stock Incentive Plan (the “NSAM Plan”). The DigitalBridge Group, Inc. 2014 Omnibus Stock Incentive Plan, as adjusted, will govern future Awards to eligible recipients subsequent to the CLNS Merger. Awards granted under the NSAM Plan prior to the CLNS Merger will continue to be governed, to the extent applicable, by the terms of the NSAM Plan prior to the adjustments made herein. 
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(e)“Cash-Based Award” means an Award entitling the recipient to receive a cash-denominated payment.
(f)“Change in Control” means: 
(i)The acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of either (i) the then outstanding shares of Stock (the “Outstanding Company Stock”) or (ii) 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”), each as determined on a fully diluted basis; provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company; (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation or trust controlled by the Company; and (C) any acquisition by any entity pursuant to a transaction which complies with clauses (A), (B), and (C) of subsection (iii) of this Section 2(f); or 
(i)Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board shall 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 an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or
(iii) Consummation of a reorganization, merger, or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of Directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be; (B) no Person (excluding any corporation or trust resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation or trust resulting from such Business Combination) beneficially owns, directly or indirectly, thirty-five percent (35%) or more of the then outstanding shares of the corporation or trust resulting from such Business Combination or the combined 
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voting power of the then outstanding voting securities of such corporation or trust except to the extent that such ownership existed prior to the Business Combination; and (C) at least a majority of the members of the board of directors of the corporation or trust resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
(iv) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company and consummation of such transaction.
(g)“CLNS Merger” means the series of merger and reorganization transactions contemplated by that certain Agreement and Plans of Merger, dated as of June 2, 2016, by and among NSAM, Colony Capital, Inc., NorthStar Realty Finance Corp. and other signatories thereto, as amended from time to time, pursuant to which the Company survived the CLNS Merger and succeeded to the obligations of NSAM under the Plan.
(h)“Code” means the Internal Revenue Code of 1986, as amended from time-to-time, or any successor thereto.
(i)“Company” means DigitalBridge Group, Inc. (fka Colony Capital, Inc.), a Maryland corporation (or any successor corporation), as successor in interest to NSAM.
(j)“Covered Employee” means an employee who is a “Covered Employee” within the meaning of Section 162(m) of the Code.
(k)“Dividend Equivalent Right” means an Award entitling the Participant to receive credits based on cash dividends that would have been paid on the shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued to and held by the Participant.
(l)“Effective Date” means the date on which the Plan was approved by stockholders as set forth in Section 18.
(m)“Eligible Recipient” means an officer, director (including a Non-Employee Director), employee, co-employee, consultant or advisor of the Company or of any Parent or Subsidiary who provides services to the Company.
(n)“Exchange Act” means the Securities Exchange Act of 1934, as amended from time-to-time.
(o)“Fair Market Value” means, as of any given date, the fair market value of a share of Stock as determined by the Administrator using any reasonable method and in good faith; provided that if shares of Stock are admitted to trading on a national securities exchange, the fair market value of a share of Stock on any date shall be the closing sale price reported for such share on the exchange on such date on which a sale was reported.
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(p)“Free Standing Rights” has the meaning set forth in Section 8 hereof.
(q)“Free Standing Stock Appreciation Rights” has the meaning set forth in Section 8 hereof.
(r)“Incentive Stock Option” means any Stock Option intended to be designated as an “incentive stock option” within the meaning of Section 422 of the Code.
(s)“NSAM” means NorthStar Asset Management Group Inc., a Delaware corporation and the predecessor of the Company, which merged with and into the Company in connection with the CLNS Merger.
(t)“Non-Employee Director” means a director of the Company who is not an employee of the Company who qualifies as a “non-employee director” as defined in Rule 16b-3 under the Exchange Act and as an “outside director” as defined in Section 162(m) of the Code.
(u)“Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock Option, including any Stock Option that provides (as of the time such Stock Option is granted) that it will not be treated as an Incentive Stock Option.
(v)“Other Awards” means an award granted pursuant to Section 12 hereof.
(w)“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations in the chain (other than the Company) owns stock possessing 50% or more of the combined voting power of all classes of stock in one of the other corporations in the chain.
(x)“Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority in Section 3 below, to receive an Award.
(y)“Performance-Based Award” means any Award of Restricted Stock, Restricted Stock Units, Cash-Based Award or Other Award granted to a Covered Employee that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code and the regulations promulgated thereunder.
(z)“Performance Criteria” means the criteria that the Administrator selects for purposes of establishing the Performance Goal or Performance Goals for an individual for a Performance Cycle. The Performance Criteria (which shall be applicable to the organizational level or entity specified by the Administrator, including, but not limited to, the Company’s Parent, the Company or a unit, division, group, or Subsidiary of the Company or any entity managed by the Company or its Subsidiary and/or any combination of the foregoing) that will be used to establish Performance Goals are limited to the following: total shareholder return; cash available for distribution; earnings before interest, taxes, depreciation and amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization or any other adjustment); changes in the market price of the Stock or stock of any entity 
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managed by the Company or its subsidiary; economic value-added; funds from operations or similar measures, including adjusted funds from operations and equity adjusted funds from operations; sales or revenue; acquisitions or strategic transactions; operating income (loss); cash flow (including, but not limited to, operating cash flow and free cash flow); return on capital, assets, equity, or investment; return on sales; liquidity; balance sheet liquidity; CDO liquidity; discounted payoff; non-listed REIT capital-raise; gross or net profit levels; productivity; expense; margins; operating efficiency; working capital; earnings (loss) per share of Stock or stock of any entity managed by the Company or its subsidiary; sales or market shares and assets under management; any of which may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group or index. The Administrator may appropriately adjust any evaluation of performance under a Performance Goal to exclude any of the following events that occurs during the applicable performance period: (i) asset write-downs or impairments, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reporting results, (iv) accruals for reorganizations and restructuring programs, (v) any non-recurring items, including those described in the Financial Accounting Standards Board’s authoritative guidance and/or in management’s discussion and analysis of financial condition of operations appearing the Company’s (or other applicable entity’s) annual report to stockholders for the applicable year, and (vi) any other extraordinary items adjusted from the Company U.S. GAAP results. 
(aa)“Performance Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select, over which the attainment of one or more Performance Criteria will be measured for the purpose of determining a grantee’s right to and the payment of an Award of Restricted Stock, Restricted Stock Units, Cash-Based Award or Other Award, the vesting and/or payment of which is subject to the attainment of one or more Performance Goals. 
(bb)“Performance Goals” means, for a Performance Cycle, the specific goals established in writing by the Administrator for a Performance Cycle based upon the Performance Criteria. 
(cc)“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, other entity or “group” (as defined in the Exchange Act).
(dd)“Plan” has the meaning set forth to it in Section 1 hereof. 
(ee)“Related Rights” has the meaning set forth in Section 8 hereof. 
(ff)“Related Stock Appreciation Rights” has the meaning set forth in Section 8 hereof. 
(gg)“Restricted Period” has the meaning set forth in Section 9 hereof. 
(hh)“Restricted Stock” means shares of Stock subject to certain restrictions granted pursuant to Section 9 below. 
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(ii)“Restricted Stock Unit” means an Award of phantom stock units subject to certain restrictions granted pursuant to Section 10 below, which may be settled in Stock. 
(jj)“Sale Price” means the value as determined by the Administrator of the consideration payable, or otherwise to be received by stockholders, per share of Stock pursuant to a transaction described in Section 5(b) below. 
(kk)“Securities Act” means the Securities Act of 1933, as amended. 
(ll)“Stock” means the common stock, par value $0.01 per share, of the Company. 
(mm)“Stock Appreciation Right” means the right pursuant to an award granted under Section 8 below to receive an amount equal to the excess, if any, of (A) the Fair Market Value, as of the date such Stock Appreciation Right or portion thereof is surrendered, of the shares of Stock covered by such right or such portion thereof, over (B) the aggregate exercise price of such right or such portion thereof. 
(nn)“Stock Option” means an option to purchase shares of Stock granted pursuant to Section 7 below.
(oo)“Subsidiary” means any corporation or other entity (other than the Company) in which the Company has a controlling interest, either directly or indirectly.
(pp)“Unit” or “Units” means units, membership units or other equity interests in the operating partnership or limited liability company subsidiary of the Company.
Section 3.    Administration.
(a)The Plan shall be administered in accordance with the requirements of Section 162(m) of the Code (but only to the extent necessary and desirable to maintain qualification of Awards under the Plan under Section 162(m) of the Code) and, to the extent applicable, Rule 16b-3 under the Exchange Act by the Administrator. 
(b)The Administrator shall have the power and authority to grant Stock, Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights, Cash-Based Awards, Other Awards or any combination of the foregoing hereunder to Eligible Recipients pursuant to the terms of the Plan. In particular, but without limitation, the Administrator shall have the authority:
(i)     to select those Eligible Recipients who shall be Participants;
(ii)     to determine whether and to what extent Awards are to be granted hereunder to Participants;
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(iii)     to determine the number of shares of Stock to be covered by each Award granted hereunder;
(iv)     to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder, including the waiver or modification of any such terms or conditions;
(v)     to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Awards granted hereunder, including the waiver or modification of any such terms or conditions;
(vi)     to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time-to-time deem advisable; and
(vii)    to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any award certificates relating thereto) and to otherwise supervise the administration of the Plan.
(c)The Administrator may, in its absolute discretion, without amendment to the Plan: (i) accelerate the date on which any Stock Option or Stock Appreciation Right granted under the Plan becomes exercisable, waive or amend the operation of Plan provisions respecting exercise after termination of employment or otherwise adjust any of the terms of such Stock Option or Stock Appreciation Right; and (ii) accelerate the lapse of restrictions or waive any condition imposed hereunder, with respect to any share of Restricted Stock, Restricted Stock Unit or Other Award or otherwise adjust any of the terms applicable to any such Award; provided, however, that no action under this Section 3(c) shall adversely affect any outstanding Award without the consent of the holder thereof.
(d)All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the Company and the Participants. No member of the Administrator, nor any officer or employee of the Company acting on behalf of the Administrator, shall be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Plan and all members of the Administrator and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination or interpretation.
Section 4.    Shares Reserved for Issuance Under the Plan.
The total number of shares of Stock reserved and available for issuance under the Plan shall be 8,460,491 shares of Stock, subject to adjustment as provided in Section 5(a), which represents 5,625,000 shares of Stock originally authorized and reserved for issuance (the “Initial Limit”), plus 2,835,491 additional shares of Stock added as a result of Annual Increases (as defined below) occurring pursuant to the terms of the Plan prior to the effective time of the CLNS Merger. For the avoidance of doubt, the total number of shares of Stock available for issuance under the Plan following the effective time of the CLNS Merger will be reduced by the number of shares of common stock of NSAM issued prior to the effective 
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time of the CLNS Merger pursuant to Awards granted under the Plan. In addition, on January 1, 2018 and each January 1 thereafter, the number of shares of Stock reserved and available for issuance under the Plan shall be cumulatively increased by two percent (2%) of the number of shares of Stock issued and outstanding on the immediately preceding December 31 (the “Annual Increase”). For purposes of this limitation, the shares of Stock underlying any Awards that are forfeited, canceled, held back upon exercise of a Stock Option or settlement of an Award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise) shall be added back to the shares of Stock available for issuance under the Plan.  Subject to such overall limitations, shares of Stock may be issued up to the Initial Limit pursuant to Incentive Stock Options, and Stock Options or Stock Appreciation Rights with respect to no more than the Initial Limit may be granted to any one individual Eligible Recipient during any one calendar year period. The shares available for issuance under the Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company. 
Section 5.    Equitable Adjustments; Sale Events
(a)Upon the occurrence of any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure affecting the Stock, the Administrator shall make appropriate equitable adjustments, which may include, without limitation, adjustments to: (i) the aggregate number of shares of Stock reserved for issuance under the Plan; (ii) the kind, number and exercise price of outstanding Stock Options and Stock Appreciation Rights granted under the Plan; and (iii) the kind, number and purchase price of shares of Stock subject to outstanding awards of Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights and Other Awards granted under the Plan, in each case as may be determined by the Administrator, in its sole discretion. The Administrator shall also make appropriate equitable adjustments in the number of shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration cash dividends paid other than in the ordinary course or any other extraordinary corporate event. Such other substitutions or adjustments shall be made as may be determined by the Administrator, in its sole discretion. The adjustment by the Administrator shall be final, binding and conclusive.
(b)Except as the Administrator may otherwise specify with respect to particular Awards in the relevant award certificate, in the case of and subject to the consummation of (1) a merger, share exchange, reorganization or consolidation or (2) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated Person, all Stock Options and Stock Appreciation Rights that are not exercisable immediately prior to the effective time of such transaction shall become fully exercisable as of the effective time of such transaction, all other Awards with time-based vesting, conditions or restrictions shall become fully vested and nonforfeitable as of the effective time of such transaction and all Awards with conditions and restrictions relating to the attainment of performance goals may become vested and nonforfeitable in connection with such transaction in the Administrator’s discretion, unless, in any case, the parties to such transaction agree that Awards will be assumed or continued by the successor entity or new Awards of the successor entity or parent thereof will be substituted for such Awards with appropriate adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree. Upon the effective time of any such 
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transaction, the Plan and all outstanding Awards granted hereunder shall terminate, unless provision is made in connection with such transaction in the sole discretion of the parties thereto for the assumption or continuation of such Awards by the successor entity, or the substitution of such Awards with new Awards of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree. In the event of such termination: (1) the Company shall have the option (in its sole discretion) to make or provide for a cash payment to the holders of Stock Options and Stock Appreciation Rights, in exchange for the cancellation thereof, in an amount equal to the difference between (A) the Sale Price multiplied by the number of shares of Stock subject to outstanding Options and Stock Appreciation Rights (to the extent then exercisable (after taking into account any acceleration hereunder) at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding Options and Stock Appreciation Rights; or (2) each Participant shall be permitted, within a specified period of time prior to the consummation of such transaction as determined by the Administrator, to exercise all outstanding Options and Stock Appreciation Rights held by such Participant. In connection with any such transaction in which the shares of Stock are exchanged for or converted into the right to receive cash, the parties to any such transaction may also provide that some or all outstanding Awards that would otherwise not be fully vested and exercisable in full after giving effect to the transaction will be converted (a “Converted Award”) into the right to receive the Sale Price multiplied by the number of shares subject to such Awards (net of the applicable exercise price), subject to any remaining vesting provisions relating to such Awards and the other terms and conditions of such transaction (such as indemnification obligations and purchase price adjustments) to the extent provided by the parties to such transaction.
Section 6.    Eligibility.
Eligible Recipients shall be eligible to be granted Stock, Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights, Cash-Based Awards, Other Awards or any combination of the foregoing hereunder. The Participants under the Plan shall be selected from time-to-time by the Administrator, in its sole discretion, from among the Eligible Recipients, and the Administrator shall determine, in its sole discretion, the number of shares of Stock covered by each such Award.
Section 7.    Stock Options.
Stock Options may be granted alone or in addition to other Awards granted under the Plan. Any Stock Option granted under the Plan shall be in such form as the Administrator may from time-to-time approve, and the provisions of Stock Option awards need not be the same with respect to each Participant. Each participant who is granted a Stock Option shall receive an award certificate of the Stock Option, in such form as the Administrator shall determine, which shall set forth, among other things, the option price of the Stock Option, the term of the Stock Option and provisions regarding exercisability of the Stock Option granted thereunder.
The Stock Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Non-Qualified Stock Options.
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The Administrator shall have the authority to grant to any officer or employee of the Company or of any Parent or Subsidiary (including directors who are also officers of the Company) Incentive Stock Options, Non-Qualified Stock Options or both types of Stock Options (in each case with or without Stock Appreciation Rights). Directors who are not also employees or officers of the Company or of any Parent or Subsidiary, consultants or advisors to the Company or to any Parent or Subsidiary may only be granted Non-Qualified Stock Options (with or without Stock Appreciation Rights). To the extent that any Stock Option does not qualify as an Incentive Stock Option, it shall constitute a separate Non-Qualified Stock Option. More than one Stock Option may be granted to the same Participant and be outstanding concurrently hereunder.
Stock Options granted under the Plan shall be subject to the following terms and conditions and to the award certificate evidencing each Award which shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable:
(a)Option Price. The option exercise price per share of Stock underlying each Stock Option shall be determined by the Administrator in its sole discretion at the time of grant but shall not be less than 100% of the Fair Market Value of the Stock on such date (or with respect to Incentive Stock Options, 110% of the Fair Market Value per share on such date if, on such date, the Eligible Recipient owns, or is deemed to own under the Code, stock possessing more than ten percent (10%) (a “Ten Percent Owner”) of the total combined voting power of all classes of Stock).
(b)Option Term. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more than ten years after the date such Stock Option is granted; provided, however, that if the Eligible Recipient is a Ten Percent Owner, an Incentive Stock Option may not be exercisable after the expiration of five years from the date such Incentive Stock Option is granted.
(c)Exercisability. Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after the time of grant; provided, however, that no action following the time of grant shall adversely affect any outstanding Stock Option without the consent of the holder thereof. The Administrator may provide at the time of grant, in its sole discretion, that any Stock Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine, in its sole discretion, including but not limited to in connection with any change in control of the Company.
(d)Method of Exercise. Subject to Section 7(c), Stock Options may be exercised in whole or in part at any time during the option period, by giving written notice of exercise to the Company specifying the number of shares of Stock to be purchased, accompanied by payment in full of the purchase price in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, payment in whole or in part may also be made: (i) by certified or bank check or other instrument acceptable to the Administrator; (ii) in the form of unrestricted Stock already owned by the Participant which has a Fair Market Value on the date of surrender equal to the 
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aggregate option price of the Stock as to which such Stock Option shall be exercised and subject to such other terms and conditions as the Administrator may provide, provided, however, that in the case of an Incentive Stock Option, the right to make payment in the form of already owned shares of Stock may be authorized only at the time of grant; (iii) by the Participant delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the Participant chooses to pay the purchase price as so provided, the Participant and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; (iv) with respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; (v) any other form of consideration approved by the Administrator and permitted by applicable law; or (vi) any combination of the foregoing.
(e)Rights as Stockholder. A Participant shall generally have the rights to dividends and any other rights of a stockholder with respect to the Stock subject to the Stock Option only after the Participant has given written notice of exercise, has paid in full for such shares, and, if requested, has given the representation described in paragraph (b) of Section 17 below.
(f)Termination of Employment or Service. In the event that a Participant ceases to be employed by or to provide services to any of the Company, any Parent or any Subsidiary, any outstanding Stock Options previously granted to such Participant shall be exercisable at such time or times and subject to such terms and conditions as set forth in the award certificate governing such Awards. Unless otherwise provided in the award certificate, Stock Options granted to such Participant, to the extent they were not vested and exercisable at the time of such termination, shall expire on the date of such termination.
(g)Annual Limit on Incentive Stock Options. In addition to the limitation applicable to Stock Options in Section 4 above, to the extent that the aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of shares of Stock with respect to which Incentive Stock Options granted to a Participant under this Plan and all other option plans of the Company or of any Parent or Subsidiary become exercisable for the first time by the Participant during any calendar year exceeds $100,000 (as determined in accordance with Section 422(d) of the Code), the portion of such Incentive Stock Options in excess of $100,000 shall be treated as Non-Qualified Stock Options.
Section 8.    Stock Appreciation Rights.
Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or part of any Stock Option granted under the Plan (“Related Rights”). In the case of a Non-Qualified Stock Option, Related Rights may be granted either at or after the time of the grant of such Stock Option. In the case of an Incentive Stock Option, Related Rights may be granted only at the time of the grant of the Incentive Stock Option. The Administrator shall determine the Eligible Recipients 
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to whom, and the time or times at which, grants of Stock Appreciation Rights shall be made; the number of shares of Stock to be awarded, the exercise price and all other conditions of Stock Appreciation Rights. The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. 
Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions and to the award certificate evidencing such Award which shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable:
(a)Awards. Participants who are granted Stock Appreciation Rights shall have no rights as stockholders of the Company with respect to the grant or exercise of such rights.
(b)Exercisability.
(i)    Stock Appreciation Rights that are Free Standing Rights (“Free Standing Stock Appreciation Rights”) shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after grant.
(ii)    Stock Appreciation Rights that are Related Rights (“Related Stock Appreciation Rights”) shall be exercisable only at such time or times and to the extent that the Stock Options to which they relate shall be exercisable in accordance with the provisions of Section 7 above and this Section 8 of the Plan; provided, however, that a Related Stock Appreciation Right granted in connection with an Incentive Stock Option shall be exercisable only if and when the Fair Market Value of the Stock subject to the Incentive Stock Option exceeds the option price of such Stock Option.
(c)Payment Upon Exercise.
(i)    Upon the exercise of a Free Standing Stock Appreciation Right, the Participant shall be entitled to receive up to, but not more than, an amount in cash or that number of shares of Stock (or any combination of cash and shares of Stock) equal in value to the excess of the Fair Market Value of one share of Stock as of the date of exercise over the price per share specified in the Free Standing Stock Appreciation Right (which price shall be no less than 100% of the Fair Market Value of the Stock on the date of grant) multiplied by the number of shares of Stock in respect of which the Free Standing Stock Appreciation Right is being exercised, with the Administrator having the right to determine the form of payment. 
(ii)    A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, an amount in cash or that number of shares of Stock (or any combination of cash and shares of Stock) equal in value to the excess of the Fair Market Value of one share of Stock as of the date of exercise over the option price per share specified in the related Stock Option multiplied by the number of shares of Stock in respect of which the Related Stock Appreciation Right is being exercised, with the Administrator having the right to determine the form of payment. Stock 
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Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.
(d)Termination of Employment or Service.
(i)    In the event that a Participant ceases to be employed by or to provide services to any of the Company, any Parent or any Subsidiary, any outstanding Stock Appreciation Rights previously granted to such Participant shall be exercisable at such time or times and subject to such terms and conditions as set forth in the award certificate governing such Awards. Unless otherwise provided in the award certificate, Stock Appreciation Rights granted to such Participant, to the extent they were not vested and exercisable at the time of such termination, shall expire on the date of such termination.
(ii)    In the event of the termination of employment or service of a Participant who has been granted one or more Related Stock Appreciation Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as applicable to the related Stock Options.
(e)Term.
(i)The term of each Free Standing Stock Appreciation Right shall be fixed by the Administrator, but no Free Standing Stock Appreciation Right shall be exercisable more than ten years after the date such right is granted.
(ii)The term of each Related Stock Appreciation Right shall be the term of the Stock Option to which it relates, but no Related Stock Appreciation Right shall be exercisable more than ten years after the date such right is granted.
Section 9.    Restricted Stock.
Awards of Restricted Stock may be issued either alone or in addition to other Awards granted under the Plan and shall be evidenced by an award certificate. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, Restricted Stock awards shall be made; the number of shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Stock; the Restricted Period (as defined in Section 9 (c)) applicable to Restricted Stock awards; and all other conditions applicable to Restricted Stock awards. The provisions of the awards of Restricted Stock need not be the same with respect to each Participant.
(a)    Purchase Price. The price per share, if any, that a Participant must pay for shares purchasable under an award of Restricted Stock shall be determined by the Administrator in its sole discretion at the time of grant.
(b)    Awards and Certificates. If such Restricted Stock is certificated, each Participant who is granted an award of Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock, which certificate shall be registered in the name of the Participant and shall bear an 
13

appropriate legend referring to the terms, conditions and restrictions applicable to any such Award; provided that the Company may require that the stock certificates evidencing Restricted Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any Restricted Stock award, the Participant shall have delivered a stock power, endorsed in blank, relating to the shares covered by such Award. Uncertificated Restricted Stock shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until such shares of Restricted Stock are vested.
(c)    Nontransferability; Restrictions. The Restricted Stock awards granted pursuant to this Section 9 shall be subject to the restrictions on transferability set forth in this Section 9(c) and Section 17(c) during such period as may be set by the Administrator in the award certificate (the “Restricted Period”); provided that the Administrator may, in its sole discretion, provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine in its sole discretion. The Administrator may also impose such other restrictions and conditions, including the achievement of pre-established corporate performance goals on awarded Restricted Stock as it deems appropriate. Any attempt to dispose of any Restricted Shares in contravention of any such restrictions shall be null and void and without effect.
(d)    Rights as a Stockholder. Except as provided in Section 9(b) or as otherwise provided in an award certificate, the Participant shall possess all incidents of ownership with respect to shares of Restricted Stock during the Restricted Period, including the right to receive dividends with respect to such shares and to vote such shares. If certificated, certificates for unrestricted shares of Stock shall be delivered to the Participant promptly after, and only after, the Restricted Period shall expire without forfeiture in respect of such awards of Restricted Stock except as the Administrator, in its sole discretion, shall otherwise determine.
(e)    Termination of Employment. In the event that a Participant ceases to be employed by or to provide services to any of the Company, any Parent or any Subsidiary during the Restricted Period, any rights pursuant to any Award of Restricted Stock previously granted to such Participant shall be subject to such terms and conditions as set forth in the award certificate governing such Awards. Unless otherwise provided in the award certificate, the Restricted Stock awards granted to such Participant, to the extent that restrictions have not lapsed or applicable conditions have not been met at the time of such cessation of employment or provision of services, shall expire on the date of such termination.
Section 10.    Restricted Stock Units.
(a)    Nature of Restricted Stock Units. The Administrator shall determine the restrictions and conditions applicable to each Restricted Stock Unit at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. Each grant of Restricted Stock Units shall be evidenced by an award certificate. The terms and conditions of each such grant of Restricted Stock Units shall be determined by the 
14

Administrator and such terms and conditions may differ among individual Awards and Participants. At the time and upon the terms and conditions set forth in the award certificate with respect to Restricted Stock Units, the Restricted Stock Units shall be settled in the form of shares of Stock; provided that, to the extent permitted in the award certificate, the Restricted Stock Units may be settled in cash or such other consideration as may be specified in such award certificate. To the extent that an award of Restricted Stock Units is subject to Section 409A of the Code, it may contain such additional terms and conditions as the Administrator shall determine in its sole discretion in order for such Award to comply with the requirements of Section 409A of the Code.
(b)    Election to Receive Restricted Stock Units in Lieu of Compensation. The Administrator may, in its sole discretion, permit a Participant to elect to receive a portion of future cash compensation otherwise due to such Participant in the form of an award of Restricted Stock Units. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified by the Administrator and in accordance with Section 409A of the Code and such other rules and procedures established by the Administrator. Any such future cash compensation that the Participant elects to defer shall be converted to a fixed number of Restricted Stock Units based on the Fair Market Value of Stock on the date the compensation would otherwise have been paid to the Participant if such payment had not been deferred as provided herein. The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as the Administrator deems appropriate. Any Restricted Stock Units that are elected to be received in lieu of cash compensation shall be fully vested, unless otherwise provided in the applicable award certificate.
(c)    Rights as a Stockholder. A Participant shall have the rights as a stockholder only as to shares of Stock acquired by the Participant upon settlement of Restricted Stock Units; provided, however, that the Participant may be credited with Dividend Equivalent Rights with respect to the stock units underlying his Restricted Stock Units, subject to such terms and conditions as the Administrator may determine.
Section 11.    Dividend Equivalent Rights
(a)    Dividend Equivalent Rights. A Dividend Equivalent Right may be granted hereunder to any Eligible Recipient as a component of an Award or as a freestanding award. The terms and conditions of Dividend Equivalent Rights shall be specified in an award certificate with respect to the Award. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional shares of Stock, which may thereafter accrue additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment or such other price as may then apply under a dividend reinvestment plan sponsored by the Company, if any, as specified in the applicable Award. The Administrator may provide that Dividend Equivalent Rights may be settled in cash or shares of Stock or a combination thereof, in a single installment or installments. A Dividend Equivalent Right granted as a component of an Award may provide that such Dividend Equivalent Right shall be settled upon settlement or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same 
15

conditions as such other Award. A Dividend Equivalent Right granted as a component of an Award may also contain terms and conditions different from such other Award.
(b)    Termination. Except as may otherwise be provided by the Administrator either in the applicable award certificate or, subject to Section 15 below, in writing after the Award is issued, a Participant’s rights in all Dividend Equivalent Rights granted as a component of an Award that has not vested shall automatically terminate upon the Participant’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for any reason.
Section 12.    Other Awards.
(a)    Nature of Other Awards. Other forms of Awards (“Other Awards”) that may be granted under the Plan include Awards that are valued in whole or in part by reference to, or are otherwise calculated by reference to or based on, shares of Stock, including without limitation: (i) Units; (ii) convertible preferred stock, convertible debentures and other convertible, exchangeable or redeemable securities or equity interests (including Units); (iii) membership interests in a Subsidiary or operating partnership; and (iv) Awards valued by reference to book value, fair value or performance parameters relative to the Company or any Subsidiary or group of Subsidiaries. For purposes of calculating the number of shares of Stock underlying an Other Award relative to the total number of shares of Stock reserved and available for issuance under Section 4, the Administrator shall establish in good faith the maximum number of shares of Stock to which a grantee of such Other Award may be entitled upon fulfillment of all applicable conditions set forth in the relevant Award documentation, including vesting, accretion factors, conversion ratios, exchange ratios and the like. If and when any such conditions are no longer capable of being met, in whole or in part, the number of shares of Stock underlying such Other Award shall be reduced accordingly by the Administrator and the related shares of Stock shall be added back to the shares of Stock available for issuance under the Plan. Other Awards may be issued either alone or in addition to other Awards granted under the Plan and shall be evidenced by an Award certificate. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, Other Awards shall be made; the number of shares of Stock or Units to be awarded; the price, if any, to be paid by the Participant for the acquisition of Other Awards; and the restrictions and conditions applicable to Other Awards. Conditions may be based on continuing employment (or other service relationship), computation of financial metrics and/or achievement of pre-established performance goals and objectives. The Administrator may require that Other Awards be held through a limited partnership or a similar “look-through” entity and the Administrator may require such limited partnership or similar entity to impose restrictions on its partners or other beneficial owners that are not inconsistent with the provisions of this Section 12. The provisions of the grant of Other Awards need not be the same with respect to each Participant. 
(b)    Rights as Stockholder. Until such time as an Other Award is actually converted into, exchanged for, or paid out in shares of Stock, a Participant shall have no rights as a holder of Stock.
(c)    Termination of Employment or Service. In the event that a Participant ceases to be employed by or to provide services to the Company, any Parent, or any Subsidiary, any outstanding Other 
16

Awards previously granted to such Participant shall be subject to such terms and conditions as set forth in the Award certificate governing such Other Awards. Except as may otherwise be provided by the Administrator either in the Award certificate, or subject to Section 15 below, in writing after the Award certificate is issued, a Participant’s rights in all Other Awards that have not vested shall automatically terminate upon the Participant’s termination of employment (or cessation of service relationship) with the Company, its Parents and its Subsidiaries for any reason.
Section 13.    Cash-Based Awards.
The Administrator may grant Cash-Based Awards under the Plan. A Cash-Based Award is an Award that entitles the Participant to a payment in cash upon the attainment of specified Performance Goals. The Administrator shall determine the maximum duration of the Cash-Based Award, the amount of cash to which the Cash-Based Award pertains, the conditions upon which the Cash-Based Award shall become vested or payable, and such other provisions as the Administrator shall determine. Each Cash-Based Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the Administrator. Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be made in cash.
Section 14.    Performance Based Awards to Covered Employees.
(a)    Performance-Based Awards. The Administrator may grant one or more Performance-Based Awards in the form of Restricted Stock, Restricted Stock Units, Other Awards or Cash-Based Awards payable upon the attainment of Performance Goals that are established by the Administrator and relate to one or more of the Performance Criteria, in each case on a specified date or dates or over any period or periods determined by the Administrator. The Administrator shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for any Performance Cycle. Each Performance-Based Award shall comply with the provisions set forth below.
(b)    Grant of Performance-Based Awards. With respect to each Performance-Based Award granted to a Covered Employee, the Administrator shall select, within the first ninety (90) days of a Performance Cycle (or if the Performance Cycle is other than one year, within the maximum period allowed under Section 162(m) of the Code) the Performance Criteria for such grant, and the Performance Goals with respect to each Performance Criterion (including a threshold level of performance below which no amount will become payable with respect to such Award). Each Performance-Based Award will specify the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable performance targets. The Performance Criteria established by the Administrator may be (but need not be) different for each Performance Cycle and different Performance Goals may be applicable to Performance-Based Awards to different Covered Employees.
(c)    Payment of Performance-Based Awards. Following the completion of a Performance Cycle, the Administrator shall meet to review and certify in writing whether, and to what extent, the Performance Goals for the Performance Cycle have been achieved and, if so, to also calculate and certify in writing the amount of the Performance-Based Awards earned for the Performance Cycle. 
17

The Administrator shall then determine the actual size of each Covered Employee’s Performance-Based Award.
(d)    Maximum Award Payable. The maximum Performance-Based Award payable to any one Covered Employee under the Plan for a Performance Cycle is the Initial Limit (subject to adjustment as provided in Section 5(a) hereof) or $100,000,000 in the case of a Performance-Based Award that is payable in cash.
Section 15.    Amendment and Termination.
The Board may, at any time, amend or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the Participant’s consent. Except as provided in Section 5, in no event may the Administrator exercise its discretion to reduce the exercise price of outstanding Stock Options or Stock Appreciation Rights or cancel, exchange, substitute, buyout or surrender outstanding Stock Options or Stock Appreciation Rights in exchange for cash, other awards or Stock Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original Stock Options or Stock Appreciation Rights without shareholder approval. The Board, in its discretion, may determine to make any Plan amendments subject to approval by the Company’s stockholders for purposes of complying with applicable stock exchange requirements, ensuring that compensation earned under Awards qualifies as performance-based compensation under Section 162(m) of the Code or ensuring that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code. Nothing in this Section 15 shall limit the Administrator’s authority to take any action permitted pursuant to Section 5.
Section 16.    Unfunded Status of Plan.
The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.
Section 17.    General Provisions.
(a)    Securities Laws Compliance. Shares of Stock shall not be issued pursuant to the exercise or settlement of any Award granted hereunder unless the exercise or settlement of such Award and the issuance and delivery of such shares of Stock pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act, the Exchange Act and the requirements of any stock exchange upon which the Stock may then be listed and shall be further subject to the approval of counsel for the Company with respect to such compliance. Stock Option exercises and other Awards under the Plan shall be subject to the Company’s insider trading policy and procedures, as in effect from time-to-time.
(b)    Delivery of Stock. Certificated Stock granted under this Plan shall be deemed delivered for all purposes when the Company or a stock transfer agent of the Company shall have mailed 
18

certificates evidencing such Stock in the United States mail, addressed to the Participant, at the Participant’s last known address on file with the Company. Uncertificated Stock shall be deemed delivered for all purposes when the Company or a transfer agent of the Company shall have given to the Participant by electronic mail (with proof of receipt) or by United States mail, addressed to the Participant, at the Participant’s last known address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records). Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any Stock pursuant to the exercise of any Award, unless and until the Administrator has determined, with advice of counsel (to the extent the Administrator deems such advice necessary or advisable), that the issuance and delivery of such Stock is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed, quoted or traded. All Stock delivered pursuant to the Plan shall be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with federal, state or foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock is listed, quoted or traded. The Administrator may place legends on any Stock certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Administrator may require that an individual make such reasonable covenants, agreements and representations as the Administrator, in its discretion, deems necessary or advisable in order to comply with any such laws, regulations or requirements. The Administrator shall have the right to require any individual to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Administrator.
(c)    Transferability of Awards.
(i)    Transferability. Except as provided in Section 17(c)(ii) below, during a Participant’s lifetime, his or her Awards shall be exercisable only by the Participant or by the Participant’s legal representative or guardian in the event of the Participant’s incapacity. No Awards shall be sold, assigned, transferred or otherwise encumbered or disposed of by a Participant other than by will or by the laws of descent and distribution or pursuant to a domestic relations order. No Awards shall be subject, in whole or in part, to attachment, execution or levy of any kind and any purported transfer in violation hereof shall be null and void.
(ii)    Administrator Action. Notwithstanding Section 17(c)(i), the Administrator, in its discretion, may provide either in the award certificate regarding a given Award or by subsequent written approval that the Participant (who is an employee or director) may transfer his or her Awards (other than any Incentive Stock Options or Restricted Stock Units) to his or her immediate family members, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award. In no event may an Award be transferred by a Participant for value.
(iii)    Family Member. For purposes of Section 17(c)(ii), “immediate family member” shall mean a Participant’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, 
19

former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant of the Participant), a trust in which these persons (or the Participant) have more than fifty percent (50%) of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets and any other entity in which these persons (or the Participant) own more than fifty percent (50%) of the voting interests.
(iv)    Designation of Beneficiary. Each Participant to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or after the Participant’s death. Any such designation shall be on a form provided for that purpose by the Administrator and shall not be effective until received by the Administrator. If no beneficiary has been designated by a deceased Participant or if the designated beneficiaries have predeceased the Participant, the beneficiary shall be the Participant’s estate.
(d)    Company Actions; No Right to Employment. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval, if such approval is necessary and desirable; and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of the Plan shall not confer upon any Eligible Recipient any right to continued employment or service with the Company or any Parent or Subsidiary, as the case may be, nor shall it interfere in any way with the right of the Company or any Parent or Subsidiary to terminate the employment or service of any of its Eligible Recipients at any time.
(e)    Payment of Taxes. Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of the Participant for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator regarding payment of any federal, state or local taxes of any kind required by law to be withheld with respect to such Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Subject to approval by the Administrator, a Participant may elect to have the minimum tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued pursuant to any Award a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the minimum withholding amount due. The Administrator may also require Awards to be subject to mandatory share withholding up to the required withholding amount. For purposes of share withholding, the Fair Market Value of withheld shares shall be determined in the same manner as the value of Stock includible in income of the Participants.
Section 18.    Effective Date of Plan.
This Plan was approved by the board of directors of NorthStar Asset Management Group Inc. on March 28, 2014, and became effective upon approval by the stockholders of NorthStar Asset Management Group Inc. on March 28, 2014, in accordance with applicable state law, the bylaws and articles of incorporation of NorthStar Asset Management Group Inc. and applicable stock exchange rules. 
20

No grants of Stock Options and other Awards may be made hereunder after the tenth anniversary of the Effective Date and no grants of Incentive Stock Options may be made hereunder after the tenth anniversary of the date the amended and restated Plan is approved by the Board.
Section 19.    Term of Plan.
No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date but Awards theretofore granted may extend beyond that date.
Section 20.    Governing Law.
The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of New York, without giving effect to the conflict of laws principles thereof. 

21Exhibit 4.1

 

Execution Version

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

Valaris Limited

 

and

 

the Guarantors named herein

 

SENIOR SECURED FIRST LIEN NOTES DUE 2028

 

FOURTH SUPPLEMENTAL INDENTURE

 

Dated as of August 19, 2022,

 

WILMINGTON SAVINGS FUND SOCIETY, FSB,

 

As Trustee and First Lien Collateral Agent

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 
	ARTICLE ONE RELATION TO INDENTURE; DEFINITIONS	1
	 	 	 
	Section 1.01	Relation to Indenture	1
	Section 1.02	Definitions	1
	Section 1.03	General References	1
	
     

    ARTICLE TWO AMENDMENTS TO INDENTURE
	
     

    1

	 	 	 
	Section 2.01	Amendments to Definitions 	2
	Section 2.02	Amendments to Limitation on Restricted Payments	5
	Section 2.03	Amendments to Limitation on Asset Sales	8
	
     

    ARTICLE THREE MISCELLANEOUS
	
     

    10

	 	 	 
	Section 3.01	Effectiveness of Supplemental Indenture	10
	Section 3.02	Certain Trustee Matters	10
	Section 3.03	Ratification of Obligations	10
	Section 3.04	Governing Law	10
	Section 3.05	Counterparts	10

 

     

     

    

 

This FOURTH SUPPLEMENTAL INDENTURE,
dated as of August 19, 2022 (this “Supplemental Indenture”), is among Valaris Limited, an exempted company incorporated
under the laws of Bermuda with registration number 56245 (the “Company”), the guarantors listed on the signature
pages hereto (the “Guarantors”) and Wilmington Savings Fund Society, FSB, as trustee and as first lien collateral
agent (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company, the
Guarantors and the Trustee entered into an Indenture, dated as of April 30, 2021 (as amended by that certain First Supplemental Indenture
dated as of July 6, 2021, that certain Second Supplemental Indenture dated as of January 11, 2022, that certain Third Supplemental Indenture
dated as of June 14, 2022, and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time,
the “Indenture”), providing for the issuance of the Company’s Senior Secured First Lien Notes due 2028 (the “Notes”);
and

 

WHEREAS, Section 9.02 of the
Indenture provides, with exceptions not here applicable, that the Company, the Guarantors and the Trustee may amend or supplement the
Indenture with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding; and

 

WHEREAS, pursuant to a solicitation
of consents as set forth in the Consent Solicitation Statement of the Company dated August 15, 2022 (the “Consent Solicitation
Statement”), the Holders of at least a majority in aggregate principal amount of the outstanding Notes have consented to the
execution and delivery of this Supplemental Indenture, and the execution and delivery of this Supplemental Indenture is permitted by Section
9.02 of the Indenture; and

 

WHEREAS, all things necessary
to make this Supplemental Indenture a legal, valid and binding obligation of the Company according to its terms have been done.

 

NOW, THEREFORE, in consideration
of the premises, agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all Holders of the of Notes,
as follows:

 

ARTICLE ONE

RELATION TO INDENTURE; DEFINITIONS

 

Section 1.01 Relation to Indenture.

 

This Supplemental Indenture
constitutes an integral part of the Indenture.

 

Section 1.02 Definitions.

 

For all purposes of this Supplemental
Indenture, capitalized terms used and not otherwise defined herein shall have the meanings assigned thereto in the Indenture.

 

Section 1.03 General References.

 

Unless otherwise specified
or unless the context otherwise requires, (i) all references in this Supplemental Indenture to Articles and Sections refer to the corresponding
Articles and Sections of this Supplemental Indenture and (ii) the terms “herein,” “hereof,” “hereunder”
and any other word of similar import refer to this Supplemental Indenture.

 

ARTICLE TWO

AMENDMENTS TO INDENTURE

 

Section 4.07 and Section
4.10 of the Indenture are hereby amended and restated as set forth below in this Article Two. The amendments to the
Indenture effected pursuant to this Article Two shall not become operative, and the Company shall not benefit from such
amendments, until the Consent Fee (as defined in the Consent Solicitation Statement) is paid with respect to each Note for which a
Consent Fee is payable pursuant to the terms of the Consent Solicitation Statement.

 

    1

     

    

 

Section 2.01 Amendments to Definitions.

 

Section 1.01 (Definitions)
of the Indenture is hereby amended by inserting or restating, as the case may be, each of the following definitions in its appropriate
alphabetical position:

 

“Consolidated Net
Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted
Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that:

 

(1)        the
Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting
will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted
Subsidiary of the specified Person during such period;

 

(2)        except
to the extent includible in the net income (or loss) of the specified Person pursuant to the foregoing clause (1), the net income (or
loss) of any other Person that accrued prior to the date that (a) such other Person becomes a Restricted Subsidiary of the specified Person
or is merged into or consolidated with the specified Person or any of its Restricted Subsidiaries or (b) the assets of such other Person
are acquired by the specified Person or any of its Restricted Subsidiaries, will be excluded;

 

(3)        the
cumulative effect of a change in accounting principles will be excluded;

 

(4)        non-cash
gains and losses due solely to fluctuations in currency values will be excluded;

 

(5)        goodwill
write-downs or other non-cash impairments of assets will be excluded;

 

(6)        any
unrealized gain (or loss) in respect of Hedging Obligations will be excluded;

 

(7)        gains
or losses attributable to discontinued operations will be excluded; and

 

(8)        non-cash
charges or expenses with respect to the grant of stock options, restricted stock or other equity compensation awards will be excluded.

 

“Fourth Supplemental
Indenture” means the Fourth Supplemental Indenture to this Indenture, entered into among the Company, the existing Guarantors
and the Trustee.

 

“Fourth Supplemental
Indenture Effective Date” means the date of effectiveness of the Fourth Supplemental Indenture.

 

“Permitted Investments”
means:

 

(1)        any
Investment in the Company or in any Guarantor;

 

(2)        any
Investment in cash or Cash Equivalents;

 

(3)        any
Investment by the Company or any Guarantor in a Person, if as a result of such Investment:

 

(a)        such
Person becomes a Guarantor; or

 

(b)        such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Company or a Guarantor;

 

(4)
       any Investment made as a result of the receipt of non-cash consideration from (a) an Asset
Sale, whether in a single transaction or a series of related transactions, of property or assets of the Company or any of the
Restricted Subsidiaries, that was made pursuant to and in compliance with Section 4.10 or (b) a disposition of properties or
assets that does not constitute an Asset Sale;

 

    2

     

    

 

(5)        any
acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the
Company;

 

(6)        any
Investments received in compromise or resolution of obligations of trade creditors or customers and any other settlement of amounts due
that were incurred in the ordinary course of business of the Company or any of the Restricted Subsidiaries, including pursuant to any
plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer and any Investments
obtained in exchange for any such Investments;

 

(7)        Investments
represented by Hedging Obligations permitted by clause (6) of Section 4.09(b);

 

(8)        any
guarantee of Indebtedness or other obligations of the Company or any Guarantor permitted to be incurred under this Indenture;

 

(9)        Investments
that are in existence on the Issue Date, and any extension, modification or renewal thereof, but only to the extent not involving additional
advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the accrual
or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of
such Investment as in effect on the Issue Date);

 

(10)        Investments
acquired after the Issue Date as a result of the acquisition by the Company or any Restricted Subsidiary of another Person in compliance
with this Indenture, including by way of a merger, amalgamation or consolidation, to the extent that such Investments were not made in
contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger,
amalgamation or consolidation;

 

(11)        loans
or advances referred to in clause (5) of Section 4.11(b);

 

(12)        Investments
in any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility
and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Company or any
of the Restricted Subsidiaries;

 

(13)        Investments
in any Joint Ventures (but not in any Unrestricted Subsidiary) of:

 

(x) Vessels and direct
or indirect Equity Interests of Vessel owners, with an aggregate value not to exceed (A) with respect to any Investment of any Jackup
Rigs or Equity Interests of Jackup Rig owners, 20% of the combined book value of all Jackup Rigs (calculated on the basis of the book
value as of the Issue Date, with respect to any Jackup Rigs owned by the Company and any of its Subsidiaries as of the Issue Date, and
as of the date of its acquisition, with respect to any Jackup Rig acquired after the Issue Date) owned by the Company and its wholly-owned
Subsidiaries as of the date of any such Investment, and (B) with respect to any Investment of any Other Vessels or Equity Interests of
Other Vessel owners, 20% of the combined book value of all Other Vessels (calculated on the basis of the book value as of the Issue Date,
with respect to any Other Vessels owned by the Company and any of its Subsidiaries as of the Issue Date, and as of the date of its acquisition,
with respect to any Other Vessels acquired after the Issue Date) owned by the Company and its wholly-owned Subsidiaries on the date of
any such Investment, but in each case excluding the book value of all Vessels that constitute Excluded Vessels as of such date;

 

(y) cash and Cash
Equivalents, in an amount not to exceed $175 million at any time outstanding or, following the Floater Restructuring Transaction, $125
million (at any such time, calculated on a net basis taking into account prepayments or repayments of loans or advances, but not payments
of interest, fees, costs, expenses or premium, in each case with respect to any intercompany Indebtedness, and dividends and distributions
in the form of cash or Cash Equivalents); and

 

    3

     

    

 

(z) any Vessels on
Schedule A operating in the Kingdom of Saudi Arabia as of the Issue Date in addition to four other Vessels identified by the Company in
an Officers’ Certificate delivered to the Trustee, in each case as and to the extent required pursuant to the KSA Commercial Maritime
Law, but only to the extent that (i) the Company is not able, using its commercially reasonable efforts, to obtain an exemption from such
law as to any such Vessel, and (ii) compliance with such law as to any such Vessel cannot be achieved by any other means that do not require
the payment of material costs or expenses or the incurrence of material additional obligations, which are materially adverse to the Company
and the Collateral, taken as whole, as compared with transfer of any such Vessel to a Joint Venture, including through the use of a bareboat
charter of such Vessel to a joint venture controlled or majority-owned by a Saudi national; and provided that in the event of any such
Investment of any such Vessels, (A) any cash and Cash Equivalents received by the Company or any of its Subsidiaries in respect thereof
shall be treated as Net Proceeds and shall be subject to the provisions of Section 4.10(c), and (B) for the avoidance of doubt,
any Equity Interests or Indebtedness received by the Company or any of its Subsidiaries in respect thereof shall be deemed to constitute
Other JV Related Assets; provided that the Company or the applicable Restricted Subsidiary shall use its commercially reasonable efforts
to ensure that all Other JV Related Assets related to the applicable Joint Venture are included in the Collateral;

 

(14)        Investments
in the ordinary course of business and consistent with past practice (x) in Restricted Subsidiaries, consisting of inventory, spare parts
and equipment, and cash or Cash Equivalents to fund operating and administrative expenses (including taxes), maintenance capital expenditures
and intercompany interest of the transferee Restricted Subsidiary, and (y) in Joint Ventures, consisting of spare parts and equipment;
provided that in each case, and notwithstanding anything in the Agreed Security Principles to the contrary, except for Investments of
inventory and assets with a book value equal to or less than $100,000, such Investments shall be subject to the Global Intercompany Note,
which shall be deemed to be an Instrument as defined under the U.S. Security Agreement, provided that no such Investments may be made
pursuant to this clause (14) unless they are subject to the Global Intercompany Note;

 

(15)        Investments
of cash and Cash Equivalents (i) in any Joint Venture in existence as of the Issue Date, to the extent required by the applicable joint
venture agreement (as such joint venture agreement exists on the Issue Date); (ii) in any other Joint Venture described in clause (x)
of the definition thereof (other than a Joint Venture that is the owner of a Silo Vessel (or a Vessel that would be a Silo Vessel if it
were owned by a Subsidiary), in an amount not to exceed $5 million at any time outstanding in respect of such Investments in such other
Joint Venture, to the extent required by the applicable joint venture agreement; or (iii) in any other Joint Venture described in clause
(y) of the definition thereof, in an amount not to exceed $100,000 at any time outstanding in respect of such Investments in such other
Joint Venture, to the extent required by the applicable joint venture agreement;

 

(16)        Investments
of cash and Cash Equivalents in Restricted Subsidiaries that are not Guarantors in an aggregate amount not to exceed $1 million at any
time outstanding;

 

(17)        the
Investments contemplated by Sections 11.13(c) and (d) as and to the extent permitted therein;

 

(18)        following
the consummation of the Floater Restructuring Transaction in accordance with Section 11.13, Investments by the Company or any of
its Restricted Subsidiaries in the Unrestricted Floater Subsidiary of Other Vessels; provided that immediately after giving pro forma
effect to any such Investment, the Adjusted Interest Coverage Ratio for the Company and its Restricted Subsidiaries would be equal to
or greater than 2.0 to 1.0;

 

(19)        any
repurchase, redemption, defeasance or other acquisition or retirement for value of the Notes; and

 

(20)        any
Investment (excluding Investment of any Vessel and any Equity Interest or Indebtedness of any owner of any Vessel) by the Company or a
Restricted Subsidiary in an amount not to exceed the greater of (x) $175 million (or, following the Floater Restructuring Transaction,
$50 million) and (y) 6.5% of Total Assets, at any time outstanding;

 

provided that notwithstanding anything to
the contrary contained in this Indenture, neither the Company nor any of its Restricted Subsidiaries may make any Investment of any
(v) accounts receivable, (w) promissory notes or other intercompany Indebtedness, (x) ARO JV Related Assets, (y) Other JV Related
Assets, or (z) any Equity Interest or Indebtedness of any owner of any of such assets, in or to any Unrestricted Subsidiary, Joint
Venture or any other non-wholly owned Subsidiary.

 

    4

     

    

 

Section 2.02 Amendments to Limitation
on Restricted Payments.

 

Section 4.07 (Limitation
on Restricted Payments) of the Indenture is hereby amended by deleting such section in its entirety and replacing it with the following:

 

SECTION 4.07 Limitation on Restricted
Payments.

 

(a)                
The Company will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly:

 

(1)        declare
or pay any dividend or make any other payment or distribution on account of Equity Interests of the Company or any Restricted Subsidiary
(including, without limitation, any payment in connection with any merger, consolidation or amalgamation involving the Company or any
of the Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of the Restricted Subsidiaries’
Equity Interests in their capacity as such (other than (A) dividends or distributions payable in Equity Interests (other than Disqualified
Stock) of the Company and (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution
payable on or in respect of any class or series of Equity Interests issued by a Restricted Subsidiary other than a wholly-owned Restricted
Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance
with its Equity Interests in such class or series of securities);

 

(2)        purchase,
repurchase, redeem, retire or otherwise acquire for value (including, without limitation, in connection with any merger, consolidation
or amalgamation involving the Company) any Equity Interests of the Company held by any Person (other than any such Equity Interests held
by the Company or any Guarantor ) or any Equity Interests of any Restricted Subsidiary held by an Affiliate of the Company (other than
Equity Interests held by the Company or any Guarantor) (in each case other than in exchange for Equity Interests of the Company that do
not constitute Disqualified Stock);

 

(3)        make
any principal or premium payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any Junior
Debt (excluding (a) interest payments on any Indebtedness, (b) any intercompany Indebtedness between or among the Company and any of the
Restricted Subsidiaries, (c) any such Indebtedness repaid, acquired or retired for value in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case due within one year of the date of payment, acquisition or retirement,
(d) a payment of principal at the Stated Maturity of any such Indebtedness) and (e) payments with respect to revolving Credit Facilities
entered into after the Issue Date in accordance with the terms of this Indenture and as to which the Indebtedness outstanding thereunder
was at the time of its Incurrence permitted by the terms of this Indenture to be so Incurred); or

 

(4)        make
any Restricted Investment (all such payments and other actions set forth in these clauses (1) through (4) being collectively referred
to as “Restricted Payments”); unless at the time of such Restricted Payment:

 

(i)        no
Event of Default shall have occurred and be continuing or shall occur as a consequence thereof, and

 

(ii)        the
amount of such Restricted Payment, when added to the aggregate amount of all other Restricted Payments made after the Fourth Supplemental
Indenture Effective Date (other than Restricted Payments made pursuant to clauses (2) through (10) of the next paragraph), does not exceed
the sum (the “Restricted Payments Basket”) of (without duplication):

 

(a)
       50.0% of Consolidated Net Income of the Company for the period (taken as one accounting
period) commencing on July 1, 2022 to and including the last day of the fiscal quarter ended immediately prior to the date of such
calculation for which consolidated financial statements are available (or, if such Consolidated Net Income shall be a deficit, minus
100.0% of such deficit), plus

 

    5

     

    

 

(b)        100.0%
of (A) (i) the aggregate net cash proceeds and (ii) the Fair Market Value (as determined by a Financial Officer of the Company) of (x)
marketable securities (other than marketable securities of the Company), (y) Capital Stock of a Person (other than the Company or a Subsidiary
of the Company) engaged in a Permitted Business and (z) other assets used in any Permitted Business, received by the Company or its Restricted
Subsidiaries after the Fourth Supplemental Indenture Effective Date, in each case as a contribution to the Company’s or its Restricted
Subsidiaries’ common equity capital or from the issue or sale of Capital Stock (other than Disqualified Stock) of the Company or
from the issue or sale of convertible or exchangeable Disqualified Stock of the Company or convertible or exchangeable debt securities
of the Company that have been converted into or exchanged for such Capital Stock (other than Disqualified Stock or Capital Stock or debt
securities sold to a Subsidiary of the Company), and (B) the aggregate net cash proceeds, if any, received by the Company or any of its
Restricted Subsidiaries upon any conversion or exchange described in clause (A) above, plus

 

(c)        in
the case of the disposition or repayment of or return on any Investment that was treated as a Restricted Payment after the Fourth Supplemental
Indenture Effective Date, an amount (to the extent not included in the computation of Consolidated Net Income) equal to 100.0% of the
aggregate amount received by the Company or any Restricted Subsidiary in cash or other property (valued at the Fair Market Value thereof
as determined by a Financial Officer of the Company) as the return of capital with respect to such Investment, plus

 

(d)        upon
a redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, an amount (to the extent not included in the computation of
Consolidated Net Income) equal to the lesser of (i) the Fair Market Value (as determined by a Financial Officer of the Company) of the
Company’s proportionate interest in such Subsidiary immediately following such redesignation, and (ii) the aggregate amount of the
Company’s Investments in such Subsidiary to the extent such Investments reduced the Restricted Payments Basket and were not previously
repaid or otherwise reduced.

 

(b)               
The provisions of Section 4.07(a) will not prohibit:

 

(1)        the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
of the dividend or distribution or the date of the redemption notice, as the case may be, if at the date of declaration or notice, the
dividend, distribution or redemption payment would have complied with the provisions of this Indenture;

 

(2)        so
long as no Event of Default has occurred and is continuing or would occur as a result thereof, the making of any Restricted Payment in
exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity
Interests of the Company (other than Disqualified Stock) or from the substantially concurrent contribution of common equity capital to
the Company;

 

(3)        the
repurchase, redemption, defeasance or other acquisition or retirement for value of Junior Debt with the net cash proceeds from a substantially
concurrent Incurrence of Permitted Refinancing Indebtedness;

 

(4)
       so long as no Event of Default has occurred and is continuing or would occur, the
repurchase, redemption, cancellation, or other acquisition or retirement for value of, or agreement to do any of the foregoing with
respect to, any Equity Interests of the Company or any Restricted Subsidiary granted pursuant to any Management Incentive Plan
Award; provided that the aggregate price paid for all such repurchased, redeemed, cancelled, acquired or retired Equity Interests
may not exceed $2 million in any twelve-month period (with any portion of such $2 million that is unused in any twelve-month period
to be carried forward to successive twelve-month periods and added to such amount, but with an overall limit in any twelve-month
period of $3 million);

 

    6

     

    

 

(5)        (a)
the purchase, redemption or other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise or conversion
of stock options, warrants, rights to acquire Equity Interests or other convertible securities, to the extent such Equity Interests represent
a portion of the exercise or conversion price thereof, and (b) the purchase, redemption, net-settlement, or other acquisition or retirement
for value of Equity Interests of the Company or any Restricted Subsidiary held by any current or former officer, director or employee
of the Company or any Restricted Subsidiary in connection with the exercise, vesting or settlement of any equity compensation (including,
without limitation, any Management Incentive Plan Awards or other stock option, restricted stock or phantom stock award), in each case
in this clause (b), solely in order to satisfy any tax withholding obligation with respect to such exercise, vesting or settlement;

 

(6)        any
purchase, redemption, defeasance or other acquisition or retirement of any Junior Debt from proceeds of an Asset Sale or in the event
of a Change of Control, in each case only if prior to or simultaneously with such purchase, redemption, defeasance or other acquisition
or retirement, the Company or a Restricted Subsidiary has made the Asset Sale Offer or Change of Control Offer, as applicable, as provided
in this Indenture and has completed the repurchase of all Notes validly tendered for payment in connection with such Asset Sale Offer
or Change of Control Offer in accordance with the requirements of this Indenture;

 

(7)        so
long as no Event of Default has occurred and is continuing or would occur as a result thereof, the declaration and payment of regularly
scheduled or accrued dividends to holders of any class or series of Disqualified Stock of the Company or any Preferred Stock of any Restricted
Subsidiary of the Company issued on or after the Issue Date in accordance with Section 4.09;

 

(8)        cash
payments in lieu of the issuance of fractional shares, or payments to dissenting stockholders (a) pursuant to applicable law or (b) in
connection with the settlement or other satisfaction of legal claims made pursuant to or in connection with a consolidation, merger or
transfer of assets in connection with a transaction that is not prohibited by this Indenture;

 

(9)        so
long as no Event of Default has occurred and is continuing or would occur as a result thereof, any Restricted Payment (excluding the Investment
of any Vessel and any Equity Interest or Indebtedness of any owner of any Vessel) so long as the amount of such Restricted Payment, together
with the aggregate amount of all other Restricted Payments made under this clause (9) since the Issue Date, does not exceed $175 million
(or, following the Floater Restructuring Transaction, does not exceed $50 million); and

 

(10)        Restricted
Payments in an aggregate amount not to exceed the amount of Declined Excess Proceeds.

 

The amount of all Restricted
Payments (other than cash) will be the Fair Market Value (as determined by a Financial Officer of the Company) on the date of the Restricted
Payment of the asset(s) or securities proposed to be transferred or issued by the Company or any Restricted Subsidiary, as the case may
be, pursuant to the Restricted Payment. For purposes of determining compliance with this Section 4.07, in the event that a Restricted
Payment meets the criteria of more than one of the categories of Restricted Payments described in the preceding clauses (1) through (10)
of this Section 4.07(b) or is permitted pursuant to Section 4.07(a) or as a Permitted Investment, the Company will be permitted
to divide or classify (or later divide, classify or reclassify in whole or in part in its sole discretion) such Restricted Payment in
any manner that complies with this Section 4.07. For the avoidance of doubt, this Section 4.07 will not restrict the making
of any “AHYDO catch up payment” with respect to, and required by the terms of, any Indebtedness of the Company or any Restricted
Subsidiary permitted to be incurred under the terms of this Indenture.

 

    7

     

    

 

Section 2.03 Amendments to Limitation
on Asset Sales.

 

Section 4.10 (Limitation
on Asset Sales) of the Indenture is hereby amended by deleting such section in its entirety and replacing it with the following:

 

SECTION 4.10 Limitation on Asset Sales.

 

(a)                
The Company will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, consummate any Asset Sale
unless:

 

(1)        the
Company or the Restricted Subsidiary, as the case may be, receives or will receive, at the consummation of such Asset Sale, consideration
at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the assets or Equity
Interests issued or sold or otherwise disposed of; and

 

(2)        at
least 75% of the consideration received in such Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or Cash
Equivalents;

 

provided that the foregoing
requirements shall not apply with respect to any Involuntary Transfer.

 

(b)               
For purposes of Section 4.10(a), each of the following will be deemed to be cash:

 

(1)        any
Indebtedness or other liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted
Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Guarantee) that
are assumed, repaid or retired by the transferee of any such assets so long as the Company or such Restricted Subsidiary is released from
further liability in respect thereof; and

 

(2)        any
securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are, within
180 days after receipt thereof, converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, to the extent of
the cash or Cash Equivalents received in that conversion.

 

(c)                
Within 365 days after the receipt of any Net Proceeds (including, without limitation, an Involuntary Transfer), the Company or
the applicable Restricted Subsidiary, as the case may be, may apply such Net Proceeds at its option to any combination of the following:

 

(1)        to
purchase, repay or prepay First Lien Debt; provided that if any such purchase, repayment or prepayment is made pursuant to this clause
(1), the Company or the applicable Restricted Subsidiary shall equally and ratably repay or offer to repay Notes as provided in Section
3.07 through open-market purchases (to the extent such purchases are at or above 100% of the principal amount there-of) or by making
an offer to Holders in accordance with the procedures set forth in Section 3.09 and this Section 4.10 for an Asset Sale
Offer;

 

(2)       to
acquire all or substantially all of the assets of, or any Capital Stock of, any Person primarily engaged in a Permitted Business, if,
in the case of any such acquisition of Capital Stock, such Person is or becomes a Restricted Subsidiary as a result of such acquisition;

 

(3)        to
make a capital expenditure (other than a maintenance capital expenditure) that is used or useful in a Permitted Business; or

 

(4)        to
acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business (including,
without limitation, Vessels, related assets and the payment of any related Ready for Sea Costs) or make any deposit, installment or progress
payment in respect of such assets or payment of any related Ready for Sea Costs,

 

provided that (x) a binding
commitment made within the 365-day period described above by the Company or the applicable Restricted Subsidiary to apply Net
Proceeds in accordance with clauses (2), (3) and/or (4) above shall satisfy the requirements of such clauses with respect to such
Net Proceeds so long as such Net Proceeds are actually so applied within 545 days from the receipt thereof from such Asset Sale and
(y) if all or any portion of the assets sold or transferred in such Asset Sale constituted Collateral, in the case of any
application of Net Proceeds pursuant to clause (2), (3) or (4) above, the Company shall, or shall cause the applicable Restricted
Subsidiary to, as provided in Section 11.01(f)(ii), subject to the Agreed Security Principles, pledge any assets (including,
without limitation, any acquired Capital Stock) acquired with such Net Proceeds to secure the Notes Obligations on a first-priority
secured basis pursuant to the Collateral Documents in accordance with this Indenture.

 

    8

     

    

 

(d)               
Pending the final application of any Net Proceeds, the Company or the applicable Restricted Subsidiary may apply the Net Proceeds
to temporarily reduce outstanding revolving credit Indebtedness of the Company or any of the Restricted Subsidiaries, respectively, or
invest the Net Proceeds in cash and Cash Equivalents.

 

(e)                
Any Net Proceeds that are not applied or invested as provided in Section 4.10(c) will constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $25 million, the Company shall, within 10 Business Days thereof, make an offer (an
“Asset Sale Offer”) in accordance with Section 3.09 to all Holders and holders of any other First Lien Debt
containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem such First Lien
Debt with the proceeds of sales of assets to purchase, prepay or redeem the Notes and such other First Lien Debt on a pro rata basis in
an aggregate principal amount equal to the Excess Proceeds. The repurchase date in any Asset Sale Offer shall be specified by the Company,
which date will be no earlier than 30 days and no later than 60 days from the date the notice of such Asset Sale Offer is delivered. The
offer price in any Asset Sale Offer will be equal to 100% of the aggregate principal amount of the Notes, plus accrued and unpaid cash
interest and Additional Amounts, if any, together with an amount of cash equal to all accrued and unpaid PIK Interest to, but not including,
the date of purchase, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant Interest
Payment Date, and will be payable in cash; provided that if the Asset Sale Offer is occurring as the result of an Asset Sale involving
any of the ARO JV Related Assets or any of the Equity Interests held by the Valaris ARO Shareholder, then the applicable offer price will
instead be equal to the sum of (i) the lesser of (A) 103% of the aggregate principal amount of the Notes and (B) the applicable redemption
price for the Notes (expressed as percentages of principal amount) pursuant to Section 3.07 that the Company would have had to
pay if it had elected to redeem Notes at such time, plus (ii) accrued and unpaid cash interest and Additional Amounts, if any, together
with an amount of cash equal to all accrued and unpaid PIK Interest to, but not including, the date of purchase. If any Excess Proceeds
remain after consummation of an Asset Sale Offer (“Declined Excess Proceeds”), the Company and the Restricted Subsidiaries
may use those Declined Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of
Notes or other First Lien Debt tendered in such Asset Sale Offer exceeds the amount of Excess Proceeds, the Company will select the Notes
and other First Lien Debt for purchase on a pro rata basis unless otherwise required by law or applicable stock exchange or Depository
requirements (with such adjustments as may be deemed appropriate by the Company so that only Notes and other First Lien Debt in denominations
of $1.00 and integral multiples of $1.00 in excess thereof will be outstanding after such purchase). For the purposes of calculating the
principal amount of any such Indebtedness not denominated in U.S. dollars, such Indebtedness shall be calculated by converting any such
principal amounts into their Dollar Equivalent determined as of the Business Day immediately prior to the date on which the Asset Sale
Offer is announced. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

 

(f)                 
The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those requirements, laws and regulations are applicable in connection with each repurchase of Notes pursuant
to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale provisions
of this Indenture, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached
its obligations under this Section 4.10 by virtue of such compliance.

 

(g)               
The provisions of this Section 4.10 with respect to the Company’s obligation to make an Asset Sale Offer as a result
of an Asset Sale may be waived or modified at any time with the written consent of the Holders of a majority in aggregate principal amount
of the Notes then outstanding.

 

(h)                Anything
in this Indenture to the contrary notwithstanding, in no event shall (i) the Company or any Restricted Subsidiary sell, transfer or
otherwise dispose of a Vessel to (x) an Unrestricted Subsidiary, other than the transfer of Other Vessels to the Unrestricted
Floater Subsidiary as and to the extent permitted by this Indenture, or (y) an Excluded Subsidiary that is an Excluded Subsidiary
pursuant to clause (a) of the definition thereof or (ii) any Restricted Subsidiary that is an Excluded Subsidiary pursuant to clause
(a) of the definition thereof acquire a Vessel.

 

    9

     

    

 

ARTICLE THREE

MISCELLANEOUS

 

Section 3.01 Effectiveness of Supplemental
Indenture.

 

This Supplemental Indenture
shall become effective immediately upon its execution and delivery by each of the Company, the Guarantors and the Trustee.

 

Section 3.02 Certain Trustee Matters.

 

Except as otherwise expressly
provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason
of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions
set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable
to the Trustee with respect hereto. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

 

Section 3.03 Ratification of Obligations.

 

Except as expressly supplemented
and amended by this Supplemental Indenture, the Indenture shall continue in full force and effect in accordance with the provisions thereof,
and the Indenture (as supplemented and amended by this Supplemental Indenture) is in all respects hereby ratified and confirmed. This
Supplemental Indenture and all its provisions shall be deemed a part of the Indenture in the manner and to the extent herein and therein
provided.

 

Section 3.04 Governing Law.

 

THIS SUPPLEMENTAL INDENTURE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 3.05 Counterparts.

 

The parties may sign any number
of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent
the same agreement. Signature of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for
all purposes.

 

[Signatures on following pages]

 

    10

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Supplemental Indenture to be duly executed and delivered as of the date first above written.

 

	 	VALARIS LIMITED, as the Company
	 
	 	By:	/s/ Darin Gibbins
	 	 	Name:	Darin Gibbins
	 	 	Title:	Vice President, Investor
	 	 	 	Relations and Treasurer
	 
	 	WILMINGTON SAVINGS FUND SOCIETY, FSB,
	 	as Trustee and First Lien Collateral Agent,
	 
	 	By:	/s/ Geoffrey J. Lewis
	 	 	Name:	Geoffrey J. Lewis
	 	 	Title:	Vice President

 

[Signature Page to Fourth
Supplemental Indenture]

 

     

     

    

 

	 	GUARANTORS:
	 	 	 
	 	ATLANTIC MARITIME SERVICES LLC
	 	 	 
	 	 	By:	/s/
    Ben Rose
	 	 	 	Name:	Ben Rose
	 	 	 	Title:	Vice President and Treasurer
	 	 	 
	 	ROWANDRILL, LLC
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Vice President and Treasurer
	 	 	 
	 	ROWAN MARINE SERVICES, LLC
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Vice President and Secretary
	 	 	 
	 	ENSCO DRILLING MEXICO LLC
	 	ENSCO OFFSHORE LLC
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Vice President and Treasurer
	 	 	 
	 	ENSCO HOLDING COMPANY
	 	ENSCO INTERNATIONAL INCORPORATED
	 	ENSCO OFFSHORE INTERNATIONAL LLC
	 	INTERNATIONAL TECHNICAL SERVICES LLC
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:Christian Ochoa
	 	 	 	Title:Vice President - Treasurer

 

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	 	ENSCO DEEPWATER USA II LLC
	 	ENSCO OCEANICS COMPANY LLC
	 	ENSCO ASIA COMPANY LLC
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	President
	 	 	 
	 	OFFSHORE DRILLING SERVICES LLC
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Manager
	 	 	 
	 	ROWAN SERVICES LLC
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Vice President and Secretary
	 	 	 
	 	ENSCO INCORPORATED
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Vice President - Treasurer
	 	 	 
	 	ENSCO CORPORATE RESOURCES LLC
	 	 	 
	 	 	By:	/s/
    Darin Gibbins
	 	 	 	Name:	Darin Gibbins
	 	 	 	Title:	Vice President
	 	 	 
	 	PRIDE INTERNATIONAL LLC
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	President

 

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	 	ROWAN COMPANIES, LLC
	 	 	 
	 	 	By:	/s/
    Jonathan P. Cross
	 	 	 	Name:	Jonathan P. Cross
	 	 	 	Title:	President
	 	 	 
	 	PRIDE INTERNATIONAL MANAGEMENT COMPANY LP
	 	 	 
	 	 	By:	Ensco International Management GP
    LLC
	 	 	Its:	General Partner
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	President
	 	 	 
	 	ENSCO INVESTMENTS LLC
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Manager
	 	 	 
	 	ENSCO MARITIME LIMITED as a Guarantor
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO DO BRASIL PETRÓLEO E GÁS LTDA.
	 	ENSCO OFFSHORE PETRÓLEO E GÁS LTDA.
	 	 	 
	 	 	By:	/s/
    Carmen Gomes Romero Gullo
	 	 	 	Name:	Carmen Gomes Romero Gullo
	 	 	 	Title:	Marketing Director

 

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	 	PRIDE GLOBAL II LTD.
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO MANAGEMENT CORP.
	 	 	 
	 	 	By:	/s/
    Abhay M. Shetty
	 	 	 	Name:	Abhay M. Shetty
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO GLOBAL IV LTD.
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO INTERNATIONAL LTD.
	 	 	 
	 	 	By:	/s/
    Jonathan P. Cross
	 	 	 	Name:	Jonathan P. Cross
	 	 	 	Title:	Director
	 	 	 
	 	ALPHA ACHIEVER COMPANY
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ALPHA ADMIRAL COMPANY
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director

 

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	 	ALPHA ARCHER COMPANY
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ALPHA AURORA COMPANY
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ALPHA ORCA COMPANY
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO DRILLING I LTD.
	 	 	 
	 	 	By:	/s/
    Jonathan P. Cross
	 	 	 	Name:	Jonathan P. Cross
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO OCEAN 2 COMPANY
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO OFFSHORE INTERNATIONAL COMPANY
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director

 

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	 	ENSCO OVERSEAS LIMITED
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO TRANSNATIONAL I LTD.
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO ENDEAVORS LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	President
	 	 	 
	 	ENSCO DEVELOPMENT LIMITED
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO OCEANICS INTERNATIONAL COMPANY
	 	 	 
	 	 	By:	/s/
    Abhay M. Shetty
	 	 	 	Name:	Abhay M. Shetty
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO GLOBAL II LTD.
	 	 	 
	 	 	By:	/s/
    Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director

 

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	 	RDC ARABIA DRILLING, INC.
	 	 	 
	 	 	By:	/s/
    Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director
	 	 	 
	 	ATWOOD OFFSHORE WORLDWIDE LIMITED
	 	 	 
	 	 	By:	/s/
    Abhay M. Shetty
	 	 	 	Name:	Abhay M. Shetty
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO LIMITED
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO VISTAS LIMITED
	 	 	 
	 	 	By:	/s/
    David A. Armour
	 	 	 	Name:	David A. Armour
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO (BARBADOS) LIMITED
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO TRANSNATIONAL III LTD.
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director

 

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	 	ENSCO GLOBAL LIMITED
	 	 	 
	 	 	By:	/s/ Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	PACIFIC OFFSHORE LABOR COMPANY
	 	 	 
	 	 	By:	/s/ Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ALPHA OFFSHORE DRILLING SERVICES COMPANY
	 	 	 
	 	 	By:	/s/ Abhay M. Shetty
	 	 	 	Name:	Abhay M. Shetty
	 	 	 	Title:	Director
	 	 	 
	 	ATWOOD OCEANICS PACIFIC LIMITED
	 	 	 
	 	 	By:	/s/ Abhay M. Shetty
	 	 	 	Name:	Abhay M. Shetty
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO ASSOCIATES COMPANY
	 	 	 
	 	 	By:	/s/ David A. Armour
	 	 	 	Name:	David A. Armour
	 	 	 	Title:	Director
	 	 	 
	 	ROWAN DRILLING (TRINIDAD) LIMITED
	 	 	 
	 	 	By:	/s/ Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director

 

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	 	ROCAL CAYMAN LIMITED
	 	 	 
	 	 	By:	/s/ Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director
	 	 	 
	 	RCI INTERNATIONAL, INC.
	 	 	 
	 	 	By:	/s/ Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO OFFSHORE INTERNATIONAL HOLDINGS LIMITED
	 	 	 
	 	 	By:	/s/ Jonathan P. Cross
	 	 	 	Name:	Jonathan P. Cross
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO UNIVERSAL HOLDINGS I LTD.
	 	 	 
	 	 	By:	/s/ Jonathan P. Cross
	 	 	 	Name:	Jonathan P. Cross
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO UNIVERSAL HOLDINGS II LTD.
	 	 	 
	 	 	By:	/s/ Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO CAPITAL LIMITED
	 	 	 
	 	 	By:	/s/ Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director

 

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	 	Ralph Coffman Luxembourg S.à r.l.
	 	as Guarantor
	 	 	 
	 	 	By:	/s/ Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Class A Manager and authorized signatory
	 	 	 
	 	Rowan Rigs S.à r.l.
	 	as Guarantor
	 	 	 
	 	 	By:	/s/ Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Class A Manager and authorized signatory
	 	 	 
	 	Rowan Offshore Luxembourg S.à r.l.
	 	as Guarantor
	 	 	 
	 	 	By:	/s/ Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Class A Manager and authorized signatory
	 	 	 
	 	RDC Holdings Luxembourg S.à r.l.
	 	as Guarantor
	 	 	 
	 	 	By:	/s/ Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Class A Manager and authorized signatory
	 	 	 
	 	Rowan International Rig Holdings S.à r.l.
	 	as Guarantor
	 	 	 
	 	 	By:	/s/ Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Class A Manager and authorized signatory

 

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	 	RDC Offshore Luxembourg S.à r.l.
	 	as Guarantor
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Class A Manager and authorized signatory
	 	 	 
	 	RDC MALTA LIMITED
	 	 	 
	 	 	By:	/s/
    Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director
	 	 	 
	 	RDC OFFSHORE MALTA LIMITED
	 	 	 
	 	 	By:	/s/
    Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director
	 	 	 
	 	MANATEE LIMITED
	 	 	 
	 	 	By:	/s/
    Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director

 

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	 	MANTA RAY LIMITED
	 	 	 
	 	 	By:	/s/
    Colleen W. Grable
	 	 	 	Name:	Colleen W. Grable
	 	 	 	Title:	Director
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO OFFSHORE INTERNATIONAL INC.
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO JERSEY FINANCE LIMITED
	 	 	 
	 	 	By:	/s/
    Jonathan P. Cross
	 	 	 	Name:	Jonathan P. Cross
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO GLOBAL GMBH
	 	 	 
	 	 	By:	/s/
    Jaciuk, Nicolas
	 	 	 	Name:	Jaciuk, Nicolas
	 	 	 	Title:	Managing Officer of ENSCO Global GmbH
	 	 	 
	 	ENSCO INTERCONTINENTAL GMBH
	 	 	 
	 	 	By:	/s/
    Jaciuk, Nicolas
	 	 	 	Name:	Jaciuk, Nicolas
	 	 	 	Title:	Managing Officer of Ensco Intercontinental GmbH

 

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	 	ENSCO WORLDWIDE GMBH
	 	 	 
	 	 	By:	/s/
    Jaciuk, Nicolas
	 	 	 	Name:	Jaciuk, Nicolas
	 	 	 	Title:	Managing Officer of ENSCO Worldwide GmbH
	 	 	 
	 	ROWAN COMPANIES LIMITED
	 	 	 
	 	 	By:	/s/
    Jonathan P. Cross
	 	 	 	Name:	Jonathan P. Cross
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO HOLDCO LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO OFFSHORE U.K. LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO SERVICES LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO UK DRILLING LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director

 

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	 	ENSCO U.K. LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO UNIVERSAL LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO DEEPWATER DRILLING LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO TRANSCONTINENTAL II LP
	 	 	 
	 	 	By:	ENSCO Transcontinental II LLC
	 	 	Its:	General Partner
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Manager
	 	 	 
	 	ENSCO GLOBAL RESOURCES LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	ROWAN NO. 1 LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director

 

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	 	ROWAN NO. 2 LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director
	 	 	 
	 	ROWAN DRILLING (U.K.) LIMITED
	 	 	 
	 	 	By:	/s/
    Peter Wilson
	 	 	 	Name:	Peter Wilson
	 	 	 	Title:	Director

 

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	Guarantor
	 
	Executed and delivered as a deed on behalf of
	RD INTERNATIONAL SERVICES PTE. LTD.
	in accordance with
	Section 41B of the Companies Act, Chapter 50 of Singapore
	 
	/s/ Stephen Fordham
	Name: Stephen Fordham
	Director
	 
	Guarantor
	 
	Executed and delivered as a deed on behalf of
	ENSCO ASIA PACIFIC PTE. LIMITED
	in accordance with
	Section 41B of the Companies Act, Chapter 50 of Singapore
	 
	/s/ Abhay Muddanna Shetty
	Name: Abhay Muddanna Shetty
	Director
	 
	Guarantor
	 
	Executed and delivered as a deed on behalf of
	PETROLEUM INTERNATIONAL PTE. LTD.
	in accordance with
	Section 41B of the Companies Act, Chapter 50 of Singapore
	 
	/s/ Abhay Muddanna Shetty
	Name: Abhay Muddanna Shetty
	Director

 

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	 	ENSCO (MYANMAR) LIMITED
	 	 	 
	 	 	By:	/s/
    Abhay M. Shetty
	 	 	 	Name:	Abhay M. Shetty
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO ARABIA CO. LTD.
	 	 	 
	 	 	By:	/s/
    Edward B. Cozier II
	 	 	 	Name:	Edward B. Cozier II
	 	 	 	Title:	General Manager
	 	 	 
	 	ENSCOROWAN GHANA DRILLING LIMITED
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Director

 

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	Executed as a deed by ENSCO
	AUSTRALIA PTY LIMITED in
	accordance with section 127 of the
	Corporations Act 2001 (Cth) by:
	 
	/s/ Nicolas Jaciuk	 	/s/ Abhay M. Shetty
	 	 	 
	Nicolas Jaciuk	 	Abhay M. Shetty

 

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	Executed as a deed by ATWOOD
	AUSTRALIAN WATERS DRILLING
	PTY LTD in accordance with section 127 of
	the Corporations Act 2001 (Cth) by:
	 
	/s/ Nicolas Jaciuk	 	/s/ Abhay M. Shetty
	 	 	 
	Signature of director	 	Signature of director
	 
	Nicolas Jaciuk	 	Abhay M. Shetty
	 	 	 
	Name of director	 	Name of director

 

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	Executed as a deed by ATWOOD
	OCEANICS AUSTRALIA PTY LIMITED
	in accordance with section 127 of the
	Corporations Act 2001 (Cth) by:
	 
	/s/ Nicolas Jaciuk	 	/s/ Abhay M. Shetty
	 	 	 
	Signature of director	 	Signature of director
	 
	Nicolas Jaciuk	 	Abhay M. Shetty
	 	 	 
	Name of director	 	Name of director

 

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	 	ROWAN FINANCIAL HOLDINGS S.À R.L.
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Manager A
	 	 	 
	 	 	By:	/s/
    Ludovic Trogliero
	 	 	 	Name:	Ludovic Trogliero
	 	 	 	Title:	Manager B
	 	 	 
	 	ROWAN 240C#3, INC.
	 	 	 
	 	 	By:	/s/
    Colleen Grable
	 	 	 	Name:	Colleen Grable
	 	 	 	Title:	Director
	 	 	 
	 	RALPH COFFMAN CAYMAN LIMITED
	 	 	 
	 	 	By:	/s/
    Colleen Grable
	 	 	 	Name:	Colleen Grable
	 	 	 	Title:	Director
	 	 	 
	 	GREAT WHITE SHARK LIMITED
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	GREEN TURTLE LIMITED
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director

 

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	 	ROWAN DRILLING (GIBRALTAR) LIMITED
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	ROWAN OFFSHORE (GIBRALTAR) LIMITED
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	ROWAN N-CLASS (GIBRALTAR) LIMITED
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	ROWAN NORWAY LIMITED
	 	 	 
	 	 	By:	/s/
    Kevin Klein
	 	 	 	Name:	Kevin Klein
	 	 	 	Title:	Director
	 	 	 
	 	RALPH COFFMAN LIMITED
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Director
	 	 	 
	 	MARINE BLUE LIMITED
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Director

 

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	 	ROWAN US HOLDINGS (GIBRALTAR) LIMITED
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Director
	 	 	 
	 	ROWAN DRILLING SERVICES LIMITED
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	Director
	 	 	 
	 	ATWOOD OFFSHORE DRILLING LIMITED
	 	 	 
	 	 	By:	/s/
    Colleen Grable
	 	 	 	Name:	Colleen Grable
	 	 	 	Title:	Director
	 	 	 
	 	ENSCO (THAILAND) LIMITED
	 	 	 
	 	 	By:	/s/
    Abhay M. Shetty
	 	 	 	Name:	Abhay M. Shetty
	 	 	 	Title:	Director
	 	 	 
	 	VALARIS UNITED LLC
	 	 	 
	 	 	By:	/s/
    David A. Armour
	 	 	 	Name:	David A. Armour
	 	 	 	Title:	President
	 	 	 
	 	ALPHA SOUTH PACIFIC HOLDING COMPANY
	 	 	 
	 	 	By:	/s/
    Nicolas Jaciuk
	 	 	 	Name:	Nicolas Jaciuk
	 	 	 	Title:	President and Director

 

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	 	ENSCO MEXICO SERVICES S.DE R.L. DE C.V.
	 	 	 
	 	 	By:	/s/
    Christian Ochoa
	 	 	 	Name:	Christian Ochoa
	 	 	 	Title:	President
	 	 	 
	 	ROWAN S. DE R.L. DE C.V.
	 	 	 
	 	 	By:	/s/
    Darin Gibbins
	 	 	 	Name:	Darin Gibbins
	 	 	 	Title:	Member
	 	 	 
	 	VALARIS HOLDCO 1 LIMITED
	 	 	 
	 	 	By:	/s/
    Darin Gibbins
	 	 	 	Name:	Darin Gibbins
	 	 	 	Title:	Director
	 	 	 
	 	VALARIS HOLDCO 2 LIMITED
	 	 	 
	 	 	By:	/s/
    Darin Gibbins
	 	 	 	Name:	Darin Gibbins
	 	 	 	Title:	Director

 

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	EXECUTED and DELIVERED as a deed by	)	/s/ Colleen W. Grable
	 	)	Director
	 	)	Name:	Colleen W. Grable
	Atwood Offshore Drilling Limited	)	 
	as Guarantor	)	 
	 	)	 
	acting by two directors	)	 
	 	)	/s/ Christian J. Ochoa
	 	)	Director
	 	)	Name:	Christian J. Ochoa
	 	)	 
	 	)	 
	 	)	 

 

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