Document:

2014 EMPLOYEE STOCK PLAN

EXHIBIT 10.6

2014 EMPLOYEE STOCK PLAN

1.

Purpose.  This 2014 Employee Stock Plan (the “Plan”) is intended to provide incentives: (a) to the officers and other employees of Universal Capital Management, Inc. (the “Company”), its parent (if any) and any present or future subsidiaries of the Company (collectively, “Related Corporations”) by providing them with opportunities to purchase stock in the Company pursuant to options granted hereunder which qualify as “incentive stock options” under Section 422(b) of the Internal Revenue Code of 1986 (the “Code”) (“ISO” or “ISOs”); (b) to directors, officers, employees and consultants of the Company and Related Corporations by providing them with opportunities to purchase stock in the Company pursuant to options granted hereunder which do not qualify as ISOs (“Non-Qualified Option” or “Non-Qualified Options”); (c) to directors, officers, employees and consultants of the Company and Related Corporations by providing them with awards of stock in the Company (“Awards”); and (d) to directors, officers, employees and consultants of the Company and Related Corporations by providing them with opportunities to make direct purchases of stock in the Company (“Purchases”).  Both ISOs and Non-Qualified Options are referred to hereafter individually as an “Option” and collectively as “Options”.  Options, Awards, and authorizations to make Purchases are referred to hereafter collectively as “Stock Rights.”  As used herein, the terms “parent” and “subsidiary” mean “parent corporation” and “subsidiary corporation” respectively, as those terms are defined in Section 425 of the Code.

2.

Administration of the Plan.

A.

The Plan shall be administered by either (i) the Board of Directors of the Company (the “Board”); or (ii) a Stock Plan Committee (the “Committee”), appointed by the Board, pursuant to the requirements of paragraph 2.D. herein.  Subject to paragraph 2.D. herein and the terms of the Plan, the Committee, if so appointed, shall have the authority to (i) determine the employees of the Company and Related Corporations (from among the class of employees eligible under paragraph 3 to receive ISOs) to whom ISOs may be granted, and to determine (from among the class of individuals and entities eligible under paragraph 3 to receive Non-Qualified Options and Awards and to make Purchases) to whom Non-Qualified Options, Awards and authorizations to make Purchases may be granted; (ii) determine the time or times at which Options or Awards may be granted or Purchases made; (iii) determine the option price of shares subject to each Option, which price shall not be less than the minimum price specified in paragraph 6, and the purchase price of shares subject to each Purchases; (iv) determine whether each Option granted shall be an ISO or a Non-Qualified Option; (v) determine (subject to paragraph 7) the time or times when each Option shall become exercisable and the duration of the exercise period; (vi) determine whether restrictions such as repurchase options are to be imposed on shares subject to Options, Awards and Purchases and the nature of such restrictions, if any, and (vii) interpret the Plan and prescribe and rescind rules and regulations relating to it.  

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All references in this Plan to the Committee shall mean the Board if no Committee has been appointed.  If the Committee determines to issue a Non-Qualified Option, it shall take whatever actions it deems necessary, under Section 422A of the Code and the regulations promulgated thereunder, to ensure that such Option is not treated as an ISO.  The interpretation and construction by the Committee of any provisions of the Plan or of any Stock Right granted under it shall be final unless otherwise determined by the Board. The Committee may from time to time adopt such rules and regulations for carrying out the Plan as it may deem best.  No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Stock Right granted under it.

B.

The Committee may select one of its members as its chairman, and shall hold meetings at such time and places it may determine.  Acts by a majority of the Committee, or actions reduced to or approved in writing by a majority of the members of the Committee, shall be the valid acts of the Committee.  From time to time the Board may increase the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer the Plan.

C.

Stock Rights may be granted to members of the Board in accordance with paragraph 2.D. herein and the provisions of this Plan applicable to other eligible persons.  Members of the Board who are either (i) eligible for Stock Rights pursuant to the Plan or (ii) have been granted Stock Rights may vote on any matters affecting the administration of the Plan or the grant of any Stock Rights pursuant to the Plan.

D.

Each transaction, i.e. each grant of Stock Rights to any eligible participant under the Plan who is an officer or director of the Company,  (i) shall be approved in advance to the granting of such right, by either the full Board or the Committee of the Board which shall be composed solely of two or more Non-Employee Directors; (ii) shall be approved in advance to the granting of such right, or ratified no later than the next annual meeting of shareholders, by the affirmative votes of the holders of a majority of the securities of the issuer present, or represented, and entitled to vote at a meeting duly held in accordance with the applicable laws of the state or other jurisdiction in which the Company is incorporated; or the written consent of the holders of a majority of the securities of the issuer entitled to vote; or (iii)  shall be held by the officer or director for a period of six months following the date of such acquisition, provided that with respect to Options, at least six months shall elapse from the date of the acquisition/grant of the Options to the date of disposition of the Options (other than upon exercise or conversion) or its underlying equity security.  A Non-Employee Director is a director who is not, at the time of such grant an officer of the Company or any Related 

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Corporation, or otherwise employed by the Company or any Related Corporation; does not receive compensation, either directly or indirectly, from the Corporation or any Related Corporation, for services rendered as a consultant or in any capacity other than a director, except for an amount that does not exceed the dollar amount for which disclosure is required pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended; does not possess an interest in any other transaction for which disclosure would be required pursuant to Item 404(a) of Regulation S-K; and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K.

3.

Eligible Employees and Others.  ISOs may be granted to any employee of the Company or any Related Corporation.  Those officers and directors of the Company who are not employees may not be granted ISOs under the Plan.  Non-Qualified Options, Awards and authorizations to make Purchases may be granted to any director (whether or not an employee), officer, employee or consultant of the Company or any Related Corporation.  The Committee may take into consideration a recipient's individual circumstances in determining whether to grant an ISO, a Non-Qualified Option or an authorization to make a Purchase.  Granting of any Stock Rights to any individual or entity shall neither entitle that individual or entity to, nor disqualify him from, participation in any other grant of Stock Rights.

4.

Stock.  The stock subject to Options, Awards and Purchases shall be authorized but unissued shares of Common Stock of the Company, $.001 par value (the “Common Stock”), or shares of Common Stock reacquired by the Company in any manner.  The aggregate number of shares that may be issued pursuant to the Plan is 10,000,000, subject to adjustment as provided in paragraph 13.  Any such shares may be issued as ISOs, Non-Qualified Options or Awards, or to persons or entities making Purchases, so long as the number of shares issued does not exceed such number, as adjusted. If any Option granted under the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable in whole or in part, or if the Company shall reacquire any unvested shares issued pursuant to Awards or Purchases, the unpurchased shares subject to such Options and any unvested shares so reacquired by the Company shall again be available for grants of Stock Rights under the Plan.

5.

Granting of Stock Rights.  Stock Rights may be granted under the Plan at any time commencing on July 14, 2014 and prior to July 13, 2024. Any Stock Right issued pursuant to subsection (iii) of paragraph 2.D. shall be held for the period of time described in that subsection. The date of grant of a Stock Right under the Plan will be the date specified by the Committee at the time it grants the Stock Right; provided, however, that such date shall not be prior to the date on which the Committee acts to approve the grant.  The Committee shall have the right, with the consent of the optionee, to convert an ISO granted under the Plan to a Non-Qualified Option pursuant to paragraph 16.  Awards and the price of Purchases shall be at fair market value as determined by the Board of Directors.

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6.

Minimum Option Price; ISO Limitations.

A.

The price per share specified in the agreement relating to each Non-Qualified Option granted under the Plan shall in no event be less than the lesser of (i) the book value per share of Common Stock as of the end of the fiscal year of the Company immediately preceding the date of such grant, or (ii) 25 percent of the fair market value per share of Common Stock on the date of such grant.

B.

The price per share specified in the agreement relating to each ISO granted under the Plan shall not be less than the fair market value per share of Common Stock on the date of such grant.  In the case of an ISO to be granted to an employee owning stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any Related Corporation, the price per share specified in the agreement relating to such ISO shall not be less than 110 percent of the fair market value per share of Common Stock on the date of the grant.

C.

To the extent that the aggregate fair market value (determined at the time the option is granted) of stock with respect to which options meeting the requirements of Section 422(b) are exercisable for the first time by any individual during any calendar year exceeds $100,000, then such options shall not be treated as incentive stock options pursuant to Section 422(b). The preceding sentence shall be applied by taking options into account in the order in which they were granted.

D.

If, at the time an Option is granted under the Plan, the Company's Common Stock is publicly traded, “fair market value” shall be determined as of the last business day for which the prices or quotes discussed in this sentence are available prior to the date such Option is granted and shall mean (i) the average (on that date) of the high and low prices of the Common Stock on the principal national securities exchange on  which the Common Stock is traded, if the Common Stock is then traded on a national securities exchange; or (ii) the last reported sale price (on that date) of the Common Stock on the NASDAQ National Market List, if the Common Stock is not then traded on a national securities exchange; or (iii) the closing bid price (or average of bid prices) last quoted (on that date) by an established quotation service for over-the-counter securities, if the Common Stock is not reported on the NASDAQ National Market List.  However, if the Common Stock is not publicly traded at the time an Option is granted under the Plan, “fair market value” shall be deemed by the Committee after taking into consideration all factors which it deems appropriate, including, without limitation, recent sale and offer prices of the Common Stock in private transactions negotiated at arm's length.

7.

Option Duration.  Subject to earlier termination as provided in paragraphs 9 and 10, each Option shall expire on the date specified by the Committee, but not more than (i) ten years from the date of grant in the case of Non-Qualified Options, (ii) ten years from the date of grant in the case of ISOs generally, and (iii) five years from the date of grant in the case of ISOs granted to an employee owning stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any Related Corporation.  Subject to 

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earlier termination as provided in paragraphs 9 and 10, the term of each ISO shall be the term set forth in the original instrument granting such ISO, except with respect to any part of such ISO that is converted into a Non-Qualified Option pursuant to paragraph 16.

8.

Exercise of Option.  Subject to the provisions of paragraphs 9 through 12, each Option granted under the Plan shall be exercisable as follows:

A.

The Option shall either be fully exercisable on the date of grant or shall become exercisable thereafter in such installments as the Committee may specify.

B.

Once an installment becomes exercisable it shall remain exercisable until expiration or termination of the Option, unless otherwise specified by the Committee.

C.

Each Option or installment may be exercised at any time or from time to time, in whole or in part, for up to the total number of shares with respect to which it is then exercisable.

D.

The Committee shall have the right to accelerate the date of exercise of any installment of any Option; provided that the Committee shall not accelerate the exercise date of any installment of any Option granted to any employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to paragraph 16) if such acceleration would violate the annual vesting limitation contained in Section 422A(b)(7) of the Code, as described in paragraph 6(c).

E.

With respect to any Options granted to any officer or director of the Company pursuant to subsection (iii) of paragraph 2.D. herein, at least six months shall elapse from the date of the acquisition/grant of the Option to the date of disposition of the Option (other than upon exercise or conversion) or its underlying equity security.

9.

Termination of Employment.  If an ISO optionee ceases to be employed by the Company and all Related Corporations other than by reason of death or disability as defined in paragraph 10, no further installments of his ISOs shall become exercisable, and his ISOs shall terminate after the passage of 90 days from the date of termination of his employment, but in no event later than on their specified expiration dates, except to the extent that such ISOs (or unexercised installments thereof) have been converted into Non-Qualified Options pursuant to paragraph 16.  Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such optionee's right to reemployment is guaranteed by statute.  A bona fide leave of absence with the written approval of the Committee shall not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the Company or any Related Corporation to continue the employment of the optionee after the approved period of absence.  ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation.  Nothing in the Plan shall be deemed to give any grantee of any Stock Right the right to be retained in employment or other service by the Company or any Related Corporation for any period of time.

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10.

Death; Disability.

A.

If an ISO optionee ceases to be employed by the Company and all Related Corporations by reason of his death, any ISO of his may be exercised, to the extent of the number of shares with respect to which he could have exercised it on the date of his death, by his estate, personal representative or beneficiary who has acquired the ISO by will or by the laws of descent and distribution, at any time prior to the earlier of the ISO's specified expiration date or one year from the date of the optionee's death.

B.

If an ISO optionee ceases to be employed by the Company and all Related Corporations by reason of his disability, he shall have the right to exercise any ISO held by him on the date of termination of employment, to the extent of the number of shares with respect to which he could have exercised it on that date, at any time prior to the earlier of the ISO's specified expiration date or one year from the date of the termination of the optionee's employment.  For the purposes of the Plan, the term “disability” shall mean “permanent and total disability” as defined in Section 22(e)(3) of the Code or successor statute.

11.

Assignability.  No ISO shall be assignable or transferable by the grantee except by will or by the laws of descent and distribution, and during the lifetime of the grantee each ISO shall be exercisable only by him.  All other Stock Rights shall be freely transferable subject to the limitations imposed by subsection (iii) of paragraph 2.D. herein, if applicable. 

12.

Terms and Conditions of Options.  Options shall be evidenced by instruments (which need not be identical) in such forms as the Committee may from time to time approve.  Such instruments shall conform to the terms and conditions set forth in paragraphs 6 through 11 hereof and may contain such other provisions as the Committee deems advisable which are not inconsistent with the Plan, including restrictions applicable to shares of Common Stock issuable upon exercise of Options.  In granting any Non­-Qualified Option, the Committee may specify that such Non-Qualified Option shall be subject to the restrictions set forth herein with respect to ISOs, or to such other termination and cancellation provisions as the Committee may determine.  The Committee may from time to time confer authority and responsibility on one or more of its own members and/or one or more officers of the Company to execute and deliver such instruments.  The proper officers of the Company are authorized and directed to take any and all action necessary or advisable from time to time to carry out the terms of such instruments.

13.

Adjustments.  Upon the occurrence of any of the following events, an optionee's rights with respect to Options granted to him hereunder shall be adjusted as hereinafter provided, unless otherwise specifically provided in the written agreement between the optionee and the Company relating to such Option:

A.

If the shares of Common Stock shall be subdivided or combined into a greater or small number of shares of it the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, the number of shares 

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of Common Stock deliverable upon the exercise of Options shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made in the purchase price per share to reflect such subdivision, combination or stock dividend.

B.

If the Company is to be consolidated with or acquired by another entity in a merger, sale of all or substantially all of the Company's assets or otherwise (an “Acquisition”), the Committee or the Board of Directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the shares then subject to such Options the consideration payable with respect to the outstanding shares of Common Stock in connection with the Acquisition; or (ii) upon written notice to the optionees, provided that all Options must be exercised, to the extent then exercisable, within a specified number of days of the date of such notice, at the end of which period the Options shall terminate; or (iii) terminate all Options in exchange for a cash payment equal to the excess of the fair market value of the shares subject to such Options (to the extent then exercisable) over the exercise price thereof.

C.

In the event of a recapitalization or reorganization of the Company (other than a transaction described in subparagraph B above) pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, an optionee upon exercising an Option shall be entitled to receive for the purchase price paid upon such exercise the securities he would have received if he had exercised his Option prior to such recapitalization or reorganization.

D.

Notwithstanding the foregoing, any adjustments made pursuant to subparagraphs A, B, or C with respect to ISOs shall be made only after the Committee, after consulting with counsel for the Company, determines whether such adjustments would constitute a “modification” of such ISOs (as that term is defined in Section 425 of the Code) or would cause any adverse tax consequences for the holders of such ISOs.  If the Committee determines that such adjustments made with respect to ISOs would constitute a modification of such ISOs, it may refrain from making such adjustments.

E.

In the event of the proposed dissolution or liquidating of the Company, each Option will terminate immediately prior to the consummation of such proposed action or at such other time and subject to such other conditions as shall be determined by the Committee.

F.

Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Options.  No adjustments shall be made for dividends paid in cash or in property other than securities of the Company.

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G.

No fractional shares shall be issued under the Plan and the optionee shall receive from the Company cash in lieu of such fractional shares.

H.

Upon the happening of any of the foregoing events described in subparagraphs A, B, and C above, the class and aggregate number of shares set forth in paragraph 6 hereof that are subject to Stock Rights which previously have been or subsequently may be granted under the Plan shall also be appropriately adjusted to reflect the events described in such subparagraphs.  The Committee or the Successor Board shall determine the specific adjustments to be made under this paragraph 13 and, subject to paragraph 2, its determination shall be conclusive.

If any person or entity owning restricted Common Stock obtained by exercise of a Stock Right made hereunder receives shares of securities or cash in connection with a corporate transaction described in subparagraphs A, B, or C above as a result of owning such restricted Common Stock, such shares or securities or cash shall be subject to all of the conditions and restrictions applicable to the restricted Common Stock with respect to which such shares or securities or cash were issued, unless otherwise determined by the Committee or the Successor Board.

14.

Means of Exercising Stock Rights.  A Stock Right (or any part or installment thereof) shall be exercised by giving written notice to the Company at its principal office address.  Such notice shall identify the Stock Right being exercised and specify the number of shares to which such Stock Right is being exercised, accompanied by full payment of the purchase price therefor either (a) in United States dollars in cash or by check, or (b) at the discretion of the Committee, through delivery of shares of Common Stock having a fair market value equal as of the date of the exercise to the cash exercise price of the Stock Right, or (c) at the discretion of the Committee, by delivery of the grantee's personal recourse note bearing interest payable not less than annually at no less than 100% of the lowest applicable Federal rate, as defined in Section 1274 (d) of the Code, or a combination of (a), (b), and (c) above.  If the Committee exercises its discretion to permit payment of the exercise price of an ISO by means of the methods set forth in clauses (a), (b), or (c) of the preceding sentence, such discretion shall be exercised in writing at the time of the grant of the ISO in question.  The holder of a Stock Right shall not have the rights of a shareholder with respect to the shares covered by his Stock Right until the date of issuance of a stock certificate to him for such shares.  Except as expressly provided above in paragraph 13 with respect to changes in capitalization and stock dividends, no adjustment shall be made for dividends or similar rights for which the record date is before the date such stock certificate is issued.

15.

Term and Amendment of Plan. This Plan was adopted by the Board on July 14, 2014, subject to approval of the Plan by the stockholders of the Company at the next Meeting of Stockholders.  If the approval of the stockholders is not obtained by on July 13, 2015 any grants of Stock Rights under the Plan made prior to that date will be rescinded.  The Plan shall expire on July 13, 2024 (except as to Options outstanding on that date).  Subject to the provisions of paragraph 5 above, Stock Rights may be granted under the Plan prior to the date of stockholder approval of the Plan. The Board may terminate or amend the Plan in any respect at any time, except that, without the approval of the holders of a majority of the outstanding shares of 

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Common Stock obtained within 12 months before or after the Board adopts a resolution authorizing any of the following actions: (a) the total number of shares that may be issued under the Plan may not be increased (except by adjustments pursuant to paragraph 13); (b) the provisions of paragraph 3 regarding eligibility for grants of ISOs may not be modified (except by adjustment pursuant to Paragraph 13); (c) the provisions of paragraph 6 regarding the exercise price at which shares may be offered pursuant to ISO's may not be modified (except by adjustment pursuant to paragraph 13) and (d) the expiration date of the Plan may not be extended.  Except as provided in the fourth sentence of this paragraph 15, in no event may action of the Board or Stockholders alter or impair the rights of a grantee, without his consent, under any Stock Right previously granted to him.

16.

Conversion of ISOs into Non-Qualified Options; Termination of ISOs.  The Committee, at the written request of any optionee, may in its discretion take such actions as may be necessary to convert such optionee's ISOs (or any installments or portions of installments thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such ISOs, regardless of whether the optionee is an employee of the Company or a Related Corporation at the time of such conversion.  Such actions may include, but not be limited to, extending the exercise period or reducing the exercise price of the appropriate installments of such options.  At the time of such conversion, the Committee (with the consent of the Optionee) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Committee in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan.  Nothing in the Plan shall be deemed to give any optionee the right to have such optionee's ISOs converted into Non-Qualified Options, and no such conversion shall occur until and unless the Committee takes appropriate action.  The Committee, with the consent of the optionee, may also terminate any portion of any ISO that has not been exercised at the time of such termination.

17.

Application of Funds.  The proceeds received by the Company from the sale of shares pursuant to Options granted and Purchases authorized under the Plan shall be used for general corporate purposes.

18.

Governmental Regulation.  The Company's obligation to sell and deliver shares of the Common Stock under this Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance or sale of such shares.

19.

Withholding of Additional Income Taxes.  Upon the exercise of a Non-Qualified Option, the grant of an Award, the making of a Purchase of Common Stock for less than its fair market value, the making of a Disqualifying Disposition (as defined in paragraph 20) or the vesting of restricted Common Stock acquired on the exercise of a Stock Right hereunder, the Company, in accordance with Section 3402(a) of the Code, may require the optionee, Award recipient or purchaser to pay additional withholding taxes in respect of the amount that is considered compensation includible in such person's gross income.  The Committee in its discretion may condition (i) the exercise of an Option, (ii) the grant of an Award, (iii) the making of a Purchase of Common Stock for less than its fair market value, or (iv) the vesting of restricted Common Stock acquired by exercising a Stock Right on the grantee's payment of such additional withholding taxes.

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20.

Notice to Company of Disqualifying Disposition.  Each employee who receives an ISO must agree to notify the Company in writing immediately after the employee makes a Disqualifying Disposition of any Common Stock acquired pursuant to the exercise of an ISO.  A Disqualifying Disposition is any disposition (including any sale) of such Common Stock before the later of (a) two years after the date the employee was granted the ISO or (b) one year after the date the Common Stock was transferred to the employee. 

21.

Governing Law: Construction.  The validity and construction of the Plan and the instruments evidencing Stock Rights shall be governed by the laws of the State of Delaware.  In construing this Plan, the singular shall include the plural and the masculine general shall include the feminine and neuter, unless the context otherwise requires.

Approved by the Company’s Board of Directors on July 14, 2014

Approved by the Company’s shareholders on _______________, 2014

10EX-10.2

 Exhibit 10.2 
 CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT 
 This CONTRIBUTION,
CONVEYANCE AND ASSUMPTION AGREEMENT, dated as of [•], 2014 (this “Agreement”), is by and between TRANSOCEAN PARTNERS HOLDINGS LIMITED, a Cayman Islands exempted company (“TPHL”), and TRANSOCEAN PARTNERS LLC, a
Marshall Islands limited liability company (the “Company”) (each, a “Party” and collectively, the “Parties”). 
 RECITALS 
 WHEREAS, TPHL has caused the formation of the
Company, pursuant to the Marshall Islands Limited Liability Company Act of 1996 (as amended from time to time, the “Marshall Islands Act”), to hold subsidiaries that will own, operate and acquire modern, technologically advanced
offshore drilling rigs, as well as to engage in any other business activity that is approved by the Board of Directors of the Company (the “Board”) and that lawfully may be conducted by a limited liability company organized pursuant
to the Marshall Islands Act; 
 WHEREAS, in order to accomplish the objectives and purposes in the preceding recital,
each of the following actions has been taken prior to the date hereof: 
  

	 	1.	On January 31, 2014, Transocean Inc., a Cayman Islands company (“TI”), formed TPHL under the laws of the Cayman Islands; 

 

	 	2.	On February 6, 2014, TPHL formed the Company under the Marshall Islands Act and on April 25, 2014, TPHL contributed to the Company $1,000 in exchange for all
of the limited liability company interest in the Company; 

  

	 	3.	On February 6, 2014, TPHL formed Triton RIGP DCL Holdings Limited (“RIGP DCL Holdings”), Triton RIGP DIN Holdings Limited (“RIGP DIN
Holdings”) and Triton RIGP DD3 Holdings Limited (“RIGP DD3 Holdings”), under the laws of the Cayman Islands and contributed [•] to each such entity in exchange for [•] shares of each of RIGP DCL
Holdings, RIGP DIN Holdings and RIGP DD3 Holdings, representing all of the issued and outstanding share capital of RIGP DIN Holdings, RIGP DCL Holdings and RIGP DD3 Holdings, respectively; 

 

	 	4.	On February 18, 2014, Transocean Offshore Deepwater Drilling Inc., a Delaware corporation (“TODDI”), formed Transocean RIGP DCL LLC (“DCL
LLC”), Transocean RIGP DIN LLC (“DIN LLC”) and Transocean RIGP DD3 LLC (“DD3 LLC”), under the Delaware Limited Liability Company Act, and contributed $[•] to each such entity in exchange for all of the
limited liability company interests in each of DCL LLC, DIN LLC and DD3 LLC, respectively; 

  

	 	5.	On February 24, 2014, RIGP DCL Holdings formed Triton RIGP DCL Holdco Limited (“RIGP DCL Holdco”) under the laws of England and Wales and
contributed [•] thereto in exchange for [•] shares of RIGP DCL Holdco, representing all of the issued and outstanding share capital of RIGP DCL Holdco; 

	 	6.	On February 24, 2014, RIGP DIN Holdings formed Triton RIGP DIN Holdco Limited (“RIGP DIN Holdco”) under the laws of England and Wales and
contributed [•] thereto in exchange for [•] shares of RIGP DIN Holdco, representing all of the issued and outstanding share capital of RIGP DIN Holdco; 

 

	 	7.	On February 24, 2014, RIGP DD3 Holdings formed Triton RIGP DD3 Holdco Limited (“RIGP DD3 Holdco”) under the laws of England and Wales and
contributed [•] thereto in exchange for [•] shares of RIGP DD3 Holdco, representing all of the issued and outstanding share capital of RIGP DD3 Holdco; 

 

	 	8.	On March 11, 2014, RIGP DCL Holdco filed a foreign business registration in the Cayman Islands; 

 

	 	9.	On March 11, 2014, RIGP DIN Holdco filed a foreign business registration in the Cayman Islands; 

 

	 	10.	On March 11, 2014, RIGP DD3 Holdco filed a foreign business registration in the Cayman Islands; 

 

	 	11.	Effective April 1, 2014, TODDI assigned the drilling contracts for Discoverer Clear Leader (together with any associated assets, “DCL”),
Discoverer Inspiration (together with any associated assets, “DIN”) and Development Driller III (together with any associated assets, “DD3” and, together with DCL and DIN, the “Rigs”)
to DCL LLC, DIN LLC and DD3 LLC (collectively, the “Rig Operators” and individually, a “Rig Operator”), respectively; 

  

	 	12.	Effective April 1, 2014, TODDI assigned rights to DCL, DIN and DD3 under bareboat charters to DCL LLC, DIN LLC and DD3 LLC, respectively; 

 

	 	13.	On April 1, 2014, in connection with the assignment of drilling contracts, TI provided to BP plc a financial and performance guarantee on behalf of DD3 LLC;

  

	 	14.	On May 1, 2014, TPHL formed Transocean RIGP DCL Opco Limited (“RIGP DCL OPCO”), Transocean RIGP DIN Opco Limited (“RIGP DIN
OPCO”) and Transocean RIGP DD3 Opco Limited (“RIGP DD3 OPCO”), under the laws of the Cayman Islands and contributed [•] to each such entity in exchange for [•] share of each of RIGP DCL OPCO, RIGP
DIN OPCO and RIGP DD3 OPCO, representing all of the issued and outstanding share capital of RIGP DCL OPCO, RIGP DIN OPCO and RIGP DD3 OPCO, respectively; 

  

	 	15.	On May 20, 2014, Triton Asset Leasing GmbH, a Swiss limited liability company (“TAL”), and DCL LLC entered into a new bareboat charter with
respect to DCL; 

  

	 	16.	On [•], 2014, TI issued to TPHL three promissory notes, each with TI as debtor, in the amount of the respective Fair Market Values of each of DCL LLC (the
“DCL Operator Note”), DIN LLC (the “DIN Operator Note”) and DD3 LLC (the “DD3 Operator Note”, and together with the DCL Operator Note and the DIN Operator Note, the “Rig Operator
Notes”) in exchange for a promissory note, with TPHL as debtor, in an aggregate amount equal to the principal amount of the Rig Operator Notes; 

  
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	 	17.	On [•], 2014, TPHL contributed (a) to RIGP DCL OPCO the DCL Operator Note, in exchange for [•] shares of RIGP DCL OPCO, (b) to RIGP
DIN OPCO the DIN Operator Note, in exchange for [•] shares of RIGP DIN OPCO and (c) to RIGP DD3 OPCO the DD3 Operator Note, in exchange for [•] shares of RIGP DD3 OPCO; 

 

	 	18.	On [•], 2014, TI issued to TPHL three promissory notes, each with TI as debtor, in the amount equal to the respective Fair Market Values of each of DCL (the
“DCL Note”), DIN (the “DIN Note”) and DD3 (the “DD3 Note” and, together with the DCL Note and the DIN Note, the “Rig Notes”) in exchange for a promissory note, with TPHL as debtor,
in an aggregate amount equal to the principal amount of the Rig Notes; 

  

	 	19.	On [•], 2014, (a) TAL sold DCL to TPHL in exchange for the DCL Note and the assumption by TPHL of the Royalty Obligation with respect to DCL,
(b) Triton Nautilus Asset Leasing GmbH, a Swiss limited liability company (“TNAL”), sold DIN to TPHL in exchange for the DIN Note and the assumption by TPHL of the Royalty Obligation with respect to DIN and
(c) GlobalSantaFe Leasing Services GmbH, a Swiss limited liability company (“GSFLS” and, together with TAL and TNAL, the “Swiss Rig Owners”), sold DD3 to TPHL in exchange for the DD3 Note and the assumption by
TPHL of the Royalty Obligation with respect to DD3; 

  

	 	20.	On [•], 2014, TPHL contributed (a) DCL to RIGP DCL Holdings in exchange for [•] shares of RIGP DCL Holdings, (b) DIN to RIGP DIN
Holdings in exchange for [•] shares of RIGP DIN Holdings and (c) DD3 to RIGP DD3 Holdings in exchange for [•] shares of RIGP DD3 Holdings; 

 

	 	21.	On [•], 2014, RIGP DCL Holdings contributed DCL to the Cayman Islands branch of RIGP DCL Holdco in exchange for [•] shares of RIGP DCL Holdco;

  

	 	22.	On [•], 2014, RIGP DIN Holdings contributed DIN to the Cayman Islands branch of RIGP DIN Holdco in exchange for [•] shares of RIGP DIN Holdco;

  

	 	23.	On [•], 2014, RIGP DD3 Holdings contributed DD3 to the Cayman Islands branch of RIGP DD3 Holdco in exchange for [•] shares of RIGP DD3 Holdco;

  

	 	24.	On [•], 2014, the Swiss Rig Owners assigned rights to DCL, DIN and DD3 under bareboat charters to RIGP DCL Holdco, RIGP DIN Holdco and RIGP DD3 Holdco,
respectively; 

  

	 	25.	On [•], 2014, the Company executed a Working Capital Promissory Note in $[•] million principal amount (the “Working Capital
Note”) in favor of Transocean Financing GmbH (“TO Financing”), and TO Financing loaned to the Company $[•] million in cash; and 

  
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	 	26.	On [•], 2014, TODDI provided to each Rig Operator a guaranty with respect to any customer receivables held by such Rig Operator on the closing date of the
applicable Assignment and Bill of Sale to the extent taken into account for purposes of computing the Net Working Capital of the Rig Operator thereunder. 

 NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements herein contained, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms below: 
 “Assignment(s) and Bill(s) of Sale” means the agreements pursuant to which TODDI sells, conveys, assigns, transfers, sets over and delivers all of its rights, title and interest in, to
and under each of DCL LLC, DIN LLC and DD3 LLC to RIGP DCL OPCO, RIGP DIN OPCO and RIGP DD3 OPCO, respectively. 

“Closing Date” has the meaning set forth in the LLC Agreement. 

“Common Unit” has the meaning set forth in the LLC Agreement. 

“Company Group” has the meaning set forth in the LLC Agreement. 

“Effective Time” means immediately prior to the execution of the Underwriting Agreement. 

“Fair Market Value” means (a) in the case of the Rigs, the fair market value of each of the Rigs, as applicable, as
determined by TI in its sole discretion, and (b) in the case of the Rig Operators, the aggregate of (i) the amount of estimated Net Working Capital of such Rig Operator as of the day before the day of the sale of the ownership interests in
such Rig Operator contemplated under Section 2.2 hereof and (ii) the fair market value of all of the assets and liabilities of such Rig Operator that are neither included in (i) nor the subject of an indemnity by TODDI under the
Assignments and Bills of Sale. 
 “Incentive Distribution Rights” has the meaning set forth in the LLC
Agreement. 
 “Initial Public Offering” has the meaning set forth in the LLC Agreement. 

“LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of
the date hereof. 
 “Net Working Capital” means the net amount of the working capital of any Rig Operator as of
the day before the day of closing of the sale of the relevant interest contemplated in Section 2.2 hereof, calculated in the same manner as calculated for the forecast for the Company included in its Registration Statement, as determined by
TODDI in its sole discretion. 

  
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 “Registration Statement” means the Registration Statement on Form S-1
filed with the United States Securities and Exchange Commission (Registration No. 333-196958), as amended. 

“Royalty” means any royalty owing or paid to TODDI under a technology license for a dual activity patent utilized by
each of the Rigs in an amount equal to 5% of the dayrate received under the applicable drilling contract for the applicable Rig. 
 “Royalty Obligation” means the obligation to pay the Royalty. 

“Subordinated Unit” has the meaning set forth in the LLC Agreement. 

“Transocean Member Interest” has the meaning set forth in the LLC Agreement. 

“Underwriting Agreement” has the meaning set forth in the LLC Agreement. 

ARTICLE II 

CONTRIBUTIONS, ACKNOWLEDGMENTS AND DISTRIBUTIONS 
 The following transactions will be executed in the sequence set forth in this Article II: 
 2.1 Contribution of Entities to the Company. TPHL hereby grants, contributes, bargains, conveys, assigns, transfers, sets over and delivers to the Company [•] shares of each of
RIGP DCL Holdings, RIGP DIN Holdings, RIGP DD3 Holdings, RIGP DCL OPCO, RIGP DIN OPCO and RIGP DD3 OPCO, representing, in each case a 51% ownership interest in each such entity, in exchange for [•] Common Units and [•] Subordinated Units
representing a 60% and 40% limited liability company interest, respectively, in the Company, the non-economic Transocean Member Interest in the Company, 100% of the Incentive Distribution Rights and $[•] in cash received from the proceeds of
the Working Capital Note, and the Company hereby accepts such contribution from TPHL. 
 2.2 Transfer of Rig
Operators. Pursuant to the terms of the Assignments and Bills of Sale, the parties shall ensure that TODDI sells, conveys, assigns, transfers, sets over and delivers all of its rights, title and interest in, to and under each
of DCL LLC, DIN LLC and DD3 LLC to RIGP DCL OPCO, RIGP DIN OPCO and RIGP DD3 OPCO, respectively, in exchange for the purchase price as determined under such agreement (the “Purchase Price”), and each of RIGP DCL OPCO, RIGP DIN OPCO
and RIGP DD3 OPCO accepts such rights, title and interest from TODDI. The Purchase Price for each Rig Operator (a) shall equal the Fair Market Value of such Rig Operator, as adjusted to reflect the actual Net Working Capital of such Rig
Operator and (b) shall be satisfied, in whole or in part, by the delivery of the Rig Operator Notes to TODDI. 
 ARTICLE
III 
 FURTHER ASSURANCES 
 From time to time after the date hereof, and without any further consideration, each of the Parties shall execute, acknowledge and deliver additional instruments, notices and other documents, and will do
all such other acts and things, all in accordance with applicable law, as may be necessary or appropriate to more fully and effectively carry out the purposes and intent 

  
 5 

 
of this Agreement. Without limiting the generality of the foregoing, the Parties acknowledge that the Parties have used their good faith efforts to identify all of the assets being contributed as
required in connection with this Agreement. It is the express intent of the Parties that the Company Group own all assets necessary to operate the assets that are identified in this Agreement and in the Registration Statement. To the extent that any
assets were not identified but are necessary to the operation of the assets that are so identified in this Agreement and in the Registration Statement, then the intent of the Parties is that all such unidentified assets are intended to be conveyed
to the Company Group pursuant to this Agreement. To the extent any such assets are identified at a later date, the Parties shall take all appropriate action required in order to convey such assets to the applicable member of the Company Group.
Likewise, to the extent that any assets that are conveyed to the Company Group hereunder are later identified by the Parties as assets that the Parties did not intend to convey to the Company Group as reflected in the Registration Statement, the
Parties shall take all appropriate action required to convey such assets to the appropriate Party. 
 Furthermore, without
limiting any liabilities or other remedies of the Parties applicable under this Agreement or any other agreements, if and to the extent that the valid, complete and perfected transfer or assignment of any assets by any Party to any member of the
Company Group or the acquisition of any assets from any Party by any member of the Company Group would be a violation of applicable law, or require any additional consents, approvals or notifications in connection with the transfer of such assets by
any Party to any member of the Company Group that have not been obtained or made by the Effective Time, then, unless the Parties shall otherwise mutually determine, the transfer or assignment of such assets to such member of the Company Group or the
assumption of such assets by such member of the Company Group, as the case may be, shall be automatically deemed deferred and any such purported transfer, assignment or assumption shall be null and void until such time as all legal impediments are
removed or such consents, approvals and notifications have been obtained or made. Notwithstanding the foregoing, in such event the applicable Party shall (a) hold such assets in trust for the benefit of the Company Group, (b) not transfer
or assign such assets, in whole or in part, other than with the prior consent of the Company, and (c) use best efforts to assure that each member of the Company Group receives all of the benefits of the assets attempted to have been transferred
to it until such time as the attempted transfer is complete, and each member of the Company Group shall bear all costs associated with such assets (except costs associated with the attempted transfer or perfecting such transfer, and subject to
offset of any benefits of the assets not received by the Company Group against associated costs incurred by the applicable Party) as if the transfer had been valid and complete. 

ARTICLE IV 

ORDER OF COMPLETION AND EFFECTIVENESS OF TRANSACTIONS 
 4.1 Order of Completion of Transactions. The transactions provided for in Section 2.1 shall be completed on the date
hereof and prior to the Effective Time, and the transactions provided for in Section 2.2 shall be completed prior to the Closing Date. 
 4.2 Effectiveness of Transactions. Notwithstanding anything contained in this Agreement to the contrary, Section 2.1 shall be operative on the date hereof without further action
by any Party. 

  
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 ARTICLE V 
 MISCELLANEOUS 
 5.1 Costs. [TPHL] shall pay all expenses,
fees and costs, including, but not limited to, all sales, use and similar taxes arising out of the contributions, distributions, conveyances and deliveries to be made under Section 2.1 and shall pay all documentary, filing, recording, transfer,
deed and conveyance taxes and fees required in connection therewith. In addition, [TPHL] shall be responsible for all costs, liabilities and expenses (including court costs and reasonable attorneys’ fees) incurred in connection with the
implementation of any conveyance or delivery pursuant to Article III (to the extent related to any of the contributions, distributions, conveyances and deliveries to be made under Article II). 

5.2 Notices. All correspondence or notices required or permitted to be given under this Agreement shall be given in English
and sent by mail, fax or electronic mail or delivered by hand at the addresses set forth on the signature pages hereto or such other address or fax number as either Party may designate to the other Party in writing. Notices will be deemed to be
delivered at the time of mail room receipt, if sent by mail or hand delivery, by the time of successful transmission, if sent by fax, or on the read receipt email if sent by email. 

5.3 Construction Rules.  
 (a) A reference to an Article, Section or Schedule shall mean an Article or Section of, or a Schedule to, this Agreement unless otherwise explicitly set forth. The titles and headings herein are for
reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole.
 (b) The words “include,” “includes” and “including” when used in this Agreement shall be deemed in each case to be followed by the words “without limitation.”

 (c) The words “hereof,” “herein” and “herewith” and words of similar import
will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 (d) The word “or” when used in this Agreement will not be exclusive. 
 (e) Words in the singular when used in this Agreement will be held to include the plural. 
 (f) Unless specifically stated otherwise, all dollar amounts referred to in this Agreement or required to be paid pursuant to this Agreement are expressed in and shall be paid in United States Dollar
funds. 
 5.4 Binding Effect; Assignment. This Agreement shall inure to the benefit of and be binding upon the
Parties and their respective legal representatives and successors. Neither Party may assign its rights and/or obligations under this Agreement without the consent of the other Party, which consent shall not be unreasonably withheld. 

  
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 5.5 Entire Agreement. This Agreement constitutes the entire agreement between
the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. 

5.6 Governing Law. This Agreement shall be governed and construed and enforced in accordance with the laws of the
State of Texas without regard to principles of conflicts of laws thereof that would result in the application of the laws of any other jurisdiction. 
 5.7 Counterparts. This Agreement, including the documents referred to herein, may be executed in counterparts, each of which shall be deemed to be an original but all of which shall
constitute one and the same agreement. 
 5.8 No Third Party Beneficiaries. This Agreement is solely for the
benefit of the Parties and is not intended to confer any benefit, right or obligation upon any other Person. 
 5.9
Severability. If any term or other provision of this Agreement is determined by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to
either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to effect the original intent of the
Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be
interpreted to be only so broad as is enforceable. 
 5.10 Failure or Indulgence Not Waiver; Remedies Cumulative.
No failure or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any
single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 5.11 Amendment. No change or amendment will be made to this Agreement except by an instrument in writing signed
on behalf of each of the Parties. 
 5.12 Specific Performance. In the event of any actual or threatened default
in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party or the Parties who are or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of their rights
under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary
damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived.

  
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 5.13 Construction. This Agreement shall be construed as if jointly drafted by
the Parties and, except as set forth in this Section 5.13, no rule of construction or strict interpretation shall be applied against any Party. 
 5.14 Relationship of Parties. The Company Group understands and agrees that the relationship of the Parties under this Agreement is strictly a contractual arrangement on the terms and
conditions set forth in this Agreement, that no fiduciary, trust, partnership, joint venture, agency or advisory relationship exists between any Party and that the Company Group hereby waives any and all rights that it may otherwise have under
applicable law to make any claims or take any action against any Party or any of its affiliates based on any theory of agency, fiduciary duty, relationship of trust or other special standard of care. 

5.15 Forum for Disputes. Any actions, suits or proceedings arising out of or relating to this Agreement must be instituted
in a state or federal court located in the State of Texas (assuming such court has jurisdiction). The Parties waive any objections they may have to such venue and irrevocably submit to the jurisdiction of any such court in any such action, suit or
proceeding. 
 5.16 Deed; Bill of Sale; Assignment. To the extent required and permitted by applicable law, this
Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the assets and interests referenced herein. 
 [Remainder of page intentionally left blank] 

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

			
	 TRANSOCEAN PARTNERS HOLDINGS LIMITED
  

	By:	 	 /s/ [•]

	 Name:
	 	[•]
	 Title:
	 	[•]
	
	 Address for Notice:
  

 
 Telephone:
 Fax:
 Attention:
  

TRANSOCEAN PARTNERS LLC

		
	By:	 	 /s/ [•]

	 Name:
	 	[•]
	 Title:
	 	 [•]

	 Address for Notice:
  

 
 Telephone:
 Fax:
 Attention:

 Signature Page to Contribution, Conveyance and Assumption Agreement 

  
 10

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