Document:

Exhibit 10.1

 

2013 ROWAN COMPANIES PLC INCENTIVE
PLAN

FORM OF

20__ EMPLOYEE RESTRICTED SHARE UNIT NOTICE

 

		1.	Grant of Restricted Share Units. Pursuant to the 2013
Rowan Companies plc Incentive Plan as amended (the “Plan”), upon and
subject to the conditions described in this Employee Restricted Share Unit Notice (this “Notice”)
and the Plan, Rowan Companies plc, a public limited company incorporated under English law (the “Company”),
hereby grants to _________________ (the “Participant”), on behalf of
Participant’s Employer (as defined below), effective as of __________ (the “Grant Date”),
________ restricted share units of the Company (the “RSUs”). Each RSU
is granted with a tandem Dividend Equivalent in accordance with Annex 2 to the Plan, which shall entitle the Participant to receive
payments in accordance with Section 6 below. All capitalized terms used but not otherwise defined herein shall have the
meanings set forth in the Plan.

 

		2.	Incorporation of the Plan. The Plan is hereby incorporated
herein by this reference. In the event of any conflict between the terms of this Notice and the Plan, the terms of the Plan shall
control. 

 

		3.	Vesting Schedule; Payment.   

 

(a)          The
RSUs shall vest and become non-forfeitable with respect to one-third (1/3rd) of the RSUs on each of the first (1st), second (2nd)
and third (3rd) anniversaries of the Grant Date, subject to the Participant’s continued Employment through each applicable
vesting date (each date on which RSUs vest in accordance with this sentence, a “Vesting Date”). Notwithstanding
the foregoing, if the Participant’s Employment terminates by reason of the Participant’s Disability (as defined below)
or death, then, in any case, the RSUs shall become fully vested and non-forfeitable upon the Participant’s termination of
Employment (to the extent not then-vested). If the Participant’s Employment terminates other than by reason of Disability
or death, the RSUs shall (to the extent not then-vested) be forfeited as of the date the Participant’s Employment so terminates,
unless otherwise determined by the Committee; provided, however, that if (A) the Participant’s Employment terminates by reason
of Retirement (as defined below), (B) the Participant provides the Company with at least six (6) months’ notice prior to
such Retirement, (C) the Participant executes such restrictive covenant agreements (including, without limitation, non-compete
and non-solicitation agreements) as the Company may in its discretion require, and (D) the Grant Date set forth above is more than
six (6) months prior to the date on which the Participant’s Employment terminates by reason of Retirement, then the RSUs
will not be forfeited pursuant to the foregoing and will continue to vest upon the regular Vesting Date(s) as otherwise provided
under the first sentence of this Section 3(a) .

 

(b)          Payment
to the Participant of amounts due in respect of any RSUs that vest in accordance herewith shall be made in Shares on
the earliest to occur of: (i) the Vesting Date on which such RSUs vest, (ii) the Participant’s “separation from service”
(within the meaning of Section 409A of the Code) (“Separation from Service”) by reason of the Participant’s
Disability, and (iii) the Participant’s death. The Company, on behalf of the Participant’s Employer, shall distribute
such Shares to the Participant (or his or her estate, as applicable) on or within ten (10) days after the applicable event requiring
such distribution. Notwithstanding anything herein to the contrary, if the Company determines that paying such amounts at the time
set forth in this Section 3(b) would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then no such
payment shall be made to the Participant prior to the expiration of the six (6)-month period following the Participant’s
Separation from Service if the Participant is a “specified employee” (within the meaning of Section 409A of the Code)
on the date of his or her Separation from Service (as determined by the Company in accordance with Section 409A of the Code). If
the payment of any such amounts is delayed as a result of the previous sentence, then on the first (1st) day following
the end of such six (6)-month period, the Company shall pay the Participant the cumulative amounts that would have otherwise been
payable to the Participant during such six (6)-month period.

 

     

     

    

 

(c)          For
purposes of this Notice, (i) “Retirement” of an Employee shall have occurred if, as of the Employee’s
date of termination of Employment, the Employee (A) has attained at least sixty (60) years of age and (B) has completed at least
five (5) consecutive years of service as an Employee to the Company or an Affiliate thereof; and (ii) “Disability”
means the Participant is “disabled” within the meaning of Treasury Regulation Section 1.409A-3(i)(4). Determination
of the date of termination of Employment by reason of Retirement or Disability and the satisfaction of the requirements for Retirement
or Disability, as applicable, shall be based on such evidence as the Committee may require and a determination by the Committee
of such date of termination and satisfaction shall be final and controlling on all interested parties.

 

		4.	Establishment of Account. The Company, on behalf of Participant’s
Employer, shall maintain an appropriate bookkeeping record (the “RSU Account”)
that from time to time will reflect the Participant’s name and the number of RSUs and amounts of Dividend Equivalents, as
applicable, credited to the Participant.

 

		5.	Employment Relationship. For purposes of this Notice,
the Participant shall be considered to be in the employment of the Company or an Affiliate thereof as long as the Participant is
actively providing services as an Employee to the Company or an Affiliate thereof (the “Employment”).
The employer shall be considered the Company or the Affiliate thereof on which payroll records the Employee sits (the “Employer”).
In the event the Participant ceases to be in the Employment of the Company or an Affiliate (for any reason whatsoever, whether
or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms
of the Participant's employment agreement, if any), unless otherwise provided in this Notice or another written agreement between
the Company or Employer, as appropriate, and the Participant or otherwise determined by the Committee, no portion of the RSUs which
have not become vested as of the date the Participant ceases to actively provide services as an Employee shall thereafter become
vested. For the avoidance of doubt, the vesting of the RSUs (including the period during which the RSUs may vest) will not be extended
by any notice period that occurs in connection with the termination of the Participant’s Employment (e.g., the Participant’s
period of active service would not include any contractual notice period or any period of “garden leave” or similar
period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment
agreement, if any).

 

Any
question as to whether and when there has been a termination of the Participant’s Employment shall be based on such evidence
as the Committee may require and a determination by the Committee as to the date of such termination of Employment shall be final
and controlling on all interested parties. 

 

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		6.	Dividend Equivalents.   Each RSU granted
hereunder is hereby granted in tandem with a corresponding Dividend Equivalent in accordance with Annex 2 to the Plan, which Dividend
Equivalent shall remain outstanding from the Grant Date until the earlier of the payment or forfeiture of the RSU to which it corresponds.
Each Dividend Equivalent shall entitle the Participant to receive an amount in cash equal to any cash dividends that may be made
by the Company in respect of the Share underlying the RSU to which such Dividend Equivalent relates. The Dividend Equivalents shall
be payable as and when the RSUs vest and are paid to the Participant. Any Dividend Equivalents that accrue prior to the vesting
of the RSUs shall not accrue interest. Upon the forfeiture of an RSU, the Dividend Equivalent with respect to such forfeited RSU
shall also be forfeited. The Dividend Equivalents and any amounts that may become distributable in respect thereof shall be treated
separately from the RSUs and the rights arising in connection therewith for purposes of Code Section 409A (including for purposes
of the designation of the time and form of payments required by Code Section 409A).

 

		7.	Responsibility for Taxes. The Participant acknowledges
that, regardless of any action by the Company or, if different, the Participant's Employer, the ultimate liability for all United
Kingdom and/or United States federal, state, local and other taxes, foreign taxes, income taxes, social insurance taxes, payroll
taxes, fringe benefits taxes, payments on account or other tax-related items related to the Participant's participation in the
Plan and legally applicable to the Participant (collectively, the “Tax-Related Items”)
is and remains the sole responsibility of the Participant's and is not the responsibility of the Company or the Employer. The Participant
further acknowledges that the Company and the Employer (i) make no representations or undertakings regarding the treatment of any
Tax-Related Items in connection with any aspect of the RSUs or Dividend Equivalents, including, but not limited to, the grant of
the RSUs and tandem Dividend Equivalents, the issuance of Shares or payment of cash in respect thereof, the subsequent sale of
Shares acquired pursuant to such issuance and the receipt of any dividends with respect to such Shares, and (ii) are under no obligation
to structure the terms of the grant or any other aspect of the RSUs or the Dividend Equivalents reduce or eliminate the Participant's
liability for Tax-Related Items or achieve any particular tax result. Further, the Participant acknowledges that, if the Participant
is subject to Tax-Related Items in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax
withholding event, as applicable, the Company and/or the Employer may withhold or account for Tax-Related Items in more than one
jurisdiction.

 

The
Participant acknowledges and agrees that the Company and the Employer shall have the right to require the Participant to satisfy
all obligations relating to the Tax-Related Items by one or a combination of the following, as determined in the discretion of
the Company and the Employer (or, with respect to clauses (c) and (d) below, as determined in the discretion of the Committee,
if the Participant is, or is expected by the Company to become, subject to Section 16 of the Exchange Act):

 

		(a)	withholding from the Participant's wages or other cash compensation to be paid to the Participant
by the Company and/or the Employer, including any cash payment made pursuant to the Dividend Equivalents;

 

		(b)	withholding from proceeds of the sale of Shares acquired upon payment of the RSUs either through
a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf and without consent from the
Participant);

 

		(c)	selling or transferring to the employee benefit trust established by the Company a number of Shares
that would otherwise be issued upon payment of the RSUs; or

 

		(d)	withholding an appropriate number of Shares to be issued upon payment of the RSUs.

 

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Notwithstanding
anything herein to the contrary, unless the Company determines otherwise (which determination will be made by the Committee if
the Participant is, or is expected by the Company to become, subject to Section 16 of the Exchange Act), any withholding obligations
relating to the Tax-Related Items, up to the applicable minimum statutory withholding amount or other applicable amount, will be
satisfied by reducing the number of Shares issuable to the Participant in respect of the RSUs. For the avoidance of doubt, if the
obligation for Tax-Related Items is satisfied by withholding in Shares otherwise issuable pursuant to the RSUs, for tax purposes,
the Participant shall be deemed to have been issued the full number of Shares subject to the RSUs, notwithstanding that number
of the Shares withheld for the purpose of paying the Tax-Related Items. The Participant acknowledges and agrees that the Company
and the Employer shall have the authority and the right to deduct or withhold, or to require the Participant to pay to the Company
or the Employer, as applicable, an amount sufficient to satisfy all Tax-Related Items that arise in connection with the RSUs and
the Dividend Equivalents. 

 

For Participants
subject to tax in the United Kingdom, if payment or withholding of the income tax due in connection with the RSUs is not made within
ninety (90) days of any event giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the
U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income
tax shall constitute a loan owed by the Participant to the Employer, effective on the Due Date. The loan will bear interest at
the then-current official rate of Her Majesty’s Revenue and Customs (“HMRC”), it will be immediately
due and repayable, and the Company or the Employer may recover it at any time thereafter by any of the means referred to herein
or otherwise permitted under the Plan. Notwithstanding anything herein to the contrary, if the Participant is a Director or an
“executive officer” (within the meaning of Section 13(k) of the Exchange Act), the Participant shall not be permitted
to make any payment in respect of the RSUs (including any payment of income tax liability), or to continue any extension of credit
with respect to any such payment, with a loan from the Company or arranged by the Company in violation of Section 13(k) of the
Exchange Act. In the event the Participant is such a Director or executive officer and the income tax due is not collected from
or paid by the Participant by the Due Date, the amount of any uncollected income tax will constitute a benefit to the Participant
on which additional income tax (and national insurance contributions (“NICs”), to the extent applicable)
will be payable. The Company or the Employer may recover any such additional income tax and NICs at any time thereafter by any
of the means referred to herein or otherwise permitted under the Plan. The Participant will also be responsible for reporting and
paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime.

 

		8.	Adjustment.   The Participant acknowledges
and agrees that the RSUs and Dividend Equivalents are subject to adjustment upon certain events as set forth in the Plan.

 

		9.	Securities Laws. 

 

(a)          The
Participant acknowledges that the Plan and this Notice are intended to conform to the extent necessary with all provisions of the
Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission
thereunder, as well as all applicable state securities laws and regulations. Notwithstanding anything herein to the contrary, the
Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to such laws, rules and regulations.
To the extent permitted by applicable law, the Plan and this Notice shall be deemed amended to the extent necessary to conform
to such laws, rules and regulations.

 

(b)          Notwithstanding
any other provision of the Plan or this Notice, if the Participant is subject to Section 16 of the Exchange Act, then the Plan,
the RSUs and this Notice shall be subject to any additional limitations set forth in any applicable exemptive rule under Section
16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of
such exemptive rule. To the extent permitted by applicable law, this Notice shall be deemed amended to the extent necessary to
conform to such applicable exemptive rule.

 

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		10.	Conditions to Issuance of Shares. The Company shall not
be required to issue or deliver any Shares or to make any book entries evidencing Shares issuable pursuant to the RSUs prior to
fulfillment of the conditions set forth in Section 10.7 of the Plan.

 

		11.	Transfer of RSUs. Except
as provided under Section 7 hereof, the RSUs, the Dividend Equivalents and all rights granted hereunder shall not be (i)
assignable, saleable or otherwise transferable by the Participant other than by will or the laws of descent and distribution or
pursuant to a domestic relations order or (ii) subject to any
encumbrance, pledge or charge of any nature. Any purported assignment, pledge, attachment, sale, transfer, encumbrance or other
charge of the RSUs or the Dividend Equivalents in violation of this Section 11 shall be void and of no force or effect.
Without limiting the generality of the foregoing, the RSUs and the Dividend Equivalents shall be subject to the restrictions on
transferability set forth in Section 10.8 of the Plan (“Transferability”).

 

		12.	Certain Restrictions.   By accepting the
RSUs granted under this Notice, the Participant acknowledges that he or she will enter into such written representations, warranties
and notices and execute such documents as the Company or his or her Employer may reasonably request in order to comply with the
terms of this Notice or the Plan, or securities laws or any other applicable laws, rules or regulations, or as are otherwise deemed
necessary or appropriate by the Company and/or the Company’s counsel.

 

		13.	Recoupment.   Notwithstanding any provision
of this Notice to the contrary, the Participant acknowledges that the Committee may, in its sole discretion and in accordance with
the terms of the Plan:

 

(a)          recoup
from the Participant all or a portion of the Shares issued and/or the payments made in respect of Dividend Equivalents under this
Notice if the Company’s reported financial or operating results are materially and negatively restated within five (5) years
of the issuance of such Shares or payment of such amounts, as applicable; and

 

(b)          recoup
from the Participant if, in the Committee’s judgment, the Participant engaged in conduct which was fraudulent, negligent
or not in good faith, and which disrupted, damaged, impaired or interfered with the business, reputation or employees of the Company
or its Affiliates or which caused a subsequent adjustment or restatement of the Company’s reported financial statements,
all or a portion of the Shares issued and/or the payments made in respect of Dividend Equivalents under this Notice within five
(5) years of such conduct.

 

In addition,
to the extent determined by the Company in its discretion to be applicable to the Participant, the RSUs and/or the Dividend Equivalents,
the RSUs and/or the Dividend Equivalents, as applicable, shall be subject to the requirements of (i) Section 954 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any rules and regulations
thereunder, (ii) similar rules under the laws of any other jurisdiction and (iii) any policies adopted by the Company to implement
such requirements.

 

Any Shares
subject to recoupment may be transferred to the employee benefit trust established by the Company, and the Participant agrees to
execute any documents necessary to effectuate such transfer.

 

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		14.	Code Section 409A; No Guarantee of Tax Consequences.   This
award of RSUs and Dividend Equivalents is intended to comply with Code Section 409A and the provisions hereof shall be interpreted
and administered consistently with such intent. Notwithstanding any provision of the Plan or this Notice to the contrary, if at
any time the Committee determines, in its sole discretion, that this award of RSUs or Dividend Equivalents (or any portion thereof)
may not be compliant with Code Section 409A, the Committee shall have the right in its sole discretion (without any obligation
to do so or to indemnify Participant or any other person for failure to do so) to adopt such amendments to the Plan or this Notice,
or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other
actions, as the Committee determines are necessary or appropriate to provide for either the RSUs and Dividend Equivalents to be
exempt from the application of Code Section 409A or to comply with the requirements of Code Section 409A; provided, however, that
this Section 14 shall not create any obligation on the part of the Company to adopt any such amendment, policy or procedure
or take any such other action, nor shall the Company have any liability for failing to do so. The Company makes no commitment or
guarantee to the Participant that any federal or state tax treatment will apply or be available to any person eligible for benefits
under this Notice.

 

		15.	Data Privacy. The Participant explicitly and unambiguously
consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described
in this Notice and any other grant materials by and among the Company, the Employer and any of their respective Affiliates (collectively,
the “Company Group”) for the exclusive purpose of implementing, administering
and managing the Participant’s participation in the Plan.

 

			The Participant understands that the Company Group may hold certain personal information about
the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth,
social insurance number or other identification number, salary, nationality, job title, any shares or directorships held in the
Company Group, details of any RSUs, Dividend Equivalents or any other entitlement to shares awarded, canceled, exercised, vested,
unvested or outstanding in the Participant’s favor, for the exclusive purpose of implementing, administering and managing
the Plan (collectively, “Data”).

 

The
Participant understands that Data will be transferred to such Plan service provider as may be selected by the Company in the future,
which is assisting the Company with the implementation, administration and management of the Plan. The recipients of Data may be
located in the United States or elsewhere, and the recipients’ country (e.g., the United States) may have different data
privacy laws and protections than the Participant’s country. The Participant may request a list with the names and addresses
of any potential recipients of Data by contacting his or her human resources representative. The Participant authorizes the Company
Group and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering
and managing the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of
implementing, administering and managing his or her participation in the Plan. Data will be held only as long as is necessary to
implement, administer and manage the Participant’s participation in the Plan. The Participant may, at any time, view Data,
request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing his or her human resources representative. Further,
the Participant is providing his or her consents herein on a purely voluntary basis. If the Participant does not consent, or if
the Participant later seeks to revoke his or her consent, his or her Employment status or service and career with any entity in
the Company Group will not be adversely affected; the only adverse consequence of refusing or withdrawing the Participant's consent
is that the Company would not be able to grant the RSUs or other equity awards to the Participant or administer or maintain such
awards. Therefore, the Participant’s refusal or withdrawal of his or her consent may affect the Participant’s ability
to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal
of consent, the Participant may contact his or her human resources representative.

 

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		16.	Electronic Delivery and Participation. The Company may,
in its sole discretion, decide to deliver any documents related to this Notice, the RSUs, or the Participant’s current or
future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third
party designated by the Company.

 

		17.	Nature of Grant. In accepting the RSUs, the Participant
acknowledges, understands and agrees that:

 

(a)          the
Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan;

 

(b)          the
grant of the RSUs and Dividend Equivalents is voluntary and occasional and does not create any contractual or other right to receive
future grants of RSUs, Dividend Equivalents, any other Awards, or benefits in lieu thereof, regardless of whether RSUs, Dividend
Equivalents or other Awards have been granted to the Participant in the past;

 

(c)          all
decisions with respect to grants of future RSUs, Dividend Equivalents or other Awards, if any, will be made in the sole discretion
of the Company.

 

(d)          the
grant of the RSUs and Dividend Equivalents and the Participant's participation in the Plan shall not (i) confer upon the Participant
or create any right to continue in Employment or other service with any entity in the Company Group, (ii) be interpreted as forming
an Employment or service contract with any entity in the Company Group, or (iii) interfere with the rights of any entity in the
Company Group, which rights are hereby expressly reserved, to terminate the Participant's Employment or other service;

 

(e)          the
Participant is voluntarily participating in the Plan;

 

(f)          neither
the RSUs nor the Shares subject to the RSUs, nor the Dividend Equivalents, are intended to replace any pension rights or compensation;

 

(g)          the
RSUs, the Shares subject to the RSUs and the Dividend Equivalents are not part of normal or expected compensation for purposes
of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long service awards,
pension or retirement or welfare benefits or similar payments;

 

(h)          the
future value of the Shares underlying the RSUs is unknown, indeterminable and cannot be predicted with certainty;

 

(i)           no
claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs and/or Dividend Equivalents resulting from
the Participant's termination of Employment or other service (for any reason whatsoever, whether or not later found to be invalid
or in breach of employment laws in the jurisdiction where the Participant is employed or engaged or the terms of the Participant's
employment or other service agreement, if any), and in consideration of the grant of the RSUs and Dividend Equivalents to which
the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim against any entity in
the Company Group, waives his or her ability, if any, to bring any such claim, and releases all entities in the Company Group from
any such claim. Notwithstanding the foregoing, if any such claim is allowed by a court of competent jurisdiction, then, by participating
in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and
all documents necessary to request dismissal or withdrawal of such claim;

 

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(j)          except
as otherwise provided in the Plan or determined by the Committee in its discretion, none of the RSUs, Dividend Equivalents nor
any rights under this Notice create any entitlement to have the RSUs, Dividend Equivalents or any such rights transferred to, or
assumed by, another company or exchanged, cashed out or substituted for, in connection with any corporate transaction affecting
the Shares;

 

(k)          if
the Participant is employed outside the United States, (i) the RSUs, the Shares subject to the RSUs and the Dividend Equivalents
are not part of normal or expected compensation for any purposes; and (ii) no entity in the Company Group shall be liable for any
foreign exchange rate fluctuation between the Participant's local currency and the United States Dollar that may affect the value
of the Shares or of any amounts due to the Participant upon payment of the RSUs or the subsequent sale of any Shares acquired upon
payment.

 

		18.	No Advice Regarding Grant. The Company is not providing
any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in
the Plan, the grant, vesting and/or payment of the RSUs or Dividend Equivalents, and/or the acquisition or disposition of the Shares
subject to the RSUs. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors
regarding his or her participation in the Plan before taking any action related to the Plan.

 

		19.	Amendment and Termination.   Except as
otherwise provided in the Plan or this Notice, no amendment of this Notice or the RSUs that adversely affects the Participant’s
rights hereunder in any material respect or termination of this Notice shall be made by the Company without the consent of the
Participant.

 

		20.	Successors and Assignees; Binding Effect. The Company
may assign any of its rights under this Notice to single or multiple assignees. Subject to the restrictions on transfer set forth
herein, this Notice shall be binding upon and inure to the benefit of any assignees of or successors to the Company, the Participant
and all persons lawfully claiming under the Participant.

 

		21.	Governing Law. This Notice shall be governed by, and construed
in accordance with, the laws of the United States and the State of Texas, without regard to conflict of laws principles, except
to the extent that the Act or the laws of England and Wales mandatorily apply.

 

		22.	Severability.   In the event that any provision
of this Notice shall be held illegal, invalid, or unenforceable for any reason, such provision shall be fully severable and shall
not affect the remaining provisions of this Notice, and this Notice shall be construed and enforced as if the illegal, invalid
or unenforceable provision had never been included herein.

 

		23.	Imposition of Other Requirements. The Company reserves
the right to impose other requirements on the Participant's participation in the Plan, the RSUs, Dividends Equivalents and any
Shares issued under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons,
and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

 

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		24.	Waiver. A waiver by the Company of breach of any provision
of this Notice shall not operate or be construed as a waiver of any other provision of this Notice, or of any subsequent breach
of any other provision of this Notice by the Participant or any other person.

 

By signing below, the Participant agrees
to be bound by the terms and conditions of the Plan and this Notice. The Participant hereby agrees to accept as binding, conclusive
and final all decisions and/or interpretations of the Committee upon any questions arising under the Plan or relating to the RSUs
and the Dividend Equivalents. The Participant consents to the collection of data outside the Participant’s country, including
to those countries that may have different data privacy laws and protections than the Participant’s country.

 

	 	 
	Name

 

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2013 ROWAN COMPANIES
PLC INCENTIVE PLAN

FORM OF

20__-20__ PERFORMANCE
UNIT AWARD NOTICE

 

		1.	Grant of Performance Units.
                                         Pursuant to Annex 2 to the 2013 Rowan Companies plc Incentive Plan as amended (the “Plan”),
                                         upon and subject to the conditions described in this Performance Unit Award Notice (this
                                         “Notice”) and Annex 2 to the Plan, Rowan Companies plc, a public
                                         limited company incorporated under English law (the “Company”),
                                         hereby grants to _________ (the “Participant”), effective as
                                         of ________ (the “Grant Date”), a number of Performance Units
                                         equal to _______ Performance Units (the “Grant”), with respect
                                         to the three (3)-year performance period commencing January 1, 20__ (the “Performance
                                         Period”). The Grant is intended to qualify as “qualified performance-based
                                         compensation” within the meaning of Code Section 162(m). All capitalized terms
                                         used but not otherwise defined herein shall have the meanings set forth in the Plan.

 

		2.	Performance Unit Value; Other
                                         Terms. The target value of each Performance Unit shall be $100 (the “Per
                                         Unit Value”). Schedule A attached hereto sets forth the manner in which
                                         the Performance Units shall vest and be paid to the Participant in cash based on the
                                         Company’s performance, including the applicable performance goals and the actual
                                         cash payout value of the Performance Units (including the value of each Performance Unit
                                         at threshold, target and maximum) that may be earned based upon the attainment of such
                                         performance goals during the Performance Period.

 

		3.	Incorporation of the Plan.
                                         References in this Notice to the Plan shall be taken to mean Annex 2 to the Plan. The
                                         Plan is hereby incorporated herein by this reference. In the event of any conflict between
                                         the terms of this Notice and the Plan, the terms of the Plan shall control.

 

		4.	Vesting Schedule.

 

		(a)	Subject to Sections 4(b)
                                         and (c) below and to the Participant’s continued Employment through the
                                         Three-Year Vesting Date (as defined below), the Grant shall vest on the third (3rd) anniversary
                                         of the Grant Date (or __________, 20__) (the “Three-Year Vesting Date”),
                                         and shall be valued based on the level of attainment of the performance goals as of the
                                         Three-Year Vesting Date, as certified in writing by the Committee in accordance with
                                         the requirements of Code Section 162(m), subject to adjustment as provided in Schedule
                                         A.

 

		(b)	Notwithstanding the foregoing,
                                         if the Participant’s Employment terminates prior to the Three-Year Vesting Date
                                         and such termination occurs by reason of the Participant’s death or Disability
                                         (as defined below), then, in any case, the Performance Units shall become fully vested
                                         and non-forfeitable upon such termination of Employment and shall be valued and paid
                                         as set forth in Section 8 and Section 9 below. For purposes of this Notice,
                                         “Disability” means the Participant is, by reason of any medically
                                         determinable physical or mental impairment that can be expected to result in death or
                                         to last for a continuous period of not less than twelve (12) months, receiving disability
                                         benefits under the applicable disability plan of the Company (or of an Affiliate); provided,
                                         that, notwithstanding anything herein to the contrary, to the extent necessary to comply
                                         with the requirements of Section 409A of the Code, “Disability” shall have
                                         the meaning set forth in Section 409A of the Code. Determination of the date of termination
                                         of Employment by reason of Disability and the satisfaction of the requirements for Disability
                                         shall be based on such evidence as the Committee may require and a determination by the
                                         Committee of such date of termination and satisfaction shall be final and controlling
                                         on all interested parties.

 

     

     

    

 

		(c)	Notwithstanding anything herein
                                         to the contrary, in the event of a Change in Control, subject to the Participant’s
                                         continued Employment through the date of such Change in Control, with regard to each
                                         one and three year performance period, greater of (i) the target value of the Performance
                                         Units for such period or (ii) the value of the Performance Units for such period based
                                         on the then-expected level of attainment of the applicable performance goals as
                                         of the date of the Change in Control, as determined by the Committee in accordance with
                                         Schedule A, shall become fully vested immediately prior to the Change in Control.

 

		5.	Retirement. If the Participant’s
                                         Employment terminates prior to the Three-Year Vesting Date and (i) such termination occurs
                                         by reason of Retirement (as defined below), (ii) the Participant provides the Company
                                         with at least six (6) months’ notice prior to such Retirement, (iii) the Participant
                                         executes such restrictive covenant agreements (including, without limitation, non-compete
                                         and non-solicitation agreements) as the Company may in its discretion require, and (iv)
                                         the Grant Date set forth above is more than six (6) months prior to the date on which
                                         the Participant’s Employment terminates by reason of Retirement, then the Participant
                                         shall be entitled to receive on the Distribution Date the following amounts (and only
                                         the following amounts), without duplication, in respect of the Performance Units:

 

		(a)	The Participant will receive all
                                         amounts “banked” in the respect of the Performance Units for annual performance
                                         periods that have ended prior to the date of the Participant’s termination of Employment
                                         by reason of Retirement;

 

		(b)	The Participant will receive an amount
                                         equal to the product of (I) the amount that would have been earned in respect of the
                                         Performance Units for the annual performance period that coincides with the Retirement
                                         Year and (II) a fraction, the numerator of which is the number of days of Participant’s
                                         Employment from January 1 of the Retirement Year to the date of termination of the Participant’s
                                         Employment and the denominator of which is 365. For purposes of this Notice, “Retirement
                                         Year” means the calendar year during which the Participant’s Employment
                                         terminates by reason of Retirement; and

 

		(c)	The Participant will receive an amount
                                         equal to the product of (I) the amount that would have been earned in respect of the
                                         Performance Units for the cumulative three-year performance period that applies to the
                                         final 25% of the Performance Unit value (i.e., exclusive of amounts attributable to the
                                         three annual performance periods) and (II) a fraction, the numerator of which is the
                                         number of days of Participant’s Employment from the Grant Date of the Retirement
                                         Year to the date of termination of the Participant’s Employment and the denominator
                                         of which is 1,095.

 

For purposes
of this Notice, “Retirement” of an Employee shall have occurred if, as of the Employee’s date
of termination of Employment, the Employee (i) has attained at least sixty (60) years of age and (ii) has completed at least five
(5) consecutive years of service as an Employee to the Company or an Affiliate thereof. Determination of the date of termination
of Employment by reason of Retirement and the satisfaction of the requirements for Retirement, as applicable, shall be based on
such evidence as the Committee may require and a determination by the Committee of such date of termination and satisfaction shall
be final and controlling on all interested parties.

 

    	 	2	 

     

    

 

		6.	Involuntary Termination.
                                         If the Participant’s Employment is terminated by the Employer under circumstances
                                         that result in the Participant receiving or becoming entitled to receive severance payments
                                         or benefits under the terms of the Employer’s severance pay plans and policies
                                         as in effect at the time of such termination of Employment (the “Severance
                                         Policy”) (and the Participant satisfies all requirements for receiving
                                         such severance payments or benefits under the Severance Policy, including, if applicable,
                                         signing and not revoking a release of claims in favor of the Employer and its affiliates),
                                         and the Participant has completed at least five years of consecutive service as an Employee
                                         to the Company or an Affiliate thereof (such a termination as described in this Section
                                         6, a “Severance”), then the Participant shall be entitled
                                         to receive on the Distribution Date the following amounts (and only the following amounts),
                                         without duplication, in respect of the Performance Units, unless under the terms of the
                                         Severance Policy, a more favorable treatment with respect to Performance Units is afforded
                                         to the Participant:

 

		(a)	The Participant will receive all
                                         amounts “banked” in the respect of the Performance Units for annual performance
                                         periods that have ended prior to the date of the Participant’s termination of Employment.

 

		7.	establishment
                                         of Accounts. The Company shall maintain an appropriate bookkeeping record (the
                                         “Account”) that from time to time will reflect the Participant’s
                                         name, the target value of Performance Units granted to the Participant and the value
                                         of the Performance Units that vest and are earned by the Participant in accordance with
                                         Schedule A, as determined by the Compensation Committee. The target value of the Performance
                                         Units granted hereby shall be credited to the Participant’s Account effective as
                                         of the Grant Date and thereafter adjusted as provided in Schedule A.

 

		8.	Amount of Payment. The
                                         amount of the payout of the Performance Units (if
                                         any) will be finally determined on the earlier to occur of (a) the Three-Year Vesting
                                         Date and (b) a Change in Control and, in either case, will be based on the level of attainment
                                         of the performance goals set forth on Schedule A as of such date, except as provided
                                         in Section 5 and 6.

 

		9.	Time and Form of Payment; Forfeiture.
                                         Payment to the Participant of amounts due hereunder shall be made in cash or in Shares
                                         (or a combination thereof), as determined by the Committee, on the earlier to occur of:
                                         (i) the consummation of a Change in Control that constitutes a “change in control
                                         event,” as defined in Treasury Regulation §1.409A-3(i)(5) and (ii) the Three-Year
                                         Vesting Date (such event, the “Distribution Date”). In the
                                         event the amounts due hereunder are paid in the form of Shares, the number of Shares
                                         to be delivered shall be based on the Fair Market Value of the Shares as of the Distribution
                                         Date. The Company shall distribute such amounts to the Participant on or within ten (10)
                                         days after the Distribution Date; provided, that any such distribution made pursuant
                                         to clause (i) above shall be made or deemed made immediately preceding and effective
                                         upon the occurrence of such “change in control event.” For the avoidance
                                         of doubt, in the event the Participant’s Employment terminates prior to the Three-Year
                                         Vesting Date by reason of the Participant’s death, Disability, Retirement or Severance,
                                         payment of any amounts due in respect of any Performance Units shall not be made until
                                         the Distribution Date. Upon termination of the Participant’s Employment for any
                                         reason (other than a termination due to Retirement, death, Disability or Severance) prior
                                         to the Distribution Date, all Performance Units subject to the Grant shall be forfeited
                                         immediately upon termination.

 

    	 	3	 

     

    

 

		10.	Adjustment.   The
                                         Participant acknowledges and agrees that the Performance Units are subject to adjustment
                                         upon certain events as set forth in the Plan.

 

		11.	Transfer of Performance Units.
                                         The Performance Units and all rights granted hereunder shall not be (i) assignable, saleable
                                         or otherwise transferable by the Participant other than by will or the laws of descent
                                         and distribution or pursuant to a domestic relations order or (ii) subject to any encumbrance,
                                         pledge or charge of any nature. Any purported assignment, pledge, attachment, sale, transfer,
                                         encumbrance or other charge of the Performance Units in violation of this Section
                                         11 shall be void and of no force or effect. Without limiting the generality of the
                                         foregoing, the Performance Units shall be subject to the restrictions on transferability
                                         set forth in Section 10.8 of the Plan (“Transferability”).

 

		12.	Certain Restrictions.   By
                                         accepting the Grant granted under this Notice, the Participant acknowledges that he or
                                         she will enter into such written representations, warranties and notices and execute
                                         such documents as the Company may request in order to comply with the terms of this Notice
                                         or the Plan, or securities laws or any other applicable laws, rules or regulations, or
                                         as are otherwise deemed necessary or appropriate by the Company and/or the Company’s
                                         counsel.

 

		13.	Recoupment.   Notwithstanding
                                         any provision of this Notice to the contrary, the Participant acknowledges that the Committee
                                         may, in its sole discretion and in accordance with the terms of the Plan:

 

		(a)	recoup from the Participant all
                                         or a portion of the cash or Shares paid under this Notice if the Company’s reported
                                         financial or operating results are materially and negatively restated within five (5)
                                         years of the payment of such amounts; and

 

		(b)	recoup from the Participant if,
                                         in the Committee’s judgment, the Participant engaged in conduct which was fraudulent,
                                         negligent or not in good faith, and which disrupted, damaged, impaired or interfered
                                         with the business, reputation or employees of the Company or its Affiliates or which
                                         caused a subsequent adjustment or restatement of the Company’s reported financial
                                         statements, all or a portion of the cash or Shares paid under this Notice within five
                                         (5) years of such conduct.

 

In addition,
to the extent determined by the Company in its discretion to be applicable to the Participant and/or the Grant, the Grant shall
be subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding
recovery of erroneously awarded compensation) and any rules and regulations thereunder, (ii) similar rules under the laws of any
other jurisdiction and (iii) any policies adopted by the Company to implement such requirements.

 

		14.	Code Section 409A; No Guarantee
                                         of Tax Consequences. The Grant is intended to be compliant with Code Section
                                         409A and the provisions hereof shall be interpreted and administered consistently with
                                         such intent. Notwithstanding any provision of the Plan or this Notice to the contrary,
                                         if at any time the Committee determines, in its sole discretion, that the Grant (or any
                                         portion thereof) may not be compliant with Code Section 409A, the Committee shall have
                                         the right in its sole discretion (without any obligation to do so or to indemnify Participant
                                         or any other person for failure to do so) to adopt such amendments to the Plan or this
                                         Notice, or adopt other policies and procedures (including amendments, policies and procedures
                                         with retroactive effect), or take any other actions, as the Committee determines are
                                         necessary or appropriate to provide for either the Performance Units to be exempt from
                                         the application of Code Section 409A or to comply with the requirements of Code Section
                                         409A; provided, however, that this Section 14 shall not create any obligation
                                         on the part of the Company to adopt any such amendment, policy or procedure or take any
                                         such other action, nor shall the Company have any liability for failing to do so. The
                                         Company makes no commitment or guarantee to the Participant that any federal or state
                                         tax treatment will apply or be available to any person eligible for benefits under this
                                         Notice.

 

    	 	4	 

     

    

 

		15.	Employment Relationship.
                                         For purposes of this Notice, the Participant shall be considered to be in the Employment
                                         of the Company or an Affiliate thereof as long as the Participant is actively providing
                                         services as an Employee to the Company or an Affiliate thereof. In the event the Participant
                                         ceases to be in the Employment of the Company or an Affiliate (for any reason whatsoever,
                                         whether or not later found to be invalid or in breach of employment laws in the jurisdiction
                                         where the Participant is employed or the terms of the Participant's employment agreement,
                                         if any), unless otherwise provided in this Notice or another written agreement between
                                         the Company and the Participant or otherwise determined by the Committee, no portion
                                         of the Grant which has not become vested as of the date the Participant ceases to actively
                                         provide services as an Employee shall thereafter become vested. For the avoidance of
                                         doubt, the vesting of the Grant (including the period during which the Grant may vest)
                                         will not be extended by any notice period that occurs in connection with the termination
                                         of the Participant’s Employment (e.g., the Participant’s period of
                                         active service would not include any contractual notice period or any period of “garden
                                         leave” or similar period mandated under employment laws in the jurisdiction where
                                         the Participant is employed or the terms of the Participant's employment agreement, if
                                         any).

 

Any question
as to whether and when there has been a termination of the Participant’s Employment shall be based on such evidence as the
Committee may require and a determination by the Committee as to the date of such termination of Employment shall be final and
controlling on all interested parties.

 

		16.	Responsibility for Taxes.
                                         The Participant acknowledges that, regardless of any action by the Company or, if different,
                                         the Participant's employer (the “Employer”), the ultimate liability
                                         for all United Kingdom and/or United States federal, state, local and other taxes, foreign
                                         taxes, income taxes, social insurance taxes, payroll taxes, fringe benefits taxes, payments
                                         on account or other tax-related items related to the Participant's participation in the
                                         Plan and legally applicable to the Participant (collectively, the “Tax-Related
                                         Items”) is and remains the sole responsibility of the Participant's and
                                         is not the responsibility of the Company or the Employer. The Participant further acknowledges
                                         that the Company and the Employer (i) make no representations or undertakings regarding
                                         the treatment of any Tax-Related Items in connection with any aspect of the Grant, including,
                                         but not limited to, the grant, vesting or payment of the Performance Units and the payment
                                         of cash or Shares in respect of the Performance Units, and (ii) are under no obligation
                                         to structure the terms of the Grant or any other aspect of the Grant to reduce or eliminate
                                         the Participant's liability for Tax-Related Items or achieve any particular tax result.
                                         Further, the Participant acknowledges that, if the Participant is subject to Tax-Related
                                         Items in more than one jurisdiction between the Grant Date and the date of any relevant
                                         taxable or tax withholding event, as applicable, the Company and/or the Employer may
                                         withhold or account for Tax-Related Items in more than one jurisdiction.

 

The Participant
acknowledges and agrees that the Company and the Employer shall have the right to require the Participant to satisfy all obligations
relating to the Tax-Related Items by one or a combination of the following, as determined in the discretion of the Company and
the Employer:

 

    	 	5	 

     

    

 

		(a)	withholding from the Participant’s
                                         wages or other cash compensation paid to the Participant by the Company and/or the Employer;
                                         or

 

		(b)	withholding an appropriate amount
                                         of cash or Shares payable in respect of vested Performance Units;

 

Notwithstanding
anything herein to the contrary, unless the Company determines otherwise, any withholding obligations relating to the Tax-Related
Items will be satisfied by reducing the amount of cash or Shares, as applicable, payable to the Participant in respect of the
Grant. The Participant acknowledges and agrees that the Company and the Employer shall have the authority and the right to deduct
or withhold, or to require the Participant to pay to the Company or the Employer, as applicable, an amount sufficient to satisfy
all Tax-Related Items that arise in connection with the Grant. 

 

For Participants
subject to tax in the United Kingdom, if payment or withholding of the income tax due in connection with the Grant is not made
within ninety (90) days of any event giving rise to the income tax liability or such other period specified in Section 222(1)(c)
of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected
income tax shall constitute a loan owed by you to the Employer, effective on the Due Date. The loan will bear interest at the
then-current official rate of Her Majesty’s Revenue and Customs (“HMRC”), it will be immediately
due and repayable, and the Company or the Employer may recover it at any time thereafter by any of the means referred to herein
or otherwise permitted under the Plan. Notwithstanding anything herein to the contrary, if the Participant is a Director or an
“executive officer” (within the meaning of Section 13(k) of the Exchange Act), the Participant shall not be permitted
to make any payment in respect of the Grant (including any payment of income tax liability), or to continue any extension of credit
with respect to any such payment, with a loan from the Company or arranged by the Company in violation of Section 13(k) of the
Exchange Act. In the event the Participant is such a director or executive officer and the income tax due is not collected from
or paid by the Participant by the Due Date, the amount of any uncollected income tax will constitute a benefit to the Participant
on which additional income tax (and national insurance contributions (“NICs”), to the extent applicable)
will be payable. The Company or the Employer may recover any such additional income tax and NICs at any time thereafter by any
of the means referred to herein or otherwise permitted under the Plan. The Participant will also be responsible for reporting
and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime.

 

		17.	Data Privacy. The Participant
                                         explicitly and unambiguously consents to the collection, use and transfer, in electronic
                                         or other form, of the Participant’s personal data as described in this Notice and
                                         any other grant materials by and among the Company, the Employer and any of their respective
                                         Affiliates (collectively, the “Company Group”) for the exclusive
                                         purpose of implementing, administering and managing the Participant’s participation
                                         in the Plan.

 

			The Participant understands that the Company
                                         Group may hold certain personal information about the Participant, including, but not
                                         limited to, the Participant’s name, home address and telephone number, date of
                                         birth, social insurance number or other identification number, salary, nationality, job
                                         title, any shares or directorships held in the Company Group, details of any Performance
                                         Units or any entitlement to Shares or Awards awarded, canceled, exercised, vested, unvested
                                         or outstanding in the Participant’s favor, for the exclusive purpose of implementing,
                                         administering and managing the Plan (collectively, “Data”).

 

    	 	6	 

     

    

 

			The Participant understands that Data
                                         will be transferred to such Plan service provider as may be selected by the Company in
                                         the future, which is assisting the Company with the implementation, administration and
                                         management of the Plan. The recipients of Data may be located in the United States or
                                         elsewhere, and the recipients’ country (e.g., the United States) may have different
                                         data privacy laws and protections than the Participant’s country. The Participant
                                         may request a list with the names and addresses of any potential recipients of Data by
                                         contacting his or her human resources representative. The Participant authorizes the
                                         Company Group and any other possible recipients which may assist the Company (presently
                                         or in the future) with implementing, administering and managing the Plan to receive,
                                         possess, use, retain and transfer Data, in electronic or other form, for the sole purpose
                                         of implementing, administering and managing his or her participation in the Plan. Data
                                         will be held only as long as is necessary to implement, administer and manage the Participant’s
                                         participation in the Plan. The Participant may, at any time, view Data, request additional
                                         information about the storage and processing of Data, require any necessary amendments
                                         to Data or refuse or withdraw the consents herein, in any case without cost, by contacting
                                         in writing his or her human resources representative. Further, the Participant is providing
                                         his or her consents herein on a purely voluntary basis. If the Participant does not consent,
                                         or if the Participant later seeks to revoke his or her consent, his or her Employment
                                         status or service and career with any entity in the Company Group will not be adversely
                                         affected; the only adverse consequence of refusing or withdrawing the Participant's consent
                                         is that the Company would not be able to grant the Performance Units or other equity
                                         awards to the Participant or administer or maintain such awards. Therefore, the Participant’s
                                         refusal or withdrawal of his or her consent may affect the Participant’s ability
                                         to participate in the Plan. For more information on the consequences of the Participant’s
                                         refusal to consent or withdrawal of consent, the Participant may contact his or her human
                                         resources representative.

 

		18.	Electronic Delivery and Participation.
                                         The Company may, in its sole discretion, decide to deliver any documents related to this
                                         Notice, the Grant, or the Participant’s current or future participation in the
                                         Plan by electronic means. The Participant hereby consents to receive such documents by
                                         electronic delivery and agrees to participate in the Plan through an on-line or electronic
                                         system established and maintained by the Company or a third party designated by the Company.

 

		19.	Nature of Grant. In accepting
                                         the Grant, the Participant acknowledges, understands and agrees that:

 

(a)         the
Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan;

 

(b)         the
Grant is voluntary and occasional and does not create any contractual or other right to receive future grants of Performance Units
or any other Awards, or benefits in lieu thereof, regardless of whether Performance Units or other Awards have been granted to
the Participant in the past;

 

(c)         all
decisions with respect to grants of future Performance Units or other Awards, if any, will be made in the sole discretion of the
Company.

 

(d)         the
Grant and the Participant's participation in the Plan shall not (i) confer upon the Participant or create any right to continue
in Employment or other service with any entity in the Company Group, (ii) be interpreted as forming an Employment or service contract
with any entity in the Company Group, or (iii) interfere with the rights of any entity in the Company Group, which rights are
hereby expressly reserved, to terminate the Participant's Employment or other service;

 

    	 	7	 

     

    

 

		(e)	the Participant is voluntarily participating
                                         in the Plan;

 

		(f)	neither the Grant nor the cash or
                                         Shares payable in respect thereof is intended to replace any pension rights or compensation;

 

		(g)	the Grant and the cash or Shares
                                         payable in respect thereof are not part of normal or expected compensation for purposes
                                         of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service
                                         payments, bonuses, long service awards, pension or retirement or welfare benefits or
                                         similar payments;

 

		(h)	no claim or entitlement to compensation
                                         or damages shall arise from forfeiture of the Grant resulting from the Participant's
                                         termination of Employment or other service (for any reason whatsoever, whether or not
                                         later found to be invalid or in breach of employment laws in the jurisdiction where the
                                         Participant is employed or engaged or the terms of the Participant's employment or other
                                         service agreement, if any), and in consideration of the Grant to which the Participant
                                         is otherwise not entitled, the Participant irrevocably agrees never to institute any
                                         claim against any entity in the Company Group, waives his or her ability, if any, to
                                         bring any such claim, and releases all entities in the Company Group from any such claim.
                                         Notwithstanding the foregoing, if any such claim is allowed by a court of competent jurisdiction,
                                         then, by participating in the Plan, the Participant shall be deemed irrevocably to have
                                         agreed not to pursue such claim and agrees to execute any and all documents necessary
                                         to request dismissal or withdrawal of such claim;

 

		(i)	except as otherwise provided in the
                                         Plan or determined by the Committee in its discretion, neither the Grant nor any rights
                                         under this Notice create any entitlement to have the Grant or any such rights transferred
                                         to, or assumed by, another company or exchanged, cashed out or substituted for, in connection
                                         with any corporate transaction affecting the Shares of the Company; and

 

		(j)	if the Participant is employed outside
                                         the United States, (i) the Grant and the cash or Shares payable in respect thereof are
                                         not part of normal or expected compensation for any purpose; and (ii) no entity in the
                                         Company Group shall be liable for any foreign exchange rate fluctuation between the Participant's
                                         local currency and the United States Dollar that may affect the value of the Performance
                                         Units or of any amounts payable to the Participant in respect thereof.

 

		20.	No Advice Regarding Grant.
                                         The Company is not providing any tax, legal or financial advice, nor is the Company making
                                         any recommendations regarding the Participant's participation in the Plan, the grant,
                                         vesting and/or payment of the Grant. The Participant is hereby advised to consult with
                                         his or her own personal tax, legal and financial advisors regarding his or her participation
                                         in the Plan before taking any action related to the Plan.

 

		21.	Amendment and Termination.   Except
                                         as otherwise provided in the Plan or this Notice, no amendment of this Notice or the
                                         Grant that adversely affects the Participant’s rights hereunder in any material
                                         respect or termination of this Notice shall be made by the Company without the consent
                                         of the Participant.

 

    	 	8	 

     

    

 

		22.	Successors and Assignees; Binding
                                         Effect. The Company may assign any of its rights under this Notice to single
                                         or multiple assignees. Subject to the restrictions on transfer set forth herein, this
                                         Notice shall be binding upon and inure to the benefit of any assignees of or successors
                                         to the Company, the Participant and all persons lawfully claiming under the Participant.

 

		23.	Governing Law. This Notice
                                         shall be governed by, and construed in accordance with, the laws of the United States
                                         and the State of Texas, without regard to conflict of laws principles, except to the
                                         extent that the Act or the laws of England and Wales mandatorily apply.

 

		24.	Severability.   In
                                         the event that any provision of this Notice shall be held illegal, invalid, or unenforceable
                                         for any reason, such provision shall be fully severable and shall not affect the remaining
                                         provisions of this Notice, and this Notice shall be construed and enforced as if the
                                         illegal, invalid or unenforceable provision had never been included herein.

 

		25.	Imposition
                                         of Other Requirements. 
                                         The Company reserves the right to impose other requirements on the Grant to the
                                         extent the Company determines it is necessary or advisable for legal or administrative
                                         reasons, and to require the Participant to sign any additional agreements or undertakings
                                         that may be necessary to accomplish the foregoing.

 

		26.	Waiver. A waiver by the
                                         Company of breach of any provision of this Notice shall not operate or be construed as
                                         a waiver of any other provision of this Notice, or of any subsequent breach of any other
                                         provision of this Notice by the Participant or any other person.

 

By signing below, the Participant agrees to be bound by the
terms and conditions of the Plan and this Notice. The Participant hereby agrees to accept as binding, conclusive and final all
decisions and/or interpretations of the Committee upon any questions arising under the Plan or relating to the Grant. 

 

The Participant consents to the collection
of data outside the Participant’s country, including to those countries that may have different data privacy laws and protections
than the Participant’s country.

 

	 	 
	Name

 

    	 	9	 

     

    

 

Schedule A
to Performance Unit Award Notice

 

You have been granted Performance Units (“PUs”)
as of ______________, each of which has a grant date target value of $100. The amount ultimately payable for each vested PU granted,
if any, is linked to the Company’s relative total shareholder return (“TSR”) over the 20__ - 20__
period. Such amount would be payable upon the applicable Distribution Date (as defined in the Performance Unit Award Notice),
and may be anywhere from $0 to $200 per PU, depending on the Company’s TSR ranking during the three (3)-year performance
period commencing January 1, 20__ and ending December 31, 20__ (the “Performance Period”)
relative to a group of peer companies (the “Peer Group”). The Peer Group currently consists of Atwood,
Diamond Offshore, Ensco, Noble Corp, Seadrill and Transocean, but may be modified as deemed necessary by the Committee and as
set forth in this Schedule A.

 

While there will be no payout until the PUs vest on the Three-Year
Vesting Date and the Distribution Date occurs, you will be notified of the PU notional value after the end of each year occurring
during the Performance Period as follows:

 

January 1, 20__ – December 31, 20__ [first year period]
– 25% of PU value measured

January 1, 20__ – December 31, 20__ [second year period]
– 25% of PU value measured

January 1, 20__ – December 31, 20__ [third year period]
– 25% of PU value measured

January 1, 20__ – December 31, 20__ [three year period]
– remaining 25% of PU value measured

 

Each value determined above will not be subject to further
adjustment, except as permitted by the terms of the Plan (as defined in the Performance Unit Award Notice) and only to the extent
such adjustment would not cause the PUs to fail to constitute “qualified performance-based compensation” within the
meaning of Code Section 162(m)(4)(C). As an example, if the Company’s TSR ranked at the top of the Peer Group for the 2017
period, the 25% of PU value for the 2017 calendar year occurring during the Performance Period would vest on the Three-Year Vesting
Date and be measured at $50 (200% of the 25% potential value). If you are still employed with the Company on the Distribution
Date (or otherwise eligible to receive such amount pursuant to the terms of the Performance Unit Award Notice), you would receive
this value (in cash or Shares or a combination thereof) upon the Distribution Date (and in any event in accordance with the terms
set forth in the Performance Unit Award Notice). If the Company’s 2018 TSR ranked at the bottom of the Peer Group, the 25%
of PU value for the 2018 calendar year occurring during the Performance Period would vest on the Three-Year Vesting Date and be
measured at $0, though no change would be made the value measured for the 2017 calendar year.

 

TSR is calculated with respect to each year occurring during
the Performance Period for the Company as the result of dividing (a) the average closing price of a Share during the last twenty-five
(25) trading days of the applicable year (plus any dividends paid per Share by the Company during the applicable year), less the
average closing price of a Share during the twenty-five (25) trading days immediately preceding the year, by (b) the average closing
price of a Share during the twenty-five (25) trading days immediately preceding the year. TSR is calculated with respect to each
year occurring during the Performance Period for the companies in the Peer Group on the same basis as TSR is calculated for the
Company. The Company’s TSR will be interpolated between the peer ranked immediately above the Company and the peer ranked
immediately below the Company. If the Company is at the bottom of the Peer Group for any year of the Performance Period, there
will be no value attributable to that year.

 

    	 	10	 

     

    

 

Notwithstanding the foregoing, if a company in the Peer Group
ceases to be a publicly traded company during the Performance Period due to, for example, a merger or acquisition of such company
(other than a transaction to change the jurisdiction of incorporation or form of business entity or similar transactions), TSR
for such company will be calculated with respect to the year of such transaction (or with respect to the cumulative three-year
performance period if such transaction occurs in the final year of such period) based on the price per share paid in the transaction
(with the value of any non-cash consideration determined by the Committee in good faith), and such company shall be removed from
the Peer Group for any subsequent year of the Performance Period and for the cumulative three-year performance period unless such
transaction occurs in the final year of the cumulative three-year performance period. In addition, if a company in the Peer Group
ceases to be a publicly traded company during the Performance Period as a result of bankruptcy, insolvency, distress sale or other
similar transaction, TSR for such company will be deemed to be 1.0 (i.e., neither a positive nor negative return) with respect
to the year of such transaction (or with respect to the cumulative three-year performance period if such transaction occurs in
the final year of such period), and such company will be removed from the Peer Group for any subsequent year of the Performance
Period and for the cumulative three-year performance period unless such transaction occurs in the final year of the cumulative
three-year performance period.

 

    	 	11	 

     

    

 

The following chart demonstrates the PU value (as a percentage
of target) for each level of performance, and illustrates the slope of the payout line.

 

	RDC Performance Rank	 	7th	 	6th	 	5th	 	4th	 	3rd	 	2nd	 	1st
	Unit Value	 	0	 	33%	 	67%	 	100%	 	133%	 	167%	 	200%

 

 

 

By way of explanation, if the Company is the fourth (4th)
in the Peer Group in terms of TSR during each year of the Performance Period and for the full three (3)-year Performance Period,
the PUs granted would (to the extent such PUs vest) be paid out at target, or $100 per PU.

 

    	 	12Exhibit 10.2

 

2017 Executive Retention Grants

 

2013 ROWAN COMPANIES PLC INCENTIVE
PLAN

FORM OF

EMPLOYEE RESTRICTED SHARE UNIT NOTICE

 

		1.	Grant of Restricted Share Units. Pursuant to the 2013
Rowan Companies plc Incentive Plan as amended (the “Plan”), upon and
subject to the conditions described in this Employee Restricted Share Unit Notice (this “Notice”)
and the Plan, Rowan Companies plc, a public limited company incorporated under English law (the “Company”),
hereby grants to _________________ (the “Participant”), on behalf of
Participant’s Employer (as defined below), effective as of __________ (the “Grant Date”),
________ restricted share units of the Company (the “RSUs”). Each RSU
is granted with a tandem Dividend Equivalent in accordance with Annex 2 to the Plan, which shall entitle the Participant to receive
payments in accordance with Section 6 below. All capitalized terms used but not otherwise defined herein shall have the
meanings set forth in the Plan.

 

		2.	Incorporation of the Plan. The Plan is hereby incorporated
herein by this reference. In the event of any conflict between the terms of this Notice and the Plan, the terms of the Plan shall
control. 

 

		3.	Vesting Schedule; Payment.   

 

(a)          Except
as otherwise provided in Sections 3(b), (c) or (d) below, the RSUs shall vest and become non-forfeitable on the four year anniversary
of the Grant Date (the “Vesting Date”). Except as otherwise provided in Sections 3(b) or 3(c) below,
if the Participant’s Employment terminates for any reason prior to the Vesting Date, the RSUs shall be forfeited as of the
date the Participant’s Employment so terminates, unless otherwise determined by the Committee.

 

(b)          Notwithstanding
the foregoing, if the Participant’s Employment terminates by reason of the Participant’s Disability (as defined below)
or death prior to the Vesting Date, then, in any case, (i) a Pro-Rata Portion (as described below) of the RSUs shall become vested
and non-forfeitable upon the Participant’s termination of Employment, and (ii) the portion of the RSUs that does not become
vested and non-forfeitable upon the Participant’s termination of Employment pursuant to the foregoing clause (i) shall be
forfeited as of the date the Participant’s Employment so terminates. The “Pro-Rata Portion” of
the RSUs that will vest and become non-forfeitable in accordance with the foregoing is determined by multiplying the total number
of RSUs granted pursuant to this Notice by a fraction, the numerator or which is the number of calendar days the Participant continued
in Employment following the Grant Date and the denominator of which is 1,461.

 

(c)          The
Company and the Participant acknowledge that they have previously entered into that certain Change in Control Agreement dated as
of _____ (the “CIC Agreement”), which generally provides that upon a Change in Control (as defined therein)
during the term of such CIC Agreement, all unvested awards, including restricted share units, will become immediately and fully
vested as of the time of the applicable Change in Control. The Company and the Participant do not intend for such accelerated vesting
to apply to the RSUs granted pursuant to this Notice and therefore expressly agree that such accelerated vesting provisions in
the CIC Agreement shall not apply to the RSUs granted pursuant to this Notice; provided, however, that in the event the Participant
incurs a Qualifying Termination (as defined in the CIC Agreement) prior to the Vesting Date, all of the RSUs granted pursuant to
this Notice shall vest and become non-forfeitable upon such Qualifying Termination.

 

     

     

    

 

(d)          Payment
to the Participant of amounts due in respect of any RSUs that vest in accordance herewith shall be made in Shares on
or within ten (10) days after the date the RSUs vest and become non-forfeitable. Notwithstanding anything herein to the contrary,
if the Company determines that paying such amounts at the time set forth in this Section 3(b) would be a prohibited distribution
under Section 409A(a)(2)(B)(i) of the Code, then no such payment shall be made to the Participant prior to the expiration of the
six (6)-month period following the Participant’s “separation from service” (within the meaning of Section 409A
of the Code) if the Participant is a “specified employee” (within the meaning of Section 409A of the Code) on the date
of his or her Separation from Service (as determined by the Company in accordance with Section 409A of the Code). If the payment
of any such amounts is delayed as a result of the previous sentence, then on the first (1st) day following the end of
such six (6)-month period, the Company shall pay the Participant the cumulative amounts that would have otherwise been payable
to the Participant during such six (6)-month period.

 

(e)          For
purposes of this Notice, “Disability” means the Participant is “disabled” within the
meaning of Treasury Regulation Section 1.409A-3(i)(4). Determination of the date of termination of Employment by reason of Disability
and the satisfaction of the requirements for Disability, as applicable, shall be based on such evidence as the Committee may require
and a determination by the Committee of such date of termination and satisfaction shall be final and controlling on all interested
parties.

 

		4.	Establishment of Account. The Company, on behalf of Participant’s
Employer, shall maintain an appropriate bookkeeping record (the “RSU Account”)
that from time to time will reflect the Participant’s name and the number of RSUs and amounts of Dividend Equivalents, as
applicable, credited to the Participant.

 

		5.	Employment Relationship. For purposes of this Notice,
the Participant shall be considered to be in the employment of the Company or an Affiliate thereof as long as the Participant is
actively providing services as an Employee to the Company or an Affiliate thereof (the “Employment”).
The employer shall be considered the Company or the Affiliate thereof on which payroll records the Employee sits (the “Employer”).
In the event the Participant ceases to be in the Employment of the Company or an Affiliate (for any reason whatsoever, whether
or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms
of the Participant's employment agreement, if any), unless otherwise provided in this Notice or another written agreement between
the Company or Employer, as appropriate, and the Participant or otherwise determined by the Committee, no portion of the RSUs which
have not become vested as of the date the Participant ceases to actively provide services as an Employee shall thereafter become
vested. For the avoidance of doubt, the vesting of the RSUs (including the period during which the RSUs may vest) will not be extended
by any notice period that occurs in connection with the termination of the Participant’s Employment (e.g., the Participant’s
period of active service would not include any contractual notice period or any period of “garden leave” or similar
period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment
agreement, if any).

 

Any
question as to whether and when there has been a termination of the Participant’s Employment shall be based on such evidence
as the Committee may require and a determination by the Committee as to the date of such termination of Employment shall be final
and controlling on all interested parties. 

 

    	 	2	 

     

    

 

		6.	Dividend Equivalents.   Each RSU granted
hereunder is hereby granted in tandem with a corresponding Dividend Equivalent in accordance with Annex 2 to the Plan, which Dividend
Equivalent shall remain outstanding from the Grant Date until the earlier of the payment or forfeiture of the RSU to which it corresponds.
Each Dividend Equivalent shall entitle the Participant to receive an amount in cash equal to any cash dividends that may be made
by the Company in respect of the Share underlying the RSU to which such Dividend Equivalent relates. The Dividend Equivalents shall
be payable as and when the RSUs vest and are paid to the Participant. Any Dividend Equivalents that accrue prior to the vesting
of the RSUs shall not accrue interest. Upon the forfeiture of an RSU, the Dividend Equivalent with respect to such forfeited RSU
shall also be forfeited. The Dividend Equivalents and any amounts that may become distributable in respect thereof shall be treated
separately from the RSUs and the rights arising in connection therewith for purposes of Code Section 409A (including for purposes
of the designation of the time and form of payments required by Code Section 409A).

 

		7.	Responsibility for Taxes. The Participant acknowledges
that, regardless of any action by the Company or, if different, the Participant's Employer, the ultimate liability for all United
Kingdom and/or United States federal, state, local and other taxes, foreign taxes, income taxes, social insurance taxes, payroll
taxes, fringe benefits taxes, payments on account or other tax-related items related to the Participant's participation in the
Plan and legally applicable to the Participant (collectively, the “Tax-Related Items”)
is and remains the sole responsibility of the Participant's and is not the responsibility of the Company or the Employer. The Participant
further acknowledges that the Company and the Employer (i) make no representations or undertakings regarding the treatment of any
Tax-Related Items in connection with any aspect of the RSUs or Dividend Equivalents, including, but not limited to, the grant of
the RSUs and tandem Dividend Equivalents, the issuance of Shares or payment of cash in respect thereof, the subsequent sale of
Shares acquired pursuant to such issuance and the receipt of any dividends with respect to such Shares, and (ii) are under no obligation
to structure the terms of the grant or any other aspect of the RSUs or the Dividend Equivalents reduce or eliminate the Participant's
liability for Tax-Related Items or achieve any particular tax result. Further, the Participant acknowledges that, if the Participant
is subject to Tax-Related Items in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax
withholding event, as applicable, the Company and/or the Employer may withhold or account for Tax-Related Items in more than one
jurisdiction.

 

The
Participant acknowledges and agrees that the Company and the Employer shall have the right to require the Participant to satisfy
all obligations relating to the Tax-Related Items by one or a combination of the following, as determined in the discretion of
the Company and the Employer (or, with respect to clauses (c) and (d) below, as determined in the discretion of the Committee,
if the Participant is, or is expected by the Company to become, subject to Section 16 of the Exchange Act):

 

		(a)	withholding from the Participant's wages or other cash compensation to be paid to the Participant
by the Company and/or the Employer, including any cash payment made pursuant to the Dividend Equivalents;

 

		(b)	withholding from proceeds of the sale of Shares acquired upon payment of the RSUs either through
a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf and without consent from the
Participant);

 

		(c)	selling or transferring to the employee benefit trust established by the Company a number of Shares
that would otherwise be issued upon payment of the RSUs; or

 

		(d)	withholding an appropriate number of Shares to be issued upon payment of the RSUs.

 

    	 	3	 

     

    

 

Notwithstanding
anything herein to the contrary, unless the Company determines otherwise (which determination will be made by the Committee if
the Participant is, or is expected by the Company to become, subject to Section 16 of the Exchange Act), any withholding obligations
relating to the Tax-Related Items, up to the applicable minimum statutory withholding amount or other applicable amount, will be
satisfied by reducing the number of Shares issuable to the Participant in respect of the RSUs. For the avoidance of doubt, if the
obligation for Tax-Related Items is satisfied by withholding in Shares otherwise issuable pursuant to the RSUs, for tax purposes,
the Participant shall be deemed to have been issued the full number of Shares subject to the RSUs, notwithstanding that number
of the Shares withheld for the purpose of paying the Tax-Related Items. The Participant acknowledges and agrees that the Company
and the Employer shall have the authority and the right to deduct or withhold, or to require the Participant to pay to the Company
or the Employer, as applicable, an amount sufficient to satisfy all Tax-Related Items that arise in connection with the RSUs and
the Dividend Equivalents. 

 

For Participants
subject to tax in the United Kingdom, if payment or withholding of the income tax due in connection with the RSUs is not made within
ninety (90) days of any event giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the
U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income
tax shall constitute a loan owed by the Participant to the Employer, effective on the Due Date. The loan will bear interest at
the then-current official rate of Her Majesty’s Revenue and Customs (“HMRC”), it will be immediately
due and repayable, and the Company or the Employer may recover it at any time thereafter by any of the means referred to herein
or otherwise permitted under the Plan. Notwithstanding anything herein to the contrary, if the Participant is a Director or an
“executive officer” (within the meaning of Section 13(k) of the Exchange Act), the Participant shall not be permitted
to make any payment in respect of the RSUs (including any payment of income tax liability), or to continue any extension of credit
with respect to any such payment, with a loan from the Company or arranged by the Company in violation of Section 13(k) of the
Exchange Act. In the event the Participant is such a Director or executive officer and the income tax due is not collected from
or paid by the Participant by the Due Date, the amount of any uncollected income tax will constitute a benefit to the Participant
on which additional income tax (and national insurance contributions (“NICs”), to the extent applicable)
will be payable. The Company or the Employer may recover any such additional income tax and NICs at any time thereafter by any
of the means referred to herein or otherwise permitted under the Plan. The Participant will also be responsible for reporting and
paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime.

 

		8.	Adjustment.   The Participant acknowledges
and agrees that the RSUs and Dividend Equivalents are subject to adjustment upon certain events as set forth in the Plan.

 

		9.	Securities Laws. 

 

(a)          The
Participant acknowledges that the Plan and this Notice are intended to conform to the extent necessary with all provisions of the
Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission
thereunder, as well as all applicable state securities laws and regulations. Notwithstanding anything herein to the contrary, the
Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to such laws, rules and regulations.
To the extent permitted by applicable law, the Plan and this Notice shall be deemed amended to the extent necessary to conform
to such laws, rules and regulations.

 

    	 	4	 

     

    

 

(b)          Notwithstanding
any other provision of the Plan or this Notice, if the Participant is subject to Section 16 of the Exchange Act, then the Plan,
the RSUs and this Notice shall be subject to any additional limitations set forth in any applicable exemptive rule under Section
16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of
such exemptive rule. To the extent permitted by applicable law, this Notice shall be deemed amended to the extent necessary to
conform to such applicable exemptive rule.

 

		10.	Conditions to Issuance of Shares. The Company shall not
be required to issue or deliver any Shares or to make any book entries evidencing Shares issuable pursuant to the RSUs prior to
fulfillment of the conditions set forth in Section 10.7 of the Plan.

 

		11.	Transfer of RSUs. Except
as provided under Section 7 hereof, the RSUs, the Dividend Equivalents and all rights granted hereunder shall not be (i)
assignable, saleable or otherwise transferable by the Participant other than by will or the laws of descent and distribution or
pursuant to a domestic relations order or (ii) subject to any
encumbrance, pledge or charge of any nature. Any purported assignment, pledge, attachment, sale, transfer, encumbrance or other
charge of the RSUs or the Dividend Equivalents in violation of this Section 11 shall be void and of no force or effect.
Without limiting the generality of the foregoing, the RSUs and the Dividend Equivalents shall be subject to the restrictions on
transferability set forth in Section 10.8 of the Plan (“Transferability”).

 

		12.	Certain Restrictions.   By accepting the
RSUs granted under this Notice, the Participant acknowledges that he or she will enter into such written representations, warranties
and notices and execute such documents as the Company or his or her Employer may reasonably request in order to comply with the
terms of this Notice or the Plan, or securities laws or any other applicable laws, rules or regulations, or as are otherwise deemed
necessary or appropriate by the Company and/or the Company’s counsel.

 

		13.	Recoupment.   Notwithstanding any provision
of this Notice to the contrary, the Participant acknowledges that the Committee may, in its sole discretion and in accordance with
the terms of the Plan:

 

(a)          recoup
from the Participant all or a portion of the Shares issued and/or the payments made in respect of Dividend Equivalents under this
Notice if the Company’s reported financial or operating results are materially and negatively restated within five (5) years
of the issuance of such Shares or payment of such amounts, as applicable; and

 

(b)          recoup
from the Participant if, in the Committee’s judgment, the Participant engaged in conduct which was fraudulent, negligent
or not in good faith, and which disrupted, damaged, impaired or interfered with the business, reputation or employees of the Company
or its Affiliates or which caused a subsequent adjustment or restatement of the Company’s reported financial statements,
all or a portion of the Shares issued and/or the payments made in respect of Dividend Equivalents under this Notice within five
(5) years of such conduct.

 

In addition,
to the extent determined by the Company in its discretion to be applicable to the Participant, the RSUs and/or the Dividend Equivalents,
the RSUs and/or the Dividend Equivalents, as applicable, shall be subject to the requirements of (i) Section 954 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any rules and regulations
thereunder, (ii) similar rules under the laws of any other jurisdiction and (iii) any policies adopted by the Company to implement
such requirements.

 

    	 	5	 

     

    

 

Any Shares
subject to recoupment may be transferred to the employee benefit trust established by the Company, and the Participant agrees to
execute any documents necessary to effectuate such transfer.

 

		14.	Code Section 409A; No Guarantee of Tax Consequences.   This
award of RSUs and Dividend Equivalents is intended to comply with or be exempt from the requirements of Code Section 409A and the
provisions hereof shall be interpreted and administered consistently with such intent. Notwithstanding any provision of the Plan
or this Notice to the contrary, if at any time the Committee determines, in its sole discretion, that this award of RSUs or Dividend
Equivalents (or any portion thereof) may not be compliant with Code Section 409A, the Committee shall have the right in its sole
discretion (without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such
amendments to the Plan or this Notice, or adopt other policies and procedures (including amendments, policies and procedures with
retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate to provide for either
the RSUs and Dividend Equivalents to be exempt from the application of Code Section 409A or to comply with the requirements of
Code Section 409A; provided, however, that this Section 14 shall not create any obligation on the part of the Company to
adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing
to do so. The Company makes no commitment or guarantee to the Participant that any federal or state tax treatment will apply or
be available to any person eligible for benefits under this Notice.

 

		15.	Data Privacy. The Participant explicitly and unambiguously
consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described
in this Notice and any other grant materials by and among the Company, the Employer and any of their respective Affiliates (collectively,
the “Company Group”) for the exclusive purpose of implementing, administering
and managing the Participant’s participation in the Plan.

 

			The Participant understands that the Company Group may hold certain personal information about
the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth,
social insurance number or other identification number, salary, nationality, job title, any shares or directorships held in the
Company Group, details of any RSUs, Dividend Equivalents or any other entitlement to shares awarded, canceled, exercised, vested,
unvested or outstanding in the Participant’s favor, for the exclusive purpose of implementing, administering and managing
the Plan (collectively, “Data”).

 

The
Participant understands that Data will be transferred to such Plan service provider as may be selected by the Company in the future,
which is assisting the Company with the implementation, administration and management of the Plan. The recipients of Data may be
located in the United States or elsewhere, and the recipients’ country (e.g., the United States) may have different data
privacy laws and protections than the Participant’s country. The Participant may request a list with the names and addresses
of any potential recipients of Data by contacting his or her human resources representative. The Participant authorizes the Company
Group and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering
and managing the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of
implementing, administering and managing his or her participation in the Plan. Data will be held only as long as is necessary to
implement, administer and manage the Participant’s participation in the Plan. The Participant may, at any time, view Data,
request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing his or her human resources representative. Further,
the Participant is providing his or her consents herein on a purely voluntary basis. If the Participant does not consent, or if
the Participant later seeks to revoke his or her consent, his or her Employment status or service and career with any entity in
the Company Group will not be adversely affected; the only adverse consequence of refusing or withdrawing the Participant's consent
is that the Company would not be able to grant the RSUs or other equity awards to the Participant or administer or maintain such
awards. Therefore, the Participant’s refusal or withdrawal of his or her consent may affect the Participant’s ability
to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal
of consent, the Participant may contact his or her human resources representative.

 

    	 	6	 

     

    

 

		16.	Electronic Delivery and Participation. The Company may,
in its sole discretion, decide to deliver any documents related to this Notice, the RSUs, or the Participant’s current or
future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third
party designated by the Company.

 

		17.	Nature of Grant. In accepting the RSUs, the Participant
acknowledges, understands and agrees that:

 

(a)          the
Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan;

 

(b)          the
grant of the RSUs and Dividend Equivalents is voluntary and occasional and does not create any contractual or other right to receive
future grants of RSUs, Dividend Equivalents, any other Awards, or benefits in lieu thereof, regardless of whether RSUs, Dividend
Equivalents or other Awards have been granted to the Participant in the past;

 

(c)          all
decisions with respect to grants of future RSUs, Dividend Equivalents or other Awards, if any, will be made in the sole discretion
of the Company.

 

(d)          the
grant of the RSUs and Dividend Equivalents and the Participant's participation in the Plan shall not (i) confer upon the Participant
or create any right to continue in Employment or other service with any entity in the Company Group, (ii) be interpreted as forming
an Employment or service contract with any entity in the Company Group, or (iii) interfere with the rights of any entity in the
Company Group, which rights are hereby expressly reserved, to terminate the Participant's Employment or other service;

 

(e)          the
Participant is voluntarily participating in the Plan;

 

(f)          neither
the RSUs nor the Shares subject to the RSUs, nor the Dividend Equivalents, are intended to replace any pension rights or compensation;

 

(g)          the
RSUs, the Shares subject to the RSUs and the Dividend Equivalents are not part of normal or expected compensation for purposes
of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long service awards,
pension or retirement or welfare benefits or similar payments;

 

(h)          the
future value of the Shares underlying the RSUs is unknown, indeterminable and cannot be predicted with certainty;

 

    	 	7	 

     

    

 

(i)          no
claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs and/or Dividend Equivalents resulting from
the Participant's termination of Employment or other service (for any reason whatsoever, whether or not later found to be invalid
or in breach of employment laws in the jurisdiction where the Participant is employed or engaged or the terms of the Participant's
employment or other service agreement, if any), and in consideration of the grant of the RSUs and Dividend Equivalents to which
the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim against any entity in
the Company Group, waives his or her ability, if any, to bring any such claim, and releases all entities in the Company Group from
any such claim. Notwithstanding the foregoing, if any such claim is allowed by a court of competent jurisdiction, then, by participating
in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and
all documents necessary to request dismissal or withdrawal of such claim;

 

(j)          except
as otherwise provided in the Plan or determined by the Committee in its discretion, none of the RSUs, Dividend Equivalents nor
any rights under this Notice create any entitlement to have the RSUs, Dividend Equivalents or any such rights transferred to, or
assumed by, another company or exchanged, cashed out or substituted for, in connection with any corporate transaction affecting
the Shares;

 

(k)          if
the Participant is employed outside the United States, (i) the RSUs, the Shares subject to the RSUs and the Dividend Equivalents
are not part of normal or expected compensation for any purposes; and (ii) no entity in the Company Group shall be liable for any
foreign exchange rate fluctuation between the Participant's local currency and the United States Dollar that may affect the value
of the Shares or of any amounts due to the Participant upon payment of the RSUs or the subsequent sale of any Shares acquired upon
payment.

 

		18.	No Advice Regarding Grant. The Company is not providing
any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in
the Plan, the grant, vesting and/or payment of the RSUs or Dividend Equivalents, and/or the acquisition or disposition of the Shares
subject to the RSUs. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors
regarding his or her participation in the Plan before taking any action related to the Plan.

 

		19.	Amendment and Termination.   Except as
otherwise provided in the Plan or this Notice, no amendment of this Notice or the RSUs that adversely affects the Participant’s
rights hereunder in any material respect or termination of this Notice shall be made by the Company without the consent of the
Participant.

 

		20.	Successors and Assignees; Binding Effect. The Company
may assign any of its rights under this Notice to single or multiple assignees. Subject to the restrictions on transfer set forth
herein, this Notice shall be binding upon and inure to the benefit of any assignees of or successors to the Company, the Participant
and all persons lawfully claiming under the Participant.

 

		21.	Governing Law. This Notice shall be governed by, and construed
in accordance with, the laws of the United States and the State of Texas, without regard to conflict of laws principles, except
to the extent that the Act or the laws of England and Wales mandatorily apply.

 

		22.	Severability.   In the event that any provision
of this Notice shall be held illegal, invalid, or unenforceable for any reason, such provision shall be fully severable and shall
not affect the remaining provisions of this Notice, and this Notice shall be construed and enforced as if the illegal, invalid
or unenforceable provision had never been included herein.

 

    	 	8	 

     

    

 

		23.	Imposition of Other Requirements. The Company reserves
the right to impose other requirements on the Participant's participation in the Plan, the RSUs, Dividends Equivalents and any
Shares issued under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons,
and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

 

		24.	Waiver. A waiver by the Company of breach of any provision
of this Notice shall not operate or be construed as a waiver of any other provision of this Notice, or of any subsequent breach
of any other provision of this Notice by the Participant or any other person.

 

By signing below, the Participant agrees
to be bound by the terms and conditions of the Plan and this Notice. The Participant hereby agrees to accept as binding, conclusive
and final all decisions and/or interpretations of the Committee upon any questions arising under the Plan or relating to the RSUs
and the Dividend Equivalents. The Participant consents to the collection of data outside the Participant’s country, including
to those countries that may have different data privacy laws and protections than the Participant’s country.

 

	 	 
	Name

 

    	 	9	 

     

    

 

2017 Executive Retention Grant

 

2013 ROWAN COMPANIES PLC INCENTIVE
PLAN

FORM OF

NON-QUALIFIED OPTION AGREEMENT

 

		1.	Grant of Option. Pursuant to the 2013 Rowan Companies
plc Incentive Plan (the “Plan”), upon and subject to the conditions described in this Non-qualified Option Agreement
(this “Agreement”) and the Plan, Rowan Companies plc, a public limited company incorporated under English law (the
“Company”), hereby grants to __________ (the “Participant”) the right and option (“Option”)
to purchase all or any part of an aggregate of _________ Shares, effective as of _______ (the “Grant Date”) on the
terms and conditions set forth herein and in the Plan, which Plan is incorporated herein by reference as a part of this Agreement.
All capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan. The Plan and this Option shall
be administered by the Committee. This Option shall not be treated as an incentive stock option within the meaning of section 422(b)
of the Internal Revenue Code of 1986, as amended (the “Code”).

 

		2.	Purchase Price. The purchase price of Shares purchased
pursuant to the exercise of this Option shall be $_____ per share.

 

		3.	Vesting Schedule. 

 

		(a)	This Option shall vest and become exercisable upon the four year
anniversary of the Grant Date (the “Vesting Date”). Prior to vesting, the Option may not be exercised. Except as otherwise
provided in Sections 3(b) or 3(c) below, if the Participant’s Employment terminates for any reason prior to the Vesting Date,
the Option shall be forfeited as of the date the Participant’s Employment so terminates, unless otherwise determined by the
Committee. 

 

		(b)	Notwithstanding the foregoing, if the Participant’s Employment
terminates by reason of the Participant’s Disability (as defined below) or death prior to the Vesting Date, then (i) a Pro-Rata
Portion (as described below) of the Option shall become vested and exercisable upon the Participant’s termination of Employment,
and (ii) the portion of the Option that does not become vested and exercisable upon the Participant’s termination of Employment
pursuant to the foregoing clause (i) shall be forfeited as of the date the Participant’s Employment so terminates. The “Pro-Rata
Portion” of the Option that will vest and become exercisable in accordance with the foregoing is equal to that number of
Shares subject to the Option determined by multiplying the total number of Shares subject to the Option by a fraction, the numerator
of which is the number of calendar days the Participant continued in Employment following the Grant Date and the denominator of
which is 1,461.

 

		(c)	The Company and the Participant acknowledge that they have previously
entered into that certain Change in Control Agreement dated as of _____ (the “CIC Agreement”), which
generally provides that upon a Change in Control (as defined therein) during the term of such CIC Agreement, all unvested awards,
including options, will become immediately and fully vested as of the time of the applicable Change in Control. The Company and
the Participant do not intend for such accelerated vesting to apply to the Option granted pursuant to this Agreement and therefore
expressly agree that such accelerated vesting provisions in the CIC Agreement shall not apply to the Option; provided, however,
that in the event the Participant incurs a Qualifying Termination (as defined in the CIC Agreement) prior to the Vesting Date,
the Option granted pursuant to this Agreement shall vest and become exercisable upon such Qualifying Termination.

 

     

     

    

 

		(d)	For purposes of this Agreement, “Disability”
means the Participant is “disabled” within the meaning of Treasury Regulation Section 1.409A-3(i)(4). Determination
of the date of termination of Employment by reason of Disability and the satisfaction of the requirements for Disability, as applicable,
shall be based on such evidence as the Committee may require and a determination by the Committee of such date of termination and
satisfaction shall be final and controlling on all interested parties..

 

		4.	Exercise of Option. Once the Option vests, the Participant
may exercise the Option in whole or in part; provided, however, this Option may be exercised only prior to the seven year anniversary
of the Grant Date (the “Expiration Date”) and, except as otherwise provided below, only while Participant remains in
Employment with the Company or an Affiliate thereof. The Option will terminate and cease to be exercisable upon Participant’s
termination of Employment with the Company, except that, subject to earlier termination upon the Expiration Date:

 

		(a)	If Participant’s Employment terminates by reason of death or
Disability, Participant may exercise this Option in full at any time during the period of five years following the date of such
death or termination due to Disability, as applicable;

 

		(b)	If Participant incurs a Qualifying Termination within the meaning
of the CIC Agreement, Participant may exercise this Option in full at any time until the Expiration Date;

 

		(c)	If Participant’s Employment with the Company terminates for
any reason not described in clauses (a) or (b) above and not as a result of a termination of Employment by the Company for Cause
(as defined in the CIC Agreement), Participant may exercise this Option in full at any time during the two year period following
the date of such termination.

 

This Option shall not be exercisable in any event
after the expiration of seven years from the Grant Date hereof.

 

		5.	Manner of Exercise. In order to exercise this Option,
the Participant shall deliver to the Chief Financial Officer or other designated officer or employee or representative payment
in full for (i) the shares being purchased and (ii) unless other arrangements have been made with the Committee, any required withholding
taxes. The payment of the exercise price for each Option shall be either in cash or by check payable and acceptable to the Company;
provided, however, with the consent of the Committee, which consent may be granted or withheld in the Committee’s sole discretion
and subject to any instructions or conditions as the Committee may impose, payment of the exercise price and/or withholding may
be made by any method of payment permitted under the Plan. 

 

		6.	Securities Laws; Conditions to Issuance of Shares.
The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions
of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission
thereunder, as well as all applicable state securities laws and regulations. Notwithstanding anything herein to the contrary, the
Plan shall be administered, and the Option is granted, only in such a manner as to conform to such laws, rules and regulations.
To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform
to such laws, rules and regulations.

 

    	 	-2-	 

     

    

 

Notwithstanding any other provision
of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, then the Plan, the Option and this
Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange
Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.
To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable
exemptive rule.

 

		7.	Employment Relationship. For purposes of this Agreement,
the Participant shall be considered to be in the employment of the Company or an Affiliate thereof as long as the Participant is
actively providing services as an Employee to the Company or an Affiliate thereof (the “Employment”). The employer
shall be considered the Company or the Affiliate thereof on which payroll records the Employee sits (the “Employer”).
In the event the Participant ceases to be in the Employment of the Company or an Affiliate (for any reason whatsoever, whether
or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms
of the Participant's employment agreement, if any), unless otherwise provided in this Agreement or another written agreement between
the Company or Employer, as appropriate, and the Participant or otherwise determined by the Committee, no portion of the Option
which has not become vested as of the date the Participant ceases to actively provide services as an Employee shall thereafter
become vested. For the avoidance of doubt, the vesting or exercisability of the Option (including the period during which the Option
may vest or be exercised) will not be extended by any notice period that occurs in connection with the termination of the Participant’s
Employment (e.g., the Participant’s period of active service would not include any contractual notice period or any
period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Participant
is employed or the terms of the Participant's employment agreement, if any). Any question as to whether and when there has
been a termination of the Participant’s Employment shall be based on such evidence as the Committee may require and a determination
by the Committee as to the date of such termination of Employment shall be final and controlling on all interested parties.

 

		8.	Responsibility for Taxes. The Participant acknowledges
that, regardless of any action by the Company or, if different, the Participant's Employer, the ultimate liability for all United
Kingdom and/or United States federal, state, local and other taxes, foreign taxes, income taxes, social insurance taxes, payroll
taxes, fringe benefits taxes, payments on account or other tax-related items related to the Participant's participation in the
Plan and legally applicable to the Participant (collectively, the “Tax-Related Items”) is and remains the sole responsibility
of the Participant's and is not the responsibility of the Company or the Employer. The Participant further acknowledges that the
Company and the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection
with any aspect of the Option, including, but not limited to, the grant of the Option, the issuance of Shares upon exercise thereof,
the subsequent sale of Shares acquired pursuant to such issuance and the receipt of any dividends with respect to such Shares,
and (ii) are under no obligation to structure the terms of the grant or any other aspect of the Option reduce or eliminate the
Participant's liability for Tax-Related Items or achieve any particular tax result. Further, the Participant acknowledges that,
if the Participant is subject to Tax-Related Items in more than one jurisdiction between the Grant Date and the date of any relevant
taxable or tax withholding event, as applicable, the Company and/or the Employer may withhold or account for Tax-Related Items
in more than one jurisdiction.

 

    	 	-3-	 

     

    

 

The Participant
acknowledges and agrees that the Company and the Employer shall have the right to require the Participant to satisfy all obligations
relating to the Tax-Related Items by one or a combination of the following, as determined in the discretion of the Company and
the Employer (or, with respect to clauses (c) and (d) below, as determined in the discretion of the Committee, if the Participant
is, or is expected by the Company to become, subject to Section 16 of the Exchange Act):

 

(a)             withholding
from the Participant's wages or other cash compensation to be paid to the Participant by the Company and/or the Employer;

 

(b)             withholding
from proceeds of the sale of Shares acquired upon exercise of the Option either through a voluntary sale or through a mandatory
sale arranged by the Company (on the Participant's behalf and without consent from the Participant);

 

(c)             selling
or transferring to the employee benefit trust established by the Company a number of Shares that would otherwise be issued upon
exercise of the Option; or

 

(d)             withholding
an appropriate number of Shares to be issued upon exercise of the Option.

 

Notwithstanding
anything herein to the contrary, unless the Company determines otherwise (which determination will be made by the Committee if
the Participant is, or is expected by the Company to become, subject to Section 16 of the Exchange Act), any withholding obligations
relating to the Tax-Related Items, up to the applicable minimum statutory withholding amount or other applicable amount, will be
satisfied by reducing the number of Shares issuable to the Participant in respect of any exercise of the Option. For the avoidance
of doubt, if the obligation for Tax-Related Items is satisfied by withholding in Shares otherwise issuable pursuant to the Option,
for tax purposes, the Participant shall be deemed to have been issued the full number of Shares subject to the Option, notwithstanding
that number of the Shares withheld for the purpose of paying the Tax-Related Items. The Participant acknowledges and agrees that
the Company and the Employer shall have the authority and the right to deduct or withhold, or to require the Participant to pay
to the Company or the Employer, as applicable, an amount sufficient to satisfy all Tax-Related Items that arise in connection with
the Option. 

 

For Participants
subject to tax in the United Kingdom, if payment or withholding of the income tax due in connection with the Option is not made
within ninety (90) days of any event giving rise to the income tax liability or such other period specified in Section 222(1)(c)
of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected
income tax shall constitute a loan owed by the Participant to the Employer, effective on the Due Date. The loan will bear interest
at the then-current official rate of Her Majesty’s Revenue and Customs (“HMRC”), it will be immediately
due and repayable, and the Company or the Employer may recover it at any time thereafter by any of the means referred to herein
or otherwise permitted under the Plan. Notwithstanding anything herein to the contrary, if the Participant is a Director or an
“executive officer” (within the meaning of Section 13(k) of the Exchange Act), the Participant shall not be permitted
to make any payment in respect of the Option (including any payment of income tax liability), or to continue any extension of credit
with respect to any such payment, with a loan from the Company or arranged by the Company in violation of Section 13(k) of the
Exchange Act. In the event the Participant is such a Director or executive officer and the income tax due is not collected from
or paid by the Participant by the Due Date, the amount of any uncollected income tax will constitute a benefit to the Participant
on which additional income tax (and national insurance contributions (“NICs”), to the extent applicable)
will be payable. The Company or the Employer may recover any such additional income tax and NICs at any time thereafter by any
of the means referred to herein or otherwise permitted under the Plan. The Participant will also be responsible for reporting and
paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime.

 

    	 	-4-	 

     

    

 

		9.	Reorganization of the Company. The existence of this
Agreement shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; any merger or consolidation
of the Company; any issuance of bonds, debentures, preferred or prior preference shares ahead of or affecting the Shares or the
rights thereof; the dissolution or liquidation of the Company; any sale or transfer of all or any part of its assets or business;
or any other corporate act or proceeding, whether of a similar character or otherwise.

 

		10.	Adjustment.   The Participant acknowledges
and agrees that the Option is subject to adjustment upon certain events as set forth in the Plan. 

 

		11.	Transfer of Option. Except as provided herein, all
rights granted hereunder shall not be transferable other than by will or the laws of descent and distribution and shall be exercisable
during the Participant’s lifetime only by the Participant or, in the case of the Participant’s death or incapacity,
by the Participant’s guardian or legal representative. Participant (hereinafter the “Initial Optionee”) for the
purposes of this Paragraph 11 may transfer this Option (in whole or in part) subject to Committee approval, and such conditions
and limitations, if any, as the Committee may impose with respect to such transfer to any of (i) the spouse, children or grandchildren
(“Immediate Family Members”) of the Initial Optionee, (ii) a trust or trusts for the exclusive benefit of one or more
of the Immediate Family Members and, if applicable, the Initial Optionee, (iii) a partnership or limited liability company whose
only partners, shareholders or members are the Initial Optionee and/or one or more Immediate Family Members or (iv) an organization
that has been determined by the Internal Revenue Service to be exempt under Section 501 (c)(3) of the Code. Following any transfer
by the Initial Optionee, this Option may not be transferred except back to the Initial Optionee, unless the Committee approves
otherwise on such terms as it shall establish in its sole discretion. A transfer of this Option must be for no consideration, unless
the Committee otherwise agrees to a transfer for consideration. The terms and conditions of the Plan and this Agreement shall continue
to be subject to the same limitation, vesting and expiration provisions of (a), (b), (c) and (d) of Paragraph 3 above, which shall
be applied “as if” Participant continued to be the holder of the Option. If transferred, this Option shall not be exercisable
unless arrangements satisfactory to the Company have been made to satisfy any tax withholding obligations the Company may have
with respect to the transferee’s exercise of the Option. Further, the Company shall have no obligation to provide any notices
to an Option transferee of any event, term or provision with respect to the Option, including, without limitation, the early termination
of the Option on account of termination of Participant’s Employment. No transfer of this Option shall be effective unless
the Committee receives prior written notice of the terms and conditions of any intended transfer, determines that the transfer
complies with the requirements imposed hereunder with respect to Option transfers and approves the transfer. Any purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance of this Option that does not satisfy the requirements set forth hereunder
shall be void and unenforceable against the Company.

 

    	 	-5-	 

     

    

 

		12.	Severability. In the event that any provision of this
Agreement shall be held illegal, invalid, or unenforceable for any reason, such provision shall be fully severable and shall not
affect the remaining provisions of this Agreement, and the Agreement shall be construed and enforced as if the illegal, invalid
or unenforceable provision had never been included herein.

 

		13.	Certain Restrictions. By accepting the Option granted
under this Agreement, the Participant acknowledges that he will enter into such written representations, warranties and notices
and execute such documents as the Company or his or her Employer may reasonably request in order to comply with the terms of this
Agreement or the Plan, or securities laws or any other applicable laws, rules or regulations, or as are otherwise deemed necessary
or appropriate by the Company and/or the Company’s counsel.

 

		14.	Recoupment. Notwithstanding any provision of this Agreement
to the contrary, the Participant acknowledges that the Committee may, in its sole discretion and in accordance with the terms of
the Plan:

 

(a)          recoup
from the Participant all or a portion of the Shares issued under this Agreement if the Company’s reported financial or operating
results are materially and negatively restated within five (5) years of the vesting of this Option; and

 

(b)          recoup
from the Participant if, in the Committee’s judgment, the Participant engaged in conduct which was fraudulent, negligent
or not in good faith, and which disrupted, damaged, impaired or interfered with the business, reputation or employees of the Company
or its Affiliates or which caused a subsequent adjustment or restatement of the Company’s reported financial statements,
all or a portion of the Shares issued under this Agreement within five (5) years of such conduct.

 

In addition,
to the extent determined by the Company in its discretion to be applicable to the Participant, the Option and any Shares issuable
under this Agreement shall be subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (regarding recovery of erroneously awarded compensation) and any rules and regulations thereunder, (ii) similar
rules under the laws of any other jurisdiction and (iii) any policies adopted by the Company to implement such requirements.

 

		15.	Data Privacy. The Participant explicitly and unambiguously
consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described
in this Notice and any other grant materials by and among the Company, the Employer and any of their respective Affiliates (collectively,
the “Company Group”) for the exclusive purpose of implementing, administering and managing the Participant’s
participation in the Plan.

 

The Participant understands
that the Company Group may hold certain personal information about the Participant, including, but not limited to, the Participant’s
name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality,
job title, any shares or directorships held in the Company Group, details of any Option or any other entitlement to shares awarded,
canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the exclusive purpose of implementing,
administering and managing the Plan (collectively, “Data”).

 

    	 	-6-	 

     

    

 

The Participant understands
that Data will be transferred to such Plan service provider as may be selected by the Company in the future, which is assisting
the Company with the implementation, administration and management of the Plan. The recipients of Data may be located in the United
States or elsewhere, and the recipients’ country (e.g., the United States) may have different data privacy laws and protections
than the Participant’s country. The Participant may request a list with the names and addresses of any potential recipients
of Data by contacting his or her human resources representative. The Participant authorizes the Company Group and any other possible
recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to
receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering
and managing his or her participation in the Plan. Data will be held only as long as is necessary to implement, administer and
manage the Participant’s participation in the Plan. The Participant may, at any time, view Data, request additional information
about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in
any case without cost, by contacting in writing his or her human resources representative. Further, the Participant is providing
his or her consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks
to revoke his or her consent, his or her Employment status or service and career with any entity in the Company Group will not
be adversely affected; the only adverse consequence of refusing or withdrawing the Participant's consent is that the Company would
not be able to grant the Option or other equity awards to the Participant or administer or maintain such awards. Therefore, the
Participant’s refusal or withdrawal of his or her consent may affect the Participant’s ability to participate in the
Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant
may contact his or her human resources representative.

 

		16.	Electronic Delivery and Participation. The Company
may, in its sole discretion, decide to deliver any documents related to this Agreement, the Option, or the Participant’s
current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic
delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company
or a third party designated by the Company.

 

		17.	Nature of Grant. In accepting the Option, the Participant
acknowledges, understands and agrees that:

 

(a)          the
Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan;

 

(b)          the
grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
Options, any other Awards, or benefits in lieu thereof, regardless of whether Options or other Awards have been granted to the
Participant in the past;

 

(c)          all
decisions with respect to grants of future Options or other Awards, if any, will be made in the sole discretion of the Company.

 

(d)          the
grant of the Option and the Participant's participation in the Plan shall not (i) confer upon the Participant or create any right
to continue in Employment or other service with any entity in the Company Group, (ii) be interpreted as forming an Employment or
service contract with any entity in the Company Group, or (iii) interfere with the rights of any entity in the Company Group, which
rights are hereby expressly reserved, to terminate the Participant's Employment or other service;

 

    	 	-7-	 

     

    

 

(e)          the
Participant is voluntarily participating in the Plan;

 

(f)          neither
the Option nor the Shares subject to the Option are intended to replace any pension rights or compensation;

 

(g)          the
Option and the Shares subject to the Option are not part of normal or expected compensation for purposes of calculating any severance,
resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long service awards, pension or retirement or
welfare benefits or similar payments;

 

(h)          the
future value of the Shares underlying the Option is unknown, indeterminable and cannot be predicted with certainty;

 

(i)          no
claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from the Participant's termination
of Employment or other service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment
laws in the jurisdiction where the Participant is employed or engaged or the terms of the Participant's employment or other service
agreement, if any), and in consideration of the grant of the Option to which the Participant is otherwise not entitled, the Participant
irrevocably agrees never to institute any claim against any entity in the Company Group, waives his or her ability, if any, to
bring any such claim, and releases all entities in the Company Group from any such claim. Notwithstanding the foregoing, if any
such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed
irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal
or withdrawal of such claim;

 

(j)          except
as otherwise provided in the Plan or determined by the Committee in its discretion, none of the Option nor any rights under this
Agreement create any entitlement to have the Option or any such rights transferred to, or assumed by, another company or exchanged,
cashed out or substituted for, in connection with any corporate transaction affecting the Shares; 

 

(k)          if
the Participant is employed outside the United States, (i) the Option and the Shares subject to the Option are not part of normal
or expected compensation for any purposes; and (ii) no entity in the Company Group shall be liable for any foreign exchange rate
fluctuation between the Participant's local currency and the United States Dollar that may affect the value of the Shares or of
any amounts due to the Participant upon exercise of the Option or the subsequent sale of any Shares acquired upon payment.

 

		18.	Amendment and Termination. Except as otherwise provided
in the Plan or this Agreement, no amendment or termination of this Agreement shall be made by the Company without the written consent
of the Participant.

 

		19.	No Guarantee of Tax Consequences. The Company makes
no commitment or guarantee to Participant that any federal or state tax treatment will apply or be available to any person eligible
for benefits under this Agreement. The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding the Participant's participation in the Plan, the grant, vesting and/or exercise of the Option, and/or
the acquisition or disposition of the Shares subject to the Option. The Participant is hereby advised to consult with his or her
own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related
to the Plan.

 

    	 	-8-	 

     

    

 

		20.	Binding Effect. This Agreement shall be binding upon
and inure to the benefit of any successors to the Company and all persons lawfully claiming under Participant.

 

		21.	Governing Law and Venue. This Agreement shall be governed
by, and construed in accordance with, the laws of the United States and the State of Texas, without regard to conflict of laws
principles, except to the extent that the Act or the laws of England and Wales mandatorily apply.

 

		22.	Imposition of Other Requirements. The Company reserves
the right to impose other requirements on the Participant's participation in the Plan, the Option and any Shares issued under the
Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the
Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

 

		23.	Waiver. A waiver by the Company of breach of any provision
of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent
breach of any other provision of this Agreement by the Participant or any other person.

 

    	 	-9-	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed by its officer thereunto duly authorized, and Participant has executed
this Agreement, all as of the day and year first above written.

 

By signing below, the
Participant agrees to be bound by the terms and conditions of the Plan and this Notice. The Participant hereby agrees to accept
as binding, conclusive and final all decisions and/or interpretations of the Committee upon any questions arising under the Plan
or relating to the Grant. The Participant consents to the collection of data outside the Participant’s country, including
to those countries that may have different data privacy laws and protections than the Participant’s country.

 

	ROWAN COMPANIES PLC	 
	 	 
	By:	 	 
	 	Name/Title:	 

 

	PARTICIPANT:
	 
	 
	 	 

 

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