Document:

Form of Promissory Note

 Exhibit 10.2 

 

			
	 Vantage Drilling Company

c/o P.O. Box 309, Ugland House,

Grand Cayman,

KY1-1104, Cayman Islands

(“Borrower”)
	  	 F3 Capital

c/o Campbell Corporate Services Limited

Scotia Centre

P.O. Box 268

Grand Cayman KY1-1104

Cayman Islands

(“Lender”)

Date:                     
    , 2010 
 Dear Sirs: 

1. Pursuant to the terms of the sale and purchase agreement between the Lender and the Borrower of even date hereto (the
“SPA”) in respect of the sale of 5,500 shares with a par value of US$1.00 each (the “Sale Shares”) in the capital of Mandarin Drilling Corporation (the “Sale and Purchase Agreement”), the Lender agreed to
accept this Loan Note as part of the consideration for the Sale Shares. 
 2. Subject to and conditional upon
the Closing of the Sale and Purchase Agreement in accordance with its terms, the Lender has agreed to grant to the Borrower a loan in the principal sum of sixty million US Dollars (US$60,000,000) (as such amount may be adjusted pursuant to
Section 16 hereof, the “Loan”) on the terms and conditions of this letter (the “Loan Note”). The Loan will be deemed to have been advanced immediately on Closing of the Sale and Purchase Agreement in accordance
with its terms. For the purposes of this Loan Note, the term “business day” shall mean any day (other than a Saturday, Sunday or national or state holiday) when banks are open in London, UK and Houston, Texas for the transaction of
ordinary banking business. 
 3. Unless the Lender has converted the Loan in accordance with paragraph 8, or
unless the Borrower has forced the Lender to convert the Loan in accordance with this paragraph 3, the Borrower will repay the Loan together with accrued interest in cash on [90 months from date of Loan Note], 2017 (the
“Repayment Date”). The Borrower may repay the Loan or any part of it early, if so agreed by Lender and subject to the immediately following sentence, but may not re-borrow any amount so repaid. If the Lender has not converted the
Loan on or before the Repayment Date and provided that the Ordinary Shares (as hereinafter defined) are registered under the Securities Act of 1933, as amended, pursuant to a registration effected under the Registration Rights Agreement (as
hereinafter defined), then the Borrower may repay the Loan plus the amount of the accrued interest through the date of conversion (the “Loan Amount”) by requiring the Lender to convert all of the Loan Amount into such number of
ordinary shares, par value $.001 per share, of the Borrower (“Ordinary Shares”) as is equal to the Loan Amount divided by $             (as adjusted subsequently
from time to time pursuant to Section 13 hereof, the “Conversion Price”) [the per share price at which Ordinary Shares are issued by the Borrower subsequent to the date of the SPA pursuant to the earlier to occur of
(A) the effectiveness of a registration statement for such Ordinary Shares filed with the Securities and Exchange Commission and (B) the closing of a private securities offering for such Ordinary Shares, in either case as contemplated by
the SPA]; provided, that such issuance of Ordinary Shares may only be completed following the receipt of the Shareholder Approvals. The Borrower has reserved out of its authorized but unissued Ordinary Shares sufficient Ordinary Shares to
provide for the conversion of this Loan Note from time to time as such Loan Note is presented for conversion. 

 4. The principal amount of the Loan outstanding from time to time will bear
interest at the rate of five per cent (5%) per annum accruing and compounding daily. If the Loan is not repaid in full in cash prior to or on the earlier of the Repayment Date or on the date when the Loan is declared to be due and payable
pursuant to paragraph 14, the Loan shall thereafter bear interest at the rate of ten per cent (10%) per annum accruing and compounding daily or if an Approval Default (as hereinafter defined) shall have occurred, the Loan shall thereafter bear
interest as determined pursuant to Section 16 hereof (as applicable, the “Default Rate”) until the date paid or converted in accordance with paragraph 8 or paragraph 9. 

5. All New Shares (as hereinafter defined) issued in connection herewith shall be, upon issuance, listed on the NYSE Amex
Equities or such other national or regional securities exchange or association or automated quotation system upon which the Ordinary Shares are listed (the “Exchange”). 

6. The Borrower will make all payments due under or in respect of the Loan on the Repayment Date in US dollars to the
Lender to such account as the Lender will instruct the Borrower in writing. If any payment becomes due on a day which is not a business day, the due date of such payment will be extended to the next business day. The Borrower will make all payments
under or in respect of the Loan without set-off (other than as set forth herein and in the Sale and Purchase Agreement) or counterclaim and free and clear of any withholding or deduction for or on account of tax, except as may be required by law.

 7. If any deduction or withholding from any payment is required by law, then the Borrower shall pay to the
Lender additional amounts as shall be required to ensure that the Lender receives the amount it would have received had such withholding or deduction not been made. 

8. Following the earliest to occur of (i) an unaffiliated third party makes a public announcement that it intends to
cause the Borrower, or the Borrower enters into an agreement, to effect a Change of Control (as hereinafter defined), (ii) Daewoo Shipbuilding and Marine Engineering Co. Ltd. (the “Builder”) delivers the Platinum Explorer (as
hereinafter defined) to Mandarin Drilling Corporation (“Mandarin”), as evidenced by delivery of a Certificate of Acceptance, (iii) Builder is paid in full for all sums due to it for the Platinum Explorer under the contract
dated September 13, 2007, as amended and supplemented from time to time, between Mandarin and the Builder, (iv) all guarantees of Lender or any of its affiliates in favor of Builder with respect to the Platinum Explorer are extinguished or
replaced and (v) November 10, 2010, the Lender may elect thereafter to convert the Loan Amount into fully paid Ordinary Shares (which shares are available for registration pursuant to Section 11) at the Conversion Price; provided,
that Lender shall only be permitted to effect such conversion into Ordinary Shares following the receipt of the Shareholder Approvals. If at any time up to and including the Repayment Date the Ordinary Shares of the Borrower trade on the Exchange at
a price of US$3.20 or more for a period of 10 consecutive trading days of the Exchange, the Borrower may elect to require the Lender to convert all of the Loan Amount into fully paid Ordinary Shares at the Conversion Price. 

 

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 9. In order to exercise its rights of conversion as set out in paragraph 8,
the Lender shall serve a written notice on the Borrower (the “Conversion Notice”) stating that it wishes to convert the Loan Amount into such number of Ordinary Shares as is equal to the quotient obtained by dividing the Loan Amount
by the Conversion Price (the “New Shares”). If at the time the Lender serves a Conversion Notice on the Borrower there are any outstanding payments (“Outstanding Payments”) more than 60 days past due to either
(a) Vantage Deepwater Company pursuant to the Management Agreement dated 19 December 2008 (the “Management Agreement”) between Mandarin and Vantage Deepwater Company in respect of the ultra deepwater drillship known as
“Platinum Explorer” with the builder’s hull number 3601 (the “Platinum Explorer”); or (b) Vantage International Management Company pursuant to the Amended and Restated Agreement to Perform Construction Management
Services that amended and restated the Agreement to perform Construction Management Services dated 19 December 2008, between Mandarin and Vantage International Management Company (the “Construction Management Agreement”), the
Loan Amount shall be reduced by a sum equal to the aggregate of all Outstanding Payments and the parties to the Management Agreement and the Construction Management Agreement, by signing this Loan Note, agree that reducing the Loan Amount by such
sum shall be good discharge for any Outstanding Payments. 
 10. In order to exercise its rights under paragraph
3, the Borrower shall serve a written notice on the Lender (the “Compulsory Conversion Notice”) stating that the Lender is required to convert the Loan Amount into such number of Ordinary Shares as is equal to the Loan Amount
divided by the Conversion Price. If at the time the Borrower serves a Compulsory Conversion Notice on the Lender there are any Outstanding Payments under the terms of the Management Agreement or the Construction Management Agreement, the Loan Amount
shall be reduced by a sum equal to the Outstanding Payments and the parties to the Management Agreement and the Construction Management Agreement, by signing this Loan Note, agree that reducing the Loan Amount by such sum shall be good discharge for
any Outstanding Payments. 
 11. The Borrower has executed and delivered to Lender a Registration Rights
Agreement as attached hereto as Exhibit A (the “Registration Rights Agreement”). 
 12.
For the purposes of this Loan Note, the following terms shall have the following meanings: 

“Appraisal Procedure” means a procedure whereby two independent appraisers, one chosen by
the Borrower and one by the Lender, shall mutually agree upon the determinations then the subject of appraisal. Each party shall deliver a notice to the other appointing its appraiser within fifteen (15) business days after the Appraisal
Procedure is invoked. If within thirty (30) business days after appointment of the two appraisers they are unable to agree upon the amount in question, a third independent appraiser shall be chosen within ten (10) business days thereafter
by the mutual consent of such first two appraisers. The third appraiser so appointed shall review the work of the other two appraisers and, within fifteen (15) business days of such third appraiser’s appointment, shall determine which one
of the two appraisals most closely represents the amount in question. Either the consensus of the first two appraisers or the determination of the third appraiser, as appropriate, shall be binding and conclusive upon the Borrower and the Lender. The
costs of conducting any Appraisal Procedure shall be borne by the Borrower. 
  

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 “Business Combination” means a merger,
consolidation, statutory share exchange or similar transaction that requires the approval of the Borrower’s shareholders. 

“Change of Control” means the direct or indirect sale, lease, transfer, conveyance or
other disposition (including, without limitation, any merger or consolidation), in one or a series of related transactions, of all or substantially all of the outstanding capital stock, properties or assets of the Borrower. 

“Excluded Stock” means Ordinary Shares issued (A) pursuant to the exercise or
conversion of any options, warrants, convertible securities or other securities issued and outstanding on the date hereof, or (B) to any employee, director, officer or consultant of the Borrower pursuant to an approval of the Board of Directors
of the Borrower or pursuant to any plan approved by the Board of Directors of the Borrower. 

“Fair Market Value” means, with respect to any security or other property, the fair
market value of such security or other property as determined by the Board of Directors of the Borrower, acting in good faith. If the Lender objects in writing to the Board of Directors’ calculation of fair market value within ten
(10) business days of receipt of written notice thereof and the Lender and the Borrower are unable to agree on fair market value during the ten (10) business day period following the delivery of the Lender’s objection, the Appraisal
Procedure may be invoked by either party to determine Fair Market Value by delivering written notification thereof not later than the thirtieth (30th) day after delivery of the Lender’s objection. 

“Market Price” means, with respect to a particular security, on any given day,
(a) if the security is listed on a national securities exchange, the last sale price, regular way, of such security on such date or, in case no such sale takes place on such day, the average of the last closing bid and ask prices, regular way,
in either case on the principal national securities exchange on which the applicable securities are listed or admitted to trading; or (b) if not listed or admitted to trading on any national securities exchange, or if designated as a national
market system security, the last trading price of the security on such date; or (c) if there shall have been no trading on such date or if the security is not so designated, the average of the reported closing bid and asked price of security,
on such date as shown by the Exchange and reported by any member firm of the Exchange selected by the Issuer; or (d) if none of the above is applicable, a market price per share determined in good faith by the Board of Directors of the
Borrower, which shall be deemed to be “Market Price” unless the Lender requests that the Borrower obtain an opinion of a nationally recognized investment banking firm chosen by the Borrower (who shall bear the expense) and reasonably
acceptable to the Lender, in which event the Market Price shall be as determined by such investment banking firm. 
  

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 “Pro-Rata Repurchase” means any purchase of
Ordinary Shares by the Borrower pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the United States Securities Exchange Act of 1934 or Regulation 14E promulgated thereunder or (B) any other offer
available to substantially all holders of Ordinary Shares, in the case of both (A) or (B), whether for cash, Ordinary Shares, other securities of the Borrower, evidences of indebtedness of the Borrower or any other person or any other property,
or any combination thereof, effected while this Loan Note is outstanding. The “Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange by the Borrower under any tender or
exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer. 

“Shareholder Approvals” means only those shareholder approvals necessary to
(A) approve the conversion of this Loan Note into Ordinary Shares for purposes of Section 312.03 of the NYSE Amex Company Guide or (B) increase the number of authorized Ordinary Shares to the extent necessary to permit the conversion
of this Loan Note into Ordinary Shares. 
 “Trading Day” means (A) if the
Ordinary Shares are not traded on any national or regional securities exchange or association or over-the-counter market, a business day or (B) if the Ordinary Shares are traded on any national or regional securities exchange or association or
over-the-counter market, a business day on which such relevant exchange or quotation system is scheduled to be open for business and on which the Ordinary Shares (i) are not suspended from trading on any national or regional securities exchange
or association or over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once on the national or regional securities exchange or association or over-the-counter market that is the
primary market for the trading of the Ordinary Shares. 
 13. The Conversion Price and the number of New Shares
issuable upon conversion of this Loan Note shall be subject to adjustment from time to time as follows: 
  

	 	(a)	 Stock Splits, Subdivisions, Reclassifications or Combinations. If the Borrower shall (i) declare and pay a dividend or make a
distribution on the Ordinary Shares in Ordinary Shares, (ii) subdivide or reclassify the outstanding Ordinary Shares into a greater number of Ordinary Shares, or (iii) combine or reclassify the outstanding Ordinary Shares into a smaller
number of Ordinary Shares, the number of New Shares issuable upon conversion of this Loan Note at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be
proportionately adjusted so that the Lender after such date shall be entitled to acquire upon conversion the number of Ordinary Shares which the Lender would have owned or been entitled to receive in respect of the Ordinary Shares subject to this
Loan Note after such date had this Loan Note been converted immediately prior to such date. In such event, the Conversion Price in effect at the time of the record date for such dividend or distribution or the effective date of such subdivision,
combination or reclassification shall be adjusted to the number obtained by dividing (x) the Loan Amount by (y) the new number of New Shares issuable upon conversion of this Loan Note determined pursuant to the immediately preceding
sentence. 

  

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	 	(b)	Certain Issuances of New Shares or Convertible Securities. If, at any time following the date of the SPA, the Borrower shall issue Ordinary Shares (or rights or
warrants or other securities exercisable or convertible into or exchangeable (collectively, a “conversion”) for Ordinary Shares) (collectively, “convertible securities”) (other than Excluded Stock or in connection with a
transaction to which subsection (a) of this paragraph 12 is applicable) without consideration or at a consideration per share (or having a conversion price per share) that is less than the Conversion Price then, in such event:

  

	 	(1)	 the number of New Shares issuable upon the exercise of this Loan Note immediately prior to the date of the agreement on pricing of such Ordinary
Shares (or of such convertible securities) (the “Initial Number”) shall be increased to the number obtained by multiplying the Initial Number by a fraction (i) the numerator of which shall be the sum of (x) the number of Ordinary
Shares of the Borrower outstanding on such date and (y) the number of additional Ordinary Shares issued (or into which convertible securities may be exercised or convert) and (ii) the denominator of which shall be the sum of (I) the
number of Ordinary Shares outstanding on such date and (II) the number of Ordinary Shares which the aggregate consideration receivable by the Borrower for the total number of Ordinary Shares so issued (or into which convertible securities may be
exercised or convert) would purchase at the Conversion Price; and 

  

	 	(2)	 the Conversion Price payable upon conversion of this Loan Note shall be adjusted by multiplying such Conversion Price in effect immediately prior to
the date of the agreement on pricing of such shares (or of such convertible securities) by a fraction, the numerator of which shall be the number of Ordinary Shares issuable upon conversion of this Loan Note prior to such date and the denominator of
which shall be the number of Ordinary Shares issuable upon conversion of this Loan Note immediately after the adjustment described in clause (1) above. 

For purposes of the foregoing, the aggregate consideration receivable by the Borrower in connection with the issuance of
such Ordinary Shares or convertible securities shall be deemed to be equal to the sum of the net offering price (after deduction of any related expenses payable to third parties) of all such securities plus the minimum aggregate amount, if any,
payable upon exercise or conversion of any such convertible securities into Ordinary Shares. Any adjustment made pursuant to this Paragraph 12(b) shall become effective immediately upon the date of such issuance. For purposes of the foregoing, the
consideration per share and the Conversion Price per share shall be calculated before deduction of any expenses payable to third parties. 
  

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	 	(c)	 Other Distributions. In case the Borrower shall fix a record date for the making of a distribution of securities, evidences of indebtedness,
assets, cash, rights or warrants (excluding dividends on the Ordinary Shares and other dividends or distributions referred to in paragraph 13(a)) to holders of Ordinary Shares, in each such case, the Conversion Price in effect prior to such
record date shall be reduced immediately thereafter to the price determined by multiplying the Conversion Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the Ordinary Shares on the last Trading Day
preceding the first date on which the Ordinary Shares trade regularly on the Exchange, without the right to receive such distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights
or warrants to be so distributed in respect of one Ordinary Share (such amount and/or Fair Market Value, the “Per Share Fair Market Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment shall
be made successively whenever such a record date is fixed. In such event, the number of New Shares issuable upon conversion of this Loan Note shall be increased to the number obtained by dividing the Loan Amount by the new Conversion Price
determined in accordance with the immediately preceding sentence. In the event that such distribution is not so made, the Conversion Price and the number of New Shares issuable upon conversion of this Loan Note then in effect shall be readjusted,
effective as of the date when the Board of Directors of the Borrower determines not to distribute such Shares, evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Conversion Price that would then be in effect and
the number of Shares that would then be issuable upon conversion of this Loan Note if such record date had not been fixed. 

  

	 	(d)	 Certain Repurchases of Shares. In case the Borrower effects a Pro Rata Repurchase of Ordinary Shares, then the Conversion Price shall be
adjusted to the price determined by multiplying the Conversion Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of Ordinary
Shares outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a Share on the Trading Day immediately preceding the first public announcement by the Borrower or any of its affiliates of the intent to effect such Pro
Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall be the product of (i) the number of Ordinary Shares outstanding immediately prior to such Pro Rata Repurchase, minus
the number of Ordinary Shares so repurchased and (ii) the Market Price per Share on the Trading Day immediately preceding the first public announcement by the Borrower or any of its affiliates of the intent to effect such Pro Rata Repurchase.
In such event, the number of New Shares issuable upon the conversion of this Loan Note shall be adjusted to the number obtained by dividing the Loan Amount by the new Conversion Price determined in accordance with the immediately preceding sentence.

  

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	 	(e)	 Business Combinations. In case of any Business Combination or reclassification of Ordinary Share (other than a reclassification of Ordinary
Shares referred to in paragraph 13(a) above), the Lender’s right to receive Ordinary Shares upon conversion of this Loan Note shall be converted into the right to receive, upon conversion of this Loan Note, the number of shares of stock
or other securities or property (including cash), which a holder of the New Shares issuable (at the time of such Business Combination or reclassification) upon conversion of this Loan Note immediately prior to such Business Combination or
reclassification would have been entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the
Lender shall be appropriately adjusted so as to be applicable, as nearly as may reasonably be, to the Lender’s right to convert this Loan Note in exchange for any shares of stock or other securities or property pursuant to this
paragraph 13(b). In determining the kind and amount of stock, securities or the property receivable upon conversion of this Loan Note following the consummation of such Business Combination, if the holders of Ordinary Shares have the
right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the Lender shall have the right to make a similar election (including, without limitation, being subject to similar proration
constraints) upon conversion of this Loan Note with respect to the number of shares of stock or other securities or property which the Lender will receive upon conversion of this Loan Note. 

 

	 	(f)	 Rounding of Calculations; Minimum Adjustments. All calculations under this paragraph 13 shall be made to the nearest one-tenth
(1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. Any provision of this paragraph 13 to the contrary notwithstanding, no adjustment in the Conversion Price or the number of Ordinary Shares
into which this Loan Note is convertible shall be made if the amount of such adjustment would be less than one cent ($0.01) or one-tenth (1/10th) of an Ordinary Share, but any such amount shall be carried forward and an adjustment with respect
thereto shall be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate one cent ($0.01) or 1/10th of an Ordinary Share, or more.

  

	 	(g)	 Timing of Issuance of Additional New Shares Upon Certain Adjustments. In any case in which the provisions of this paragraph 13 shall
require that an adjustment shall become effective immediately after a record date for an event, the Borrower may defer until the occurrence of such event (i) issuing to the Lender of this Loan Note with respect to the portion so converted after
such record date and before the occurrence of such event, the additional New Shares issuable upon such conversion by reason of the adjustment required by such event over and above the New Shares issuable upon such conversion before giving effect to
such adjustment and (ii) paying to the Lender any amount of cash in lieu of a fractional Ordinary Share; provided that the Borrower upon request shall deliver to the Lender a due bill or other appropriate instrument evidencing the
Lender’s right to receive such additional Shares, and such cash, upon the occurrence of the event requiring such adjustment. 

  

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	 	(h)	 Other Events. If any event occurs as to which the provisions of this paragraph 13 are not strictly applicable or, if strictly
applicable, would not, in the good faith judgment of the Board of Directors of the Borrower, fairly and adequately protect the conversion rights of this Loan Note in accordance with the essential intent and principles of such provisions, then the
Board of Directors of the Borrower shall make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary, in the good faith opinion of the Board of Directors of
the Borrower, to protect such conversion rights as aforesaid. 

  

	 	(i)	 Statement Regarding Adjustments. Whenever the Conversion Price, the number of New Shares into which this Loan Note is convertible or the Loan
Amount shall be adjusted as provided in this paragraph 13, the Borrower shall forthwith file at the principal office of the Borrower a statement showing in reasonable detail the facts requiring such adjustment and the Conversion Price that
shall be in effect and the number of New Shares into which this Loan Note shall be convertible after such adjustment, and the Borrower shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to the Lender at the
address appearing in the Borrower’s records. 

  

	 	(j)	 Notice of Adjustment Event. In the event that the Borrower shall propose to take any action of the type described in this paragraph 13
(but only if the action of the type described in this paragraph 13 would result in an adjustment in the Conversion Price or the number of New Shares into which this Loan Note is convertible or a change in the type of securities or property to
be delivered upon conversion of this Loan Note), the Borrower shall give notice to the Lender, in the manner set forth in this paragraph 13, which notice shall specify the record date, if any, with respect to any such action and the
approximate date on which such action is to take place. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Conversion Price and the number, kind or class of shares or other
securities or property which shall be deliverable upon conversion of this Loan Note. In the case of any action which would require the fixing of a record date, such notice shall be given at least ten (10) business days prior to the date so
fixed, and in case of all other action, such notice shall be given at least fifteen (15) business days prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of
any such action. 

  

	 	(k)	 Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking of any action which would require an adjustment
pursuant to this paragraph 13, the Borrower shall agree to take any action which may be necessary, including obtaining regulatory, Exchange or Shareholder Approvals or exemptions, in order that the Borrower may thereafter validly and legally
issue as fully paid and nonassessable all New Shares that the Lender is entitled to receive upon conversion of this Loan Note pursuant to this paragraph 13. 

 

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	 	(l)	 Adjustment Rules. Any adjustments pursuant to this paragraph 13 shall be made successively whenever an event referred to herein shall
occur. If an adjustment in Conversion Price made hereunder would reduce the Conversion Price to an amount below the par value of the Ordinary Shares, then such adjustment in Conversion Price made hereunder shall reduce the Conversion Price to the
par value of the Ordinary Shares; provided that the par value of the Ordinary Shares shall not increase while this Loan Note is outstanding. 

14. (a) Transfer Notice. If, at any time while this Loan Note is outstanding and unpaid, the Borrower proposes to
sell, transfer or otherwise dispose of any Ordinary Shares (or any securities convertible into or exchangeable for Ordinary Shares) in any manner to one or more parties (a “Transfer”), other than a Transfer to employees, officers or
directors of the Borrower or its subsidiaries pursuant to an employee benefit plan approved by the Borrower’s board of directors, at a price per Ordinary Share less than the then Conversion Price, then the Borrower shall give the Lender written
notice of Borrower’s intention to make the Transfer (the “Transfer Notice”), which Transfer Notice shall include (i) a description of the securities to be Transferred (the “Offered Securities”),
(ii) the identity of the prospective transferee(s) and (iii) the consideration and the material terms and conditions upon which the proposed Transfer is to be made. The Transfer Notice shall certify that the Borrower intends to make a bona
fide offer to the prospective transferee(s) and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term
sheet or letter of intent or other agreement relating to the proposed Transfer. 
 (b) Lender’s
Option. The Lender shall have an option (the “Lender’s Option”) for a period of ten (10) days from receipt of a Transfer Notice (the “Lender Notice Period”) to elect to purchase all or any portion of
its pro rata portion (based on the number of Ordinary Shares owned by the Lender (including those on an “as converted” basis) of the outstanding Ordinary Shares of the Borrower on a fully-diluted basis) of the Offered Securities at the
same price and subject to the same material terms and conditions as described in the Transfer Notice. The Lender may exercise the Lender’s Option and, thereby, purchase all or any portion of such pro rata portion of the Offered Securities by
notifying the Borrower in writing before expiration of the Lender Notice Period as to the amount of such Offered Securities that it wishes to purchase by payment in cash on the same terms as the Offered Securities. The Lender’s Option shall be
extinguished with respect to any offering of Offered Securities if Lender fails to respond in writing prior to the expiration of the Lender Notice Period. 

15. Notwithstanding the above provisions of this Loan Note, the Loan and all interest on it will become due and payable
by the Borrower immediately on demand by the Lender if 
 (a) the Borrower fails to pay any sum under this Loan
Note when due or the Borrower is in breach of any other provision of this Loan Note, and 15 days expire after written notice of such failure or breach is delivered by Lender to Borrower, and such failure or breach remains uncured; 

(b) an administration order for bankruptcy is made in relation to the Borrower or a receiver or manager or administrative
receiver is appointed of the Borrower or any of the Borrower’s assets or the Borrower enters into liquidation or such analogous proceedings as are applicable in the Cayman Islands; 

 

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 (c) any petition in bankruptcy, or for receivership, is presented;

 (d) the Borrower ceases to carry on business; or 

(e) (i) the Borrower shall fail to pay any principal or interest on its indebtedness for borrowed money which is
outstanding in a principal amount exceeding $5,000,000 when the same becomes due and payable or (ii) any other event shall occur or condition shall exist under any agreement relating to indebtedness for borrowed money of the Borrower in excess
of $5,000,000 if the effect of such condition or event would be to accelerate, or permit the acceleration of, the maturity of such indebtedness. 

In the event such demand is made, the Loan and the Loan Note shall thereafter bear interest at the Default Rate until such Loan and this
Loan Note is repaid in full. 
 16. The Borrower shall use all commercially reasonable efforts to obtain the
Shareholder Approvals as soon as practicable following the issuance of the Loan Note. Such efforts shall include, but shall not be limited to, promptly notifying the Exchange of the record date and meeting date for a meeting of the shareholders,
filing a preliminary proxy statement with the Securities and Exchange Commission which is in compliance with applicable rules and regulations of the Securities and Exchange Commission, obtaining all necessary approvals under the laws of the Cayman
Islands, and ensuring that the directors of the Borrower endorse the approval of the Shareholder Approvals. If: 

(a) a record date for a meeting of shareholders of the Borrower for the purpose of obtaining the Shareholder Approvals
shall not have occurred by ten days following the date of this Loan Note; 
 (b) the Borrower shall fail, within
fifteen days following the date of this Loan Note, to have filed a preliminary proxy statement with the Securities and Exchange Commission for the purpose of obtaining the Shareholder Approvals, which preliminary proxy statement shall include the
recommendation of the Borrower’s board of directors that the shareholders of the Borrower approve the Shareholder Approvals; 

(c) the Borrower shall have failed to mail to its shareholders a definitive proxy statement for the purpose of obtaining
the Shareholder Approvals by three business days following the receipt of clearance from the Securities and Exchange Commission on such definitive proxy statement; 

(d) any registration statement required by the Registration Rights Agreement in a demand registration pursuant to
Section 3 thereof is not filed with the Securities and Exchange Commission on or prior to the applicable filing deadlines as described therein; or 

(e) any registration statement required by the Registration Rights Agreement in a demand registration pursuant to
Section 3 thereof is not declared effective by the Securities and Exchange Commission on or prior to the applicable effectiveness deadlines as described therein; 

 

 11 

 (any such event in clause (a) through (e), an “Approval Default”) then
(x) the Borrower shall pay to the Lender liquidated damages in the amount of (1) $5,000,000 upon the occurrence of such Approval Default, (2) if such Approval Default is then continuing, $500,000 on the three-month and six-month
anniversaries of the occurrence of such Approval Default, and (3) if such Approval Default is then continuing, $1,000,000 on the nine-month anniversary and on each three-month anniversary thereafter, in each case which amounts shall be added
to, and thereafter be included as, principal of this Loan Note, and (y) upon the occurrence of such Approval Default until the earlier of (1) the date the conduct required by the Approval Default is actually performed without regard to the
due date specified therefor and (2) the payment in full of all amounts owing under this Loan Note, the interest rate on this Loan Note shall be increased to twelve percent (12.0%) per annum. 

17. Any demand or notice in respect of this Loan Note or the Loan will be in writing and (without prejudice to any other
effective means of serving it) may be served on the Borrower or the Lender, as the case may be, (a) personally or by overnight commercial courier service to the Borrower’s or the Lender’s, as applicable, registered or principal office
or (b) by facsimile to the following fax number for the Borrower: (281) 404-4749, Attention: Christopher Celano, General Counsel, or the following fax number for the Lender: (345) 949-8613. Notice shall be effective, in the case of a
letter, on delivery, and in the case of a facsimile, on receipt by the sender of a confirmed transmission report. 

18. Time shall be of the essence in respect of the Borrower’s obligations under or in respect of this Loan, but no
failure by the Lender to exercise, or delay by the Lender in exercising any right or remedy under or in respect of this facility shall operate as a waiver of it, nor shall any single, partial or defective exercise by the Lender of any such right or
remedy preclude any other or further exercise of that or any other right or remedy. 
 19. This Loan Note may be
executed in any number of counterparts and by the parties to it on separate counterparts, each of which will be an original but all of which together shall constitute one and the same instrument. 

20. The Lender may assign any of its rights and obligations under this Loan Note to any party with the prior written
consent of the Borrower (such consent not to be unreasonably withheld or delayed) or may assign any of its rights and obligations under this Loan Note to any of its affiliates. The Borrower may not assign any of its rights or obligations under this
Loan Note to any party without the prior written consent of the Lender. 
 21. A person who is not a party to
this Loan Note shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms. 

22. This Loan Note is governed by English law and it is agreed that both parties shall submit to the exclusive
jurisdiction of the High Court of Justice in England in relation to any claim, or dispute or difference which may arise under or in respect of this Loan Note. 
  

 12 

									
		 		 		 	 Yours faithfully

				
		 		 		 	 BORROWER:

	 SIGNED AND DELIVERED
	 	 )
	 		 		 	
	 as a Deed
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	  

	 for and on behalf of
	 	 )
	 		 	 Name:
	 	  

	 Vantage Drilling Company
	 	 )
	 		 	 Title:
	 	  

				
		 		 		 	 LENDER:

	 SIGNED AND DELIVERED
	 	 )
	 		 		 	
	 as a Deed
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	  

	 for and on behalf of
	 		 		 	 Name:
	 	  

	 F3 Capital
	 		 		 	 Title: Director

 

 13 

									
		 		 		 	 Solely for purposes of paragraphs 9 and 10 hereto:

					
	 SIGNED AND DELIVERED
	 	 )
	 		 		 	
	 as a Deed
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	  

	 for and on behalf of
	 	 )
	 		 	 Name:
	 	  

	 Mandarin Drilling Corporation
	 	 )
	 		 	 Title:
	 	  

					
	 SIGNED AND DELIVERED
	 	 )
	 		 		 	
	 as a Deed
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	  

	 for and on behalf of
	 	 )
	 		 	 Name:
	 	  

	 Vantage International Management
	 	 )
	 		 	 Title:
	 	  

	 Company
	 	 )
	 		 		 	
					
	 SIGNED AND DELIVERED
	 	 )
	 		 		 	
	 as a Deed
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	  

	 for and on behalf of
	 	 )
	 		 	 Name:
	 	  

	 Valencia Drilling Corporation
	 	 )
	 		 	 Title:
	 	  

					
	 SIGNED AND DELIVERED
	 	 )
	 		 		 	
	 as a Deed
	 	 )
	 		 		 	
	 by
	 	 )
	 		 	 By:
	 	  

	 for and on behalf of
	 	 )
	 		 	 Name:
	 	  

	 Vantage Deepwater Company
	 	 )
	 		 	 Title:
	 	  

 

 14Form of Registration Rights Agreement

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of
                 , 2010, is by and between Vantage Drilling Company, an exempted company incorporated with limited liability under the laws of the Cayman
Islands (the “Company”), and F3 Capital, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Investor”). 

W I T N E S S E T H: 

WHEREAS, the Company and the Investor have entered into a Loan Note (the “Loan Note”) in the
initial principal amount of US $60,000,000 and convertible into ordinary shares, par value $.001 per share (“Ordinary Shares”), of the Company; 

WHEREAS, the Company issued 27,393,946 Ordinary Shares to the Investor and shall issue to the Investor 1,980,000
Ordinary Shares upon the exercise of a warrant previously issued to the Investor (collectively, the “Prior Issuance Shares”) pursuant to approval by ordinary resolution of the Company shareholders on December 21, 2009, at an
extraordinary general meeting in lieu of an annual general meeting, all as set forth in the Company’s Notice of Meeting and Proxy Statement dated November 23, 2009; and 

WHEREAS, the parties hereto deem it in their best interests and in the best interests of the Company to set forth
their respective registration rights and obligations in connection with their investment in the Company. 

NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein, the parties hereto
hereby agree as follows 
 SECTION 1. Definitions. 

As used in this Agreement the following terms have the following respective meanings: 

“Additional 3.01 Holders” is defined in Section 3.01(a). 

“Agreement” is defined in the preamble. 

“Blackout Condition” is defined in Section 3.01(a). 

“Business Day” means any day, other than Saturday, Sunday or a U.S. federal holiday, and shall
consist of the time period from 12:01 a.m. through 12:00 midnight Eastern time. 

“Commission” means the Securities and Exchange Commission, or any successor or similar
governmental agency or authority. 
 “Company” is defined in the preamble.

 “Convertible Securities” means evidences of indebtedness, units, interests or other
securities that are convertible into or exercisable or exchangeable for, with or without payment of additional consideration, Ordinary Shares, either immediately or upon a specified date or the happening of a specified event. 

 “Demand Holders” is defined in
Section 3.02. 
 “Demand Registration” means a request for registration of
Registrable Securities pursuant to Section 3.01. 
 “End of Suspension
Notice” is defined in Section 4.02(b). 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended, or any similar Federal statute, and the rules and regulations of the Commission thereunder, as in effect from time to time. 

“Holder” means the Investor and any successor or permitted assign set forth in
Section 10.04 who agrees in writing to be bound by the provisions of this Agreement. 

“Holders’ Counsel” is defined in Section 4.01(c). 

“Indemnified Party” is defined in Section 5.03. 

“Indemnifying Party” is defined in Section 5.03. 

“Investor” is defined in the preamble. 

“Loan Note” is defined in the recitals. 

“Majority Holders” means, at any time, the Holder or Holders with the power to vote at least
50.01% of all Registrable Securities then outstanding. 
 “Managing Underwriter” means,
with respect to any registration, a nationally-recognized investment banking firm acting as lead managing underwriter in connection with such registration. 

“NASD” means the National Association of Securities Dealers, Inc. 

“Notice” is defined in Section 2(a)(i). 

“Options” means any options or other rights to subscribe for or to purchase Ordinary Shares or
Convertible Securities. 
 “Ordinary Shares” is defined in the recitals.

 “Other Securities” is defined in Section 2(a). 

“Person” means any individual, company, association, joint venture, limited liability company,
partnership, trust, business or other entity or organization, and shall include any government or political subdivision, or any agency or instrumentality thereof. 

 

 1 

 “Prior Issuance Shares” is defined in the
recitals. 
 “Prospectus” means the prospectus included in a Registration
Statement, including any amendment or prospectus subject to completion, and any such prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities and, in
each case, by all other amendments and supplements to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 

“register,” “registered” and “registration” refer to a
registration of the Ordinary Shares or any other securities of the Company effected by preparing and filing a registration statement in compliance with the Securities Act, the effectiveness of which registration statement has been declared or
ordered by the Commission. 
 “Registered Majority” means, at any time in connection
with any request to register, or registration of, Registrable Securities under Section 2 or Section 3 of this Agreement, the Holder or Holders (a) prior to the effective date of the applicable Registration Statement,
with the power to vote at least 50.01% of all Registrable Securities covered by such request, and (b) after the effective date of the applicable Registration Statement, of at least 50.01% of all Registrable Securities included in such
Registration Statement. For the avoidance of doubt, in each of clauses (a) and (b) Registrable Securities shall include those held by Additional 3.01 Holders. 

“Registrable Securities” means (a) all Underlying Shares, (b) all Prior Issuance Shares
and (c) any securities issued or issuable with respect to the Underlying Shares or the Prior Issuance Shares by way of stock or share dividend, stock or share split or in connection with a combination or subdivision of shares, reclassification,
recapitalization, merger, amalgamation, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to the sale of
such Registrable Securities shall have become effective under the Securities Act and such Registrable Securities shall have been disposed of under such Registration Statement, (ii) such securities shall have been distributed to the public
pursuant to Rule 144, or (iii) such Registrable Securities shall have ceased to be outstanding. 

“Registration Expenses” means (i) all expenses incident to the Company’s performance of
or compliance with this Agreement, including, without limitation, all registration and filing fees, and any other fees and expenses associated with filings required to be made with the Commission or NASD, (ii) all fees and expenses of complying
with international, federal and state securities and blue sky laws, including, without limitation, in connection with blue sky qualifications of any of the Registrable Securities and the preparation of a blue sky memorandum and compliance with the
rules of the NASD, (iii) all word processing, duplicating and printing expenses, facsimile, messenger and delivery expenses, any transfer agent fees, (iv) all fees and disbursements of counsel for the Company and of its independent public
accountants of the Company, including, without limitation, the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, (v) all reasonable fees and disbursements of one law
firm as counsel to the Holders selected by a Registered Majority, (vi) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice,
(vii) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (viii) all applicable rating
agency fees with respect to the Registrable Securities, (ix) all fees and expenses of any special experts retained by the Company in connection with any registration, (x), all fees and expenses of any qualified independent underwriter or other
independent appraiser participating in any offering pursuant to the Conduct Rules of the NASD, (xi) all mailing, courier and overnight delivery charges (except to the extent borne by underwriters), all expenses incurred in connection with
promotional efforts or “roadshows,” and (xii) all reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding Selling Expenses, if any. 

 

 2 

 “Registration Statement” means any registration
statement of the Company filed with, or to be filed with, the Commission under the rules and regulations promulgated under the Securities Act, and all amendments and supplements to any such registration statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference (or deemed incorporated by reference) therein. 

“Requisite Holders” means with respect to any registration of Registrable Securities pursuant to
Section 3.01(a), any Holder or Holders of at least fifty percent (50%) of the Registrable Securities then outstanding. 

“Rule 144” means Rule 144 promulgated by the Commission under the Securities Act, or any
successor rule thereto, as amended from time to time. 
 “Rule 144A” means Rule 144A
promulgated under the Securities Act, or any successor rule thereto, as amended from time to time. 

“Rule 424” means Rule 424 promulgated by the Commission under the Securities Act, or any
successor rule thereto, as amended from time to time. 
 “Securities Act” means the
Securities Act of 1933, as amended, or any similar Federal statute, and the rules and regulations of the Commission thereunder, as in effect from time to time. 

“Selling Expenses” means underwriting discounts and commissions, together with any transfer taxes
relating to securities registered by the Company. 
 “Shelf Registration” means a
registration effected pursuant to a Shelf Registration Statement filed pursuant to Section 3.01(c). 

“Shelf Registration Statement” means a Registration Statement of the Company filed with the SEC
on either (i) Form S-3 (or any successor form or other appropriate form under the Securities Act) or (ii) if the Company is not permitted to file a Registration Statement on Form S-3, an evergreen Registration Statement on Form S-1
(or any successor form or other appropriate form under the Securities Act), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by the SEC) covering the
Registrable Securities, as applicable. 
  

 3 

 “Suspension Event” is defined in
Section 4.02(b). 
 “Suspension Notice” is defined in
Section 4.02(b). 
 “Underlying Shares” means all Ordinary Shares issued or
issuable upon conversion of the Loan Note and pursuant to the right of first refusal of the Investor set forth in the Loan Note. 

“Withdrawing Holder” is defined in Section 3.02. 

SECTION 2. Piggyback Registration. 

(a) Right to Include Registrable Securities. If at any time or from time to time after the date hereof the
Company proposes to file a Registration Statement under the Securities Act to register any of its securities for its own account or for the account of any other Persons (other than (i) a registration under Section 3 or (ii) a
registration on Form S-4 or S-8 or any successor form to such Forms) (such securities, the “Other Securities”), then the Company shall: 

(i) at least thirty (30) days before the filing of the Registration Statement related thereto,
give to each Holder written notice (“Notice”) of its intention to register such securities, and such notice shall offer the Holders the opportunity to register under such Registration Statement such number of Registrable Securities
as each such Holder may request in writing; and 
 (ii) subject to
Section 2(b), upon the written request of any such Holder made within twenty (20) days after the receipt of any such Notice, the Company shall include in such Registration Statement all such Registrable Securities which are
requested to be included therein; provided, that if, at any time after giving Notice of its intention to register any securities and prior to the effective date of the Registration Statement filed in connection with such registration, the
Company determines for any reason not to register or to delay registration of such securities, the Company shall give notice of such determination to each Holder and, thereupon, (A) in the case of a determination not to register, shall be
relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay all Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holder or
Holders entitled to do so to request that such registration be effected as a registration pursuant to Section 3.01(a), and (B) in the case of a determination to delay registering, shall be permitted to delay registering any
Registrable Securities, for the same period as the delay in registering such other securities. If the offering pursuant to such Registration Statement is to be underwritten, then each Holder making a request for a piggyback registration pursuant to
this Section 2(a) must, and the Company shall make such arrangements with the Managing Underwriter or Managing Underwriters so that each such Holder may, participate in such underwritten offering. If the offering pursuant to such
Registration Statement is to be on any other basis, then each Holder making a request for a piggyback registration pursuant to this Section 2(a) must, and the Company shall make such arrangements so that each such Holder may, participate
in such offering on such basis. Each Holder of Registrable Securities shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a piggyback registration at any time prior to the effective date of such Registration
Statement. 
  

 4 

 (b) Priority in Piggyback Registrations. If a
registration pursuant to Section 2(a) involves an underwritten offering of the securities so being registered, whether or not for sale for the account of the Company, and the Managing Underwriter advises the Company in writing that, in
such firm’s good faith view, the inclusion of all or a part of such Registrable Securities in such registration would be likely to have a significant adverse effect upon the price, timing or distribution of the offering and sale of the Other
Securities then contemplated, the Company shall (x) provide Notice to each of the Holders whose Registrable Securities have been requested to be included therein of such communication from the Managing Underwriter, and of the effect thereof on
the ability of such Holders to include their Registrable Securities in such registration and (y) include in such registration: (i) first, all Other Securities the Company proposes to sell for its own account,
(ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities which, in the good faith view of the Managing Underwriter, can be so sold without so adversely affecting
such offering, with such number to be allocated pro rata among the Holders that have requested to participate in such registration on the basis of the relative number of Registrable Securities requested to be included therein then held by each such
Holder (with any number in excess of a Holder’s request being reallocated among the requesting Holders in a like manner); provided further that if such Managing Underwriter advises the Company in writing that less than all of such
Registrable Securities should be included in such offering, each of such Holders may withdraw their request for registration of their Registrable Securities under Section 2(a) and (iii) third, and only if all of the
Registrable Securities referred to in clause (ii) have been included in such registration, any other securities eligible for inclusion in such registration, if any, which, in the good faith view of such Managing Underwriter, can be so sold
without so adversely affecting such offering in the manner described above. 
 (c) Number of
Piggyback Registration Requests. The number of requests permitted by Holders pursuant to Section 2(a) shall be unlimited. 

(d) Obligations of Company under Section 3.01(a). No registration
of Registrable Securities effected under Section 2(a) shall be deemed to have been effected pursuant to Section 3.01(a) or shall relieve the Company of its obligation to effect a registration of Registrable Securities
pursuant to Section 3.01(a). 
 (e) Expenses of Registration. The
Company shall pay all Registration Expenses in connection with each registration (or proposed registration) of Registrable Securities requested pursuant to this Section 2. Any Selling Expenses shall be allocated among, and shall be for
the account of, all Persons on whose behalf securities of the Company are included in such registration, on the basis of the respective amounts of the Registrable Securities then being registered on each such Person’s behalf. 

 

 5 

 SECTION 3. Demand Registration. 

3.01 Request for Registration. 

(a) If the Company receives from the Requisite Holders at any time a written request that the Company effect the
registration under the Securities Act of all or a portion of the Registrable Securities (subject to the limitations set forth herein), the Company shall promptly give Notice of the proposed registration to all Holders. The Company shall thereupon,
as soon as practicable, use its best efforts to effect such registration under the Securities Act as would permit and facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, on
such form of Registration Statement as may be selected by the Registered Majority, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request (the “Additional 3.01 Holders”) as
are specified in a written request received by the Company within thirty (30) days after such Notice from the Company is delivered; provided, that if the Company is engaged in confidential negotiations or other confidential business
activities, disclosure of which would be required in such Registration Statement (but would not be required if such Registration Statement were not filed) and the Company in its good faith judgment after due consideration has determined such
disclosure would be materially detrimental to the Company and its shareholders (a “Blackout Condition”), and that it is therefore essential to defer the filing of such Registration Statement, and the Company furnishes to the Holders
a resolution of the board of directors of the Company, certified by the Company’s president or chief executive officer, certifying that a Blackout Condition exists, the Company shall be entitled to defer such filing (but not its preparation)
for a period not in excess of sixty (60) days (less the number of days during the previous twelve (12) months that the use of a prospectus was suspended pursuant to this Section 3.01(a) or Section 4.02)) after
receipt of the such request for registration, and the Company may exercise its delay rights on only one occasion in connection with any registration request under this Section 3.01(a) in any twelve (12) month period. If requested by
the Holders (as determined immediately prior to the exercise of such delay rights), the Company shall, if any Registration Statement shall have been so delayed, not later than the earlier of (i) the date immediately following the disclosure or
termination of such negotiations, and (ii) end of such 60-day period, file a Registration Statement covering the Registrable Securities that were covered by such delayed registration and maintain the effectiveness thereof for such time as is
required under this Agreement. If the Company delays the filing of a Registration Statement, the Company shall not, during the period of delay, register any Ordinary Shares (or any securities exercisable, convertible or exchangeable therefor).

 (b) Limitations on S-1 Demand Registration. The Company shall not be obligated to
effect a registration pursuant to Section 3.01(a): 
 (i) after the Company
shall have already effected pursuant to Section 3.01(a) (A) three (3) registrations on Form S-1 for the Investor and (B) to the extent the Investor has not already effected its three (3) registrations pursuant to
Section 3.01(b)(i)(A), one (1) registration on Form S-1 for any subsequent Holder; provided, that, except as provided in Section 3.01(e), a registration shall not count as a requested registration pursuant
to Section 3.01(a) for purposes of this Section 3.01(b)(i), (A) unless a Registration Statement with respect to Registrable Securities has been declared effective and remains effective until the sale of all of the
Registrable Securities registered under such Registration Statement; or (B) if, after a Registration Statement has become effective, such registration is subject to any stop order, injunction or other order or requirement of the Commission or
other governmental agency or court for any reason; or (C) if the conditions to closing specified in the purchase agreement or underwriting agreement, if any, entered into in connection with such registration are not satisfied or waived; or

  

 6 

 (ii) if the aggregate purchase price of the
Registrable Securities to be included in the requested registration (determined by reference to the offering price on the cover of the Registration Statement proposed to be filed) is less than $10 million. 

(c) Form S-3 Rights. Notwithstanding the limitations set forth in
Section 3.01(b), the registration rights under Section 3.01(a) may be exercised on an unlimited number of occasions on Shelf Registration Statements if the aggregate purchase price of the Registrable Securities to be included
in the requested Shelf Registration (determined by reference to the offering price on the cover of the Shelf Registration Statement proposed to be filed) is equal to or greater than $10 million. Any Shelf Registration Statement shall provide
for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without limitation, an underwritten offering, a direct sale to purchasers, a sale through brokers or agents or a sale over the
internet) by the Holders. The Company shall comply with the applicable provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by the Shelf Registration Statement in accordance with the intended methods
of disposition by the Holders thereof. 
 (d) Company and Other Securities. Neither
the Company nor any of its securityholders (other than Holders of Registrable Securities in such capacity) has or shall have any right to include any securities in a Registration Statement initiated under Section 3.01, unless
(i) such securities are of the same class as the Registrable Securities being registered, (ii) a Registered Majority consent to such inclusion in writing, which consent may be withheld by any such holder in its reasonable discretion,
(iii) the Company and/or the selling securityholders, as applicable, agree to sell their securities on the same terms and conditions as apply to Registrable Securities and the holders of such Registrable Securities, and (iv) if such
registration is an underwritten offering, the Managing Underwriter determines that some or all of such securities can be included without adversely affecting such offering (or the price, timing, distribution or sale of securities in the offering),
and if such Managing Underwriter determines that the inclusion of a part of such securities in such registration would be likely to have an adverse effect on such offering (or the price, timing, distribution or sale of securities in the offering),
the registration of such part shall not be permitted. 
 (e) Withdrawn Registration
Statement. At any time after a Registration Statement covering Registrable Securities becomes effective, the Registered Majority may request that the Company withdraw the Registration Statement, and such requested registration shall
constitute a request under Section 3.01(a) for purposes of Section 3.01(b) unless such request of withdrawal was caused by, or made in response to, (i) any event, change, circumstance or effect that is or is reasonably
likely to be materially adverse to the business, properties, assets, liabilities, condition (financial or otherwise), operations, results of operations or prospects of the Company, or (ii) a material adverse change in the financial markets or
the economy. At any time before a Registration Statement covering Registrable Securities becomes effective, the Registered Majority may request that the Company withdraw the Registration Statement, and such requested registration shall not
constitute a request under Section 3.01(a) for purposes of Section 3.01(b) if either (x) any event, change, circumstance or effect described in clause (i) or (ii) above shall have occurred or exist, or
(y) the Company shall have been reimbursed by the Holders whose Registrable Securities are covered by such registration for their pro rata portion of all the reasonable and documented Registration Expenses incurred by the Company in connection
with the withdrawn registration of such Registrable Securities. 
  

 7 

 (f) Priority in Demand Registrations. If a
registration pursuant to Section 3.01(a) involves an underwritten offering of the securities so being registered, and the Managing Underwriter advises the Company in writing (with a copy to each Holder requesting registration) that, in
such firm’s reasonable good faith opinion, the number of Registrable Securities requested to be included in such registration exceeds the number that can be sold in such offering without having a significant adverse effect on the price, timing
or distribution of the securities offered or the market for securities offered, then (x) the Company shall give Notice to each Holder whose Registrable Securities have been requested to be included therein of such communication from the
Managing Underwriter, and of the effect thereof on the ability of such Holders to include their Registrable Securities in such registration and (y) the Registrable Securities to be offered for the accounts of the Holders in such offering shall
be reduced or limited pro rata among the Holders requesting such registration on the basis of the percentage of the Registrable Securities that the Holders have requested to be included. If the Holders requesting registration under
Section 3.01(a) are unable to sell at least seventy-five percent (75%) of the Registrable Securities requested by such Holders to be included in any registration pursuant to Section 3.01(a) as a result of the Managing
Underwriter’s cutback pursuant to this Section 3.01(f), then such registration shall not count as a requested registration for purposes of Section 3.01(b). In connection with any registration as to which a reduction or
limitation as set forth in this Section 3.01(f) shall apply, no securities other than Registrable Securities shall be covered by such registration. 

(g) Expenses of Registration. Except as otherwise provided herein, the Company shall pay all
Registration Expenses in connection with any registration (or proposed registration) of Registrable Securities pursuant to Section 3.01(a). Any Selling Expenses in connection with any registration pursuant to Section 3.01(a)
shall be allocated among all Persons on whose behalf securities of the Company are included in such registration, on the basis of the respective amounts of the Registrable Securities then being registered on each such Person’s behalf.

 3.02 Requested Underwritten Registration. If the Requisite Holders requesting registration
pursuant to Section 3.01(a) elect to have the distribution of the Registrable Securities covered by such request to be by means of an underwritten offering, then the Requisite Holders shall so advise the Company as a part of the request
made pursuant to this Section 3.02, and shall select the Managing Underwriter, as well as counsel for the Holders, with respect to such registration. The Holders (whose Registrable Securities are being registered) and the Company shall
enter into an underwriting agreement in customary form with the Managing Underwriter(s) selected for such underwritten offering, it being understood that (i) all expenses customarily paid for by the issuer of securities pursuant to such an
underwriting agreement shall be paid for by the Company, (ii) all indemnification obligations which are customarily those of the issuer of securities under such underwriting agreement shall be the obligations of the Company, (iii) no
Holder shall be required to make any representations, warranties or agreements with the Company or the Managing Underwriter other than customary representations, warranties or agreements regarding such Holder and such Holder’s title to the
Registrable Securities, such Holder’s intended method of distribution for the Registrable Securities and any other representations required to be made by the Holder under applicable law, and the aggregate amount of the liability of such Holder
shall not exceed such Holder’s net proceeds from such underwritten offering. If any Holder that is a Requisite Holder or an Additional 3.01 Holder (collectively, the “Demand Holders”) disapproves of the terms of a proposed
underwritten offering (the “Withdrawing Holder”), the Withdrawing Holder may elect to withdraw therefrom by notice to the Company and the Managing Underwriter(s); and each of the remaining Demand Holders shall be entitled to
increase the number of Registrable Securities being registered to the extent of the Registrable Securities withdrawn by the Withdrawing Holder in the proportion that the percentage of Registrable Securities being registered by each such remaining
Demand Holder bears to the aggregate percentage of Registrable Securities being registered by all such remaining Demand Holders; provided, however, that the requirements contained in Section 3.01(a)(i) shall then be deemed
met. The method of disposition pursuant to a registration under this Section 3 shall be limited to an underwritten offering if the Registered Majority so request. The price, underwriting discounts and commissions and other financial
terms for the Registrable Securities in an underwritten offering under Section 3.01(a) shall be determined by the Registered Majority. 
  

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 SECTION 4. Registration Procedures. 

4.01 In connection with the obligations of the Company with respect to any registration of any Registrable
Securities under the Securities Act as provided in Section 2 and Section 3, the Company shall use its best efforts to effect or cause to be effected the registration of the Registrable Securities under the Securities Act to
permit the sale of such Registrable Securities by the Holder or Holders in accordance with the Holder or Holders’ intended method or methods of distribution, and the Company shall: 

(a) prepare and file with the Commission, a soon as practicable but not later than thirty (30) days after
receipt of a request to file a Registration Statement with respect to such Registrable Securities, the requisite Registration Statement with respect to such Registrable Securities, which Registration Statement shall comply as to form in all material
respects with the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith, and shall thereafter use its best efforts to cause such Registration Statement to become effective as soon
as practicable after filing and to remain effective until all of such Registrable Securities are sold in accordance with the intended distribution of such Registrable Securities; 

(b) (i) prepare and file with the Commission such amendments and supplements to such Registration Statement and
the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective until all of such Registrable Securities are sold in accordance with the intended distribution of such Registrable Securities;
(ii) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424; and (iii) comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by each Registration Statement, until all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the Holder or Holders thereof;

  

 9 

 (c) furnish at a reasonable time, but no later than ten
(10) Business Days, prior to the filing thereof with the Commission, a draft copy of any Registration Statement and Prospectus relating thereto, and any amendment or supplement thereto, to each Holder covered by such Registration Statement (and
one counsel selected by the Holders of the Registrable Securities requesting such registration (the “Holders’ Counsel”)) and shall reflect in each such document, as filed with the Commission, such comments as the Holders and
Holders’ Counsel may reasonably request to be reflected therein; 
 (d) furnish promptly to each
Holder whose Registrable Securities are covered by such Registration Statement (and the Holders’ Counsel), without charge, such number of conformed copies of such Registration Statement that registers such Registrable Securities, and of each
amendment and supplement thereto (in each case including, without limitation, all exhibits); such number of copies of the Prospectus contained in such Registration Statement (including, without limitation, each preliminary Prospectus and any final
Prospectus); and any other Prospectus filed with the Commission under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Holder may reasonably request; the Company consents
to the use of the Prospectus, including each preliminary Prospectus, by the Holders of Registrable Securities, if any, in connection with the offering and sale of the Registrable Securities covered by any such Prospectus in accordance with the terms
of this Agreement; 
 (e) notify the Holders’ Counsel and each Holder promptly and, if requested by
Holders’ Counsel or any Holder, confirm in writing (i) when a Registration Statement has become effective, when any post-effective amendment has become effective or upon the filing of a supplement to any Prospectus,
(ii) of the receipt by the Company of any notification (whether written or oral) with respect to any comments by the Commission with respect to such Registration Statement or Prospectus or any amendment or supplement thereto, or any
request by the Commission for the amending or supplementing thereof or for additional information with respect thereto, (iii) of the receipt by the Company of any notification with respect to the issuance by the Commission of any stop
order suspending the effectiveness of such Registration Statement or Prospectus or any amendment or supplement thereto, or the initiation or threatening of any proceeding for that purpose and (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification of such Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 

(f) use its best efforts to register or qualify, or obtain exemption from the registration or qualification
requirements for, all Registrable Securities (and other securities covered by such Registration Statement) by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or blue sky
laws of such jurisdictions as each Holder shall reasonably request, to keep such registration or qualification or exemption in effect for so long as such Registration Statement is required to be kept effective pursuant to
Section 4.01(a), and to take any other action that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Holder, except that the
Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (f) be obligated to be so qualified or to
consent to general service of process in any such jurisdiction (except as required by such other securities or blue sky laws); 
  

 10 

 (g) without limiting clause (f) above, use its best
efforts to cause all Registrable Securities covered by such Registration Statement to be registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to enable the Holder or Holders thereof
to consummate the disposition of such Registrable Securities; 
 (h) furnish to each Holder and to the
Holders’ Counsel a signed counterpart, addressed to such Holder and Holders’ Counsel (and underwriters, if any), of: 

(i) an opinion of counsel for the Company, dated the effective date of such Registration Statement
(and, if such registration includes an underwritten offering, dated the date of the closing under the underwriting agreement), reasonably satisfactory in form and substance to such Holder; and 

(ii) a “comfort” letter, dated the effective date of such Registration Statement (and, if
such registration includes an underwritten offering, dated the date of the closing under the underwriting agreement), signed by the independent certified public accountants who have certified the Company’s financial statements included in such
Registration Statement, and any other comfort letters issued to the Company in connection with such Registration Statement; 

in each case covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein)
and, in the case of the accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the
underwriters in underwritten offerings of securities and, in the case of the accountants’ letter, such other financial matters, and, in the case of the legal opinion, such other legal matters, as Holder’s Counsel may reasonably request;

 (i) give Notice to each Holder whose Registrable Securities are covered by such Registration
Statement, at any time during the period a Registration Statement is effective, upon discovery that, or upon the happening of any event as a result of which, such Registration Statement or the related Prospectus or any document incorporated by
reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein (and in the case of the Prospectus, or any document incorporated by
reference therein, in light of the circumstances (x) under which they were made or (y) existing at the time that a Holder is expected to deliver a Prospectus in connection with the sale of Registrable Securities) not
misleading, and promptly prepare, file and furnish to each Holder a reasonable number of copies of a Prospectus supplement or post-effective amendment to the Registration Statement as may be necessary so that, as thereafter delivered to the
purchasers of such Registrable Securities, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (and in the case of the
Prospectus, or any document incorporated by reference therein, in light of the circumstances (x) under which they were made or (y) existing at the time that a Holder is expected to deliver a Prospectus in connection with the
sale of Registrable Securities) not misleading; 
  

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 (j) make generally available to its shareholders, as soon as
reasonably practicable, earnings statements covering a period of twelve (12) months beginning after the effective date of the subject Registration Statement (which earnings statements shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder); 
 (k) provide and cause to be maintained a transfer agent and
registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(l) apply for listing and use best efforts to list all Registrable Securities covered by such Registration
Statement on any national securities exchange on which any equity securities of the Company of the same class as the Registrable Securities are then listed; or, if the Company does not have equity securities listed on a national securities exchange,
then apply for qualification and use its best efforts to qualify such Registrable Securities for inclusion on the automated quotation system of the NASD or such other national securities exchange or quotation system as the Registered Majority shall
reasonably request; 
 (m) cause senior representatives of the Company to participate in all roadshows
reasonably requested by the Managing Underwriter of an underwritten or “best efforts” offering, and other marketing activities as may be reasonably requested by such Managing Underwriter; 

(n) in connection with any sale or transfer of the Registrable Securities (whether or not pursuant to a
Registration Statement) that will result in the security being delivered no longer being Registrable Securities, cooperate with the Holders and the representative of the underwriters, if any, to facilitate the timely preparation and delivery of the
certificates representing the Registrable Securities to be sold, which certificates shall not bear any transfer restrictive legends and to enable such Registrable Securities to be in such denominations and registered in such names as the
representative of the underwriters, if any, or the Holders may request at least two (2) Business Days prior to any sale of the Registrable Securities; 

(o) enter into customary agreements (including in the case of an underwritten offering, and underwriting agreement
customary in form with customary lock-up provisions) and take all other action in connection therewith in order to expedite or facilitate the distribution of such Registrable Securities and, in the case of an underwritten offering, make
representations and warranties to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings, to make the same representations and warranties to the Holders of Registrable Securities covered
by such Registration Statement and to confirm the same if and when requested; 
  

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 (p) enter into any other agreements and take any other actions as the
Requisite Holders shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities. 

The Company may require each Holder as to whose Registrable Securities any registration is being effected to furnish to
the Company such information regarding the distribution of such Registrable Securities as the Company may from time to time reasonably request in writing. 

4.02 Black-Out Period. 

(a) Subject to the provisions of this Section 4.02, in the event a Blackout Condition exists, the
Company may direct the Holders to suspend sales of the Registrable Securities pursuant to such Registration Statement for a period not to exceed, in any twelve (12) month period, sixty (60) days, by furnishing to the participating Holders
a resolution of the board of directors of the Company, certified by the Company’s president or chief executive officer, certifying that a Blackout Condition exists. Upon the occurrence of any such suspension, the Company shall use its
reasonable best efforts to promptly amend or supplement the Registration Statement or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to
permit the Holders to resume sales of the Registrable Securities as soon as possible. 
 (b) Subject to
the limitations in Section 4.02(a), in the case of an event that causes the Company to suspend the effectiveness of a Registration Statement pursuant to Section 4.02(a) (a “Suspension Event”), the Company
shall give notice (a “Suspension Notice”) to the Holders to suspend sales of the Registrable Securities. The Suspension Notice shall state that such suspension shall continue only for so long as the Suspension Event or its effect is
continuing and the Company is taking all reasonable steps to terminate suspension of the effectiveness of the Registration Statement as promptly as possible. The Holders shall not effect any sales of the Registrable Securities pursuant to such
Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. If so directed by the Company, each Holder will deliver to the Company (at the
expense of the Company) all copies other than permanent file copies then in such Holder’s possession of the Prospectus covering the Registrable Securities at the time of receipt of the Suspension Notice. The Holders may recommence effecting
sales of the Registrable Securities pursuant to the Registration Statement (or such filings) following further notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by
the Company to the Holders promptly following the conclusion of any Suspension Event and any curative filing which may be required under Section 4.01(i). The Suspension Notice shall be confidential and neither the fact that a Suspension
Notice has been issued nor the contents of such notice shall be disclosed by the Holders, and both the fact that a Suspension Notice has been issued and the contents of the Suspension Notice shall be a transfer restriction under Section 10(b)
of the Exchange Act and Rule 10b-5 enacted thereunder. 
 (c) If the Company shall give a Suspension
Notice pursuant to this Section 4.02, the Company agrees that it shall extend the period of time during which the Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period
from the date of the giving of the Suspension Notice to and including the date when Holders shall have received the End of Suspension Notice and copies of the supplemented or amended Prospectus necessary to resume sales. 

 

 13 

 (d) The Company shall not, during any period of suspension hereunder,
register any Ordinary Shares (or any securities exercisable, convertible or exchangeable therefor). 

4.03 Expiration of Registration Rights. The obligation of the Company to
register Registrable Securities pursuant to this Agreement shall expire on             , 2017
[7- 1/2
years]; provided, however, that any registration validly begun pursuant to Section 2 or Section 3 of this Agreement shall continue until all Registrable Securities subject
to any such registration have been sold. 
 SECTION 5. Indemnification; Contribution. 

5.01 Indemnification by the Company. With respect to any registration of Registrable Securities effected or
to be effected pursuant to this Agreement, the Company shall, and hereby does agree to, indemnify and hold harmless each Holder whose securities are included or are to be included in a Registration Statement, each such Holder’s directors,
officers, managers, employees, shareholders, members, partners, agents and advisers, as well as each of their respective Affiliates, each underwriter (as defined in the Securities Act) of the securities sold by such Holder and each Person who
“controls” (within the meaning of the Securities Act) any such Holder or underwriter, from and against all claims, losses, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) to which any
of the foregoing Persons may become subject, under the Securities Act, the Exchange Act, state securities or blue sky laws, common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced
or threatened, in respect thereof) arise out of or are based upon: 
 (a) any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement under which such securities were registered under the Securities Act, any preliminary Prospectus, final Prospectus, or summary Prospectus contained therein, any offering
circular or any other document (including without limitation any related notification or the like), or any amendment or supplement to any of the foregoing; 

(b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, or with respect to any Prospectus, necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; or 

(c) any violation by the Company of the Securities Act, the Exchange Act or any rule or regulation promulgated
thereunder applicable to the Company, or of any blue sky or other state securities laws or any rule or regulation promulgated thereunder applicable to the Company or relating to action or inaction required of the Company in connection with such
registration or qualification under such state securities or blue sky laws, and will reimburse each such Person entitled to indemnification under this Section 5.01 for all legal and other expenses reasonably incurred in connection with
investigating or defending any such claim, loss, damage, liability or action; provided, however, that the foregoing indemnification and reimbursement obligation shall not be applicable to the extent that any such claim, loss, damage,
liability or action arises out of or is based on any untrue statement (or alleged untrue statement) or omission (or alleged omission) or violation made in reliance upon and in conformity with written information furnished to the Company by such
Holder or the underwriter (or underwriters) specifically for use in such Registration Statement or in any such preliminary Prospectus, final Prospectus, summary Prospectus contained therein, any offering circular or any other document (including
without limitation any related notification or the like), or any amendment or supplement to any of the foregoing. 
  

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 5.02 Indemnification by Holders of Registrable Securities.
With respect to any registration of Registrable Securities effected or to be effected pursuant to this Agreement, each Holder that is included or is to be included in a Registration Statement shall, and hereby does agree to, indemnify the
Company, its directors, officers, managers, employees, partners, agents and advisers, as well as each of their respective Affiliates, each underwriter (as defined in the Securities Act) of the securities of such Holder, each Person who
“controls” (within the meaning of the Securities Act) the Company or any such underwriter from and against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: 

(a) any untrue statement (or alleged untrue statement) of a material fact made by such Holder and contained in any
Registration Statement under which such securities were registered under the Securities Act, any preliminary Prospectus, final Prospectus, or summary Prospectus contained therein, any offering circular or any other document (including without
limitation any related notification or the like), or any amendment or supplement to any of the foregoing, if the untrue statement (or alleged untrue statement) was made in reliance upon and in conformity with written information furnished to the
Company by such Holder specifically for use in such Registration Statement or in any such preliminary Prospectus, final Prospectus, summary Prospectus, offering circular or other document, amendment or supplement; 

(b) any omission (or alleged omission) by such Holder to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, or with respect to any Prospectus, necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, if the omission (or alleged
omission) was made in reliance upon and in conformity with written information furnished to the Company by such Holder specifically for use in such Registration Statement or in any such preliminary Prospectus, final Prospectus, summary Prospectus,
offering circular or other document, amendment or supplement; or 
 (c) any violation by such Holder of
the Securities Act, the Exchange Act or any rule or regulation promulgated thereunder applicable to such Holder, or of any blue sky or other state securities law or any rule or regulation promulgated thereunder applicable to such Holder or relating
to action or inaction required of such Holder in connection with such registration or qualification under such state securities or blue sky laws; and will reimburse each such Person entitled to indemnification under this Section 5.02 for
all legal and other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action. 
  

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 5.03 Notices of Claims and Related Matters. Each Person
entitled to indemnification under Section 5.01 or Section 5.02 (each an “Indemnified Party”) shall give Notice to the party required to provide indemnification (the “Indemnifying Party”)
promptly after the Indemnified Party has actual knowledge as to the commencement of any claim referred to in Section 5.01 or Section 5.02, and shall permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom at the Indemnifying Party’s full cost and expense; provided, however, that: 

(a) counsel for the Indemnifying Party who shall conduct the defense of any such claim or any litigation shall be
approved by the Indemnified Party; 
 (b) the Indemnified Party may participate in such defense at the
Indemnified Party’s expense; provided, however, that the Indemnified Party or Indemnified Parties shall have the right to employ a single law firm and a single local counsel law firm to represent it or them if, in the reasonable
judgment of the Indemnified Party or Indemnified Parties, it is advisable for it or them to be represented by separate counsel by reason of having legal defenses which are different from or in addition to those available to the Indemnifying Party,
and in that event the reasonable fees and expenses of one such law firm and one such local law firm shall be paid by the Indemnifying Party; and 

(c) failure of any Indemnified Party to give Notice as provided herein shall not relieve the Indemnifying Party of
its obligations under Section 5.01 or Section 5.02 except to the extent that the Indemnifying Party is materially prejudiced by such failure to give Notice. 

No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of the Indemnified Party to which
such claim or litigation relates, consent to entry of any judgment or enter into any settlement unless such settlement relieves the Indemnified Party of any and all liability. Each Indemnified Party shall furnish such information regarding itself
for the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of such claim in litigation resulting therefrom. 

 

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 5.04 Contribution by Indemnifying Party. If the indemnity and
reimbursement obligation provided for in each of Section 5.01 and Section 5.02 is unavailable or insufficient to hold harmless an Indemnified Party in respect of any claims, losses, damages or liabilities (or actions in
respect thereof) referred to therein, then the Indemnifying Party shall contribute to the amount paid or payable by the Indemnified Party as a result of such claims, losses, damages or liabilities (or actions in respect thereof) in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, in connection with statements or omissions which resulted in such claims, losses, damages or liabilities, as
well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Indemnifying Party or the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The
parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 5.04 were to be determined by pro rata allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the first sentence of this Section 5.04. The amount paid by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this
Section 5.04 shall be deemed to include any legal and other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any claim, loss, damage, liability or action which is the subject of this
Section 5.04. 
 No Indemnified Party guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from the Indemnifying Party if the Indemnifying Party was not guilty of such fraudulent misrepresentation. 

The provisions of this Section 5 shall be in addition to any other rights to indemnification or contribution
that an indemnified party may have pursuant to law, equity, contract or otherwise and shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party and shall survive the transfer of the Ordinary
Shares or other securities that may be issued to any Holder. 
 SECTION 6. Information by Holders. If Registrable
Securities owned by a Holder are included in any registration, such Holder shall furnish to the Company such information regarding itself and the distribution proposed by such Holder as the Company may reasonably request and as shall otherwise be
required in connection with any registration, qualification or compliance referred to in this Agreement. The Company agrees to include in any such Registration Statement all information which Holders of the Registrable Securities being registered
shall reasonably request. 
 SECTION 7. Rule 144 and Rule 144A. 

(a) Rule 144 Reporting. The Company shall file in a timely manner all reports and other documents required
to be filed by it under the Securities Act and the Exchange Act (or, if the Company is not required to file such reports and other documents, will make publicly available other information as required by, and so long as necessary to permit sales of
Registrable Securities pursuant to Rule 144 and Rule 144A) and will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144. Prior to or after any sale of Registrable Securities pursuant to this Section 7(a), the Company shall, to the extent allowed by law, cause any
restrictive legends to be removed and any transfer restrictions to be rescinded with respect to such Registrable Securities. Without limiting the foregoing or any other provision of this Agreement (and without prejudice to any rights of the Holders
hereunder), the Company agrees to take such further actions as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Securities without registration. 

 

 17 

 (b) Rule 144A Sales. In order to permit the Holders to sell
Registrable Securities, if they so desire, pursuant to Rule 144A, the Company shall comply with all rules and regulations of the Commission applicable in connection with the use of Rule 144A. 

SECTION 8. Other Registration Rights. So long as any Registrable Securities are outstanding, the Company shall send
any Notice in respect of a registration to be delivered by the Company to each Holder. So long as any Registrable Securities are outstanding, the Company shall not agree to register or qualify any securities (or securities exercisable, convertible
or exchangeable therefor), other than the Registrable Securities, under the Securities Act or any applicable state securities laws unless (a) such agreement (including any registration agreement) specifically provides that: (i) such holder
of such securities may not participate in any piggyback registration except as provided in (and subject to the limitations in) Section 2, and (ii) the holder of such securities may not participate in any demand registration except
as provided in (and subject to the limitations in) Section 3; and (b) without limiting the foregoing clause (a), any such agreement or the exercise of any rights thereunder do not and would not adversely affect the rights of the
Holders of the Registrable Securities. 
 SECTION 9. Representations and Warranties. Each of the parties to this
Agreement hereby represents and warrants to each other party to this Agreement that as of the date such party executes this Agreement: 

9.01 Existence; Authority; Enforceability. With respect to each party that is an entity, such party has the
power and authority to enter into this Agreement and to carry out its obligations hereunder. Such party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the
consummation of the transactions contemplated herein, have been authorized by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions
contemplated hereby. This Agreement has been duly executed by it and constitutes its legal, valid and binding obligations, enforceable against it in accordance with its terms. 

9.02 Absence of Conflicts. The execution and delivery by such party of this Agreement and the performance
of its obligations hereunder does not and will not (a) with respect to each party that is an entity, conflict with, or result in the breach of any provision of the constitutive documents of such party; (b) result in any violation, breach,
conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the
terms of any contract, agreement or permit to which such party is a party or by which such party’s assets or operations are bound or affected; or (c) violate any law applicable to such party. 

9.03 Consents. Other than any consents which have already been obtained, no consent, waiver, approval,
authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection with (a) the execution, delivery or performance of this Agreement or (b) the consummation of any of the
transactions contemplated herein. 
  

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 SECTION 10. Miscellaneous. 

10.01 Entire Agreement. This Agreement (a) constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all contemporaneous and prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof; and (b) is not intended to
confer upon any other Person any rights or remedies hereunder. Each party to this Agreement agrees that (i) no other party to this Agreement (including its agents and representatives) has made any representation, warranty, covenant or
agreement to or with such party relating to the subject matter hereof, other than those expressly set forth in this Agreement, and (ii) such party has not relied upon any representation, warranty, covenant or agreement relating to the
subject matter hereof, other than those referred to in clause (i) above. 
 10.02 Remedies.
Each Holder and each party hereto shall have all rights and remedies set forth in this Agreement and all rights and remedies which such parties have been granted at any time under any other agreement or contract and all of the rights which such
parties have under any law or at equity. Any Person having rights under any provisions of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security) to recover damages caused by reason of any
breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any
party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the
provisions of this Agreement. 
 10.03 Amendments, Waivers, etc. This Agreement may not be
amended, modified or waived except pursuant to a writing executed by the Company and the Holders constituting Majority Holders; provided, however, that notwithstanding the foregoing, any such amendment, modification or waiver that
would adversely affect the rights, preferences or privileges of any particular Holder in a manner disparate from the manner in which it would affects the Holder(s) that have approved such amendment or waiver shall also require the prior written
consent of the Holder so affected; provided, further, that no such amendment shall amend this Section 10.03 without the consent of all Holders. No failure or delay by any party hereto in exercising any right or remedy
hereunder or under applicable law will operate as a waiver thereof, and a waiver of a particular right or remedy on one occasion will not be deemed a waiver of any other right or remedy, or a waiver on any subsequent occasion. No course of dealing
between the Corporation and any Holder or any delay by such Holder in exercising any rights hereunder shall operate as a waiver of any rights of such Holder. 

10.04 Successors and Assigns; Assignment. This Agreement shall inure to the benefit of and shall be binding
upon the successors and permitted assigns of each of the parties. The Holder shall only be permitted to assign this Agreement to one Person as a “Holder” hereunder and any such Holder may specifically enforce the provisions of this
Agreement as if an original party hereto. No transfer of this Agreement or any portion hereof may be made except in accordance with the terms and conditions set forth herein. 

 

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 10.05 Severability. If any term or provision of this
Agreement, or the application thereof to any Person or circumstance, shall, to any extent, be invalid or unenforceable, the remaining terms and provisions of this Agreement or application to Persons and circumstances shall not be invalidated
thereby, and each term and provision hereof shall be construed with all other remaining terms and provisions hereof to effect the intent of the parties hereto to the fullest extent permitted by law. 

10.06 Notice. Any notice, request, instruction, correspondence or other document to be given hereunder by
either party to the other shall be in writing and delivered in person or by courier service requiring acknowledgment of receipt of delivery or mailed by certified mail, postage prepaid and return receipt requested, or by telecopier, as follows:

 If to the Company, addressed to: 

Vantage Drilling Company 

PO Box 309, Ugland House, 

Grand Cayman, 

KY1-1104, Cayman Islands 

Attention: Christopher Celano, General Counsel 

Telecopy: (281) 404-4749 

If to Investor, addressed to: 

F3 Capital 

c/o Campbell Corporate Services Limited 

Scotia Centre 

PO Box 268 

Grand Cayman 

KY1-1104 

Cayman Islands 

Telecopy: (345) 949-8613 

Notice given by personal delivery, courier service or mail shall be effective upon actual receipt. Notice given by telecopier shall be
effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business hours. Any party may
change any address to which notice is to be given to it by giving notice as provided above of such change of address. 

10.07 Other Interpretive Provisions. As used herein, the neuter gender shall also be deemed to denote both
the masculine and feminine genders. Unless the context otherwise requires, the words “hereof,” “herein,” “hereto” and “hereunder,” and words of similar import, when used in this Agreement shall refer to this
Agreement as a whole and not to any particular term or provision of this Agreement. Any subsection or Section references are to this Agreement unless otherwise specified. The captions and headings of this Agreement are for convenience of reference
only and shall not affect the interpretation of this Agreement. Whenever the context requires, the singular form of any noun, pronoun or verb includes the comparable plural form thereof, and vice versa. 

 

 20 

 10.08 Counterparts. This Agreement may be executed with
counterpart signature pages or in several original or facsimile counterparts which, when executed and delivered by all parties hereto, shall be binding on all parties hereto and shall constitute one Agreement, notwithstanding that all parties have
not signed the same signature page or the same counterpart. 
 10.09 GOVERNING LAW. THIS AGREEMENT
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICT OF LAW (EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

 10.10 Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT
OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES HERETO MAY BE BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK OR IN THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. THE COMPANY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE
OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR
HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE COMPANY HAS OR HEREAFTER MAY
ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE COMPANY HEREBY
IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT. 
 10.11 No Jury
Trial. The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 

 

 21 

 10.12 Adjustments for Splits, etc.; Recapitalization, Exchanges, etc.,
Affecting the Company’s Equity Securities. Wherever in this Agreement there is a reference to a specific number of Ordinary Shares, or any other units or securities of any class or series, then, upon the occurrence of any subdivision,
combination or dividend of such class or series of equity, the specific number of equity interests so referenced in this Agreement will automatically be proportionally adjusted to reflect the effect of such subdivision, combination or dividend on
the outstanding equity of such class or series. Without limiting the generality of the foregoing, the provisions of this Agreement shall apply, to the fullest extent set forth herein, with respect to any and all equity securities of the Company or
any successor or permitted assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which equity securities may be issued in respect of, in exchange for or in substitution of, the Registrable Securities and shall be
appropriately adjusted for any stock or share dividends, splits, reverse splits, combinations, distributions, recapitalizations and the like occurring after the date hereof. 

10.13 Further Assurances. The Company shall execute any and all further documents, agreements and
instruments, and take all such further actions (including, without limitation, the certificating of Ordinary Shares) that may be required under any applicable law, or that the Investor or any other Holder may reasonably request from time to time, to
give full effect the rights of the Holders created by, or intended to be created by, this Agreement, all at the expense of the Company. 

[The rest of this page has been left blank intentionally] 

[Signature Page Follows] 
  

 22 

 IN WITNESS WHEREOF, the parties hereto have duly executed this
Registration Rights Agreement as of the date first written above. 
  

			
	 VANTAGE DRILLING COMPANY

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 F3 CAPITAL

		
	 By:
	 	  

	 Name:
	 	
	 Title:

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