Document:

Exhibit 10.2

 

DOCUMENT CUSTODY AGREEMENT

 

SURO CAPITAL CORP.

Company

 

and

 

U.S. BANK NATIONAL ASSOCIATION

Document Custodian

 

Dated

 

October 28, 2022

 

     

     

    

 

TABLE OF CONTENTS

 

	Section
    1.	Certain
    Definitions.	1
	 	 	 
	Section
    2.	Appointment
    of the Document Custodian.	4
	 	 	 
	Section
    3.	Delivery
    of Collateral Files	4
	 	 	 
	Section
    4.	Release
    of Collateral Files	5
	 	 	 
	Section
    5.	Further
    Obligations of the Document Custodian	5
	 	 	 
	Section
    6.	Proper
    Instructions	6
	 	 	 
	Section
    7.	Transmission
    of Collateral Files	7
	 	 	 
	Section
    8.	Fees
    of the Document Custodian	7
	 	 	 
	Section
    9.	Resignation
    or Removal of Document Custodian; Termination of Agreement	8
	 	 	 
	Section
    10.	Representations	9
	 	 	 
	Section
    11.	Notices	9
	 	 	 
	Section
    12.	Concerning
    the Document Custodian.	10
	 	 	 
	Section
    13.	Force
    Majeure	12
	 	 	 
	Section
    14.	Indemnification.	12
	 	 	 
	Section
    15.	Amendments	13
	 	 	 
	Section
    16.	Effective
    Waiver	13
	 	 	 
	Section
    17.	Severability	13
	 	 	 
	Section
    18.	Binding
    Effect; Governing Law	13
	 	 	 
	Section
    19.	Successors
    and Assigns; Third Party Benefit	13
	 	 	 
	Section
    20.	Entire
    Agreement; Counterparts.	14
	 	 	 
	Section
    21.	Other
    Business	14
	 	 	 
	Section
    22.	Reproduction
    of Documents	14
	 	 	 
	Section
    23.	Confidentiality.	14
	 	 	 
	Section
    24.	Actions
    Necessary to Preserve Rights under Collateral Documents	14
	 	 	 
	Section
    25.	SUBMISSION
    TO JURISDICTION; WAIVERS.	15
	 	 	 
	Section
    26.	Compliance
    with Applicable Law.	15

 

    i

     

    

 

	SCHEDULE I	RECOMMENDED
    DATA FILE CRITERIA
	 	 
	EXHIBIT A	AUTHORIZED
    REPRESENTATIVES
	 	 
	EXHIBIT B	FORM
    OF REQUEST FOR RELEASE

 

    ii

     

    

 

DOCUMENT CUSTODY AGREEMENT

 

This DOCUMENT CUSTODY AGREEMENT
is made and entered into as of October 28, 2022 by and between SuRo Capital Corp. (the “Company”), a corporation organized
under the laws of the State of Maryland, and U.S. Bank National Association, a national banking association, organized under the laws
of the United States, as document custodian (the “Document Custodian”).

 

WHEREAS, the Company is a
closed-end management investment company that has elected to be regulated as a business development company under the Investment Company
Act of 1940, as amended (the “1940 Act”);

 

WHEREAS, the Company is and
from time to time may become the owner of certain assets (the “Collateral”);

 

WHEREAS, the Company desires
to retain U.S. Bank National Association to act as document custodian for the Company and each Subsidiary identified to the Custodian;

 

WHEREAS, the Company desires
to have the Document Custodian take possession of certain documents relating to such Collateral as specified herein, as the document custodian
for the Company in accordance with the terms and conditions of this Agreement and in compliance with Section 17(f) of the 1940 Act; and

 

WHEREAS, the Document Custodian
has agreed to act as document custodian for the Company, on the terms and conditions hereof;

 

NOW, THEREFORE, the parties
to this Agreement hereby agree as follows:

 

Section 1.              
Certain Definitions. (a) The words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; and Section references
refer to Sections of this Agreement. For the purposes of this Agreement, the following terms shall have the indicated meanings unless
the context or use indicates another or different meaning and intent, and the definitions of such terms are equally applicable to the
singular and the plural forms of such terms.

 

“1940 Act”
means the Investment Company Act of 1940.

 

“Agreement”
means this Document Custody Agreement and the schedules and Exhibits hereto, as supplemented or amended from time to time.

 

“Authorized Representative”
has the meaning set forth in Section 6(b) hereof.

 

“Business Day”
means any day other than (i) a Saturday or Sunday, (ii) any day that is a legal holiday under the laws of the State of New York,
or the city or state in which the Document Custodian’s offices are located or (iii) any day on which commercial banks in the
State of New York, York or the city or state in which the Document Custodian’s offices are located are closed or authorized or permitted
to close.

 

“Collateral”
has the meaning set forth in the preamble hereto.

 

     

     

    

 

“Collateral Documents”
means, with respect to any Collateral, the documents comprising the Collateral File for such Collateral received by the Document Custodian
pursuant to this Agreement. With respect to the Collateral, the Document Custodian
shall receive, originals or where indicated, copies (including electronic copies) of the following documents or instruments, all as specified
on the related Collateral Schedule and the related document checklist:

 

		(i)	other than in the case of a noted loan, 

 

		(A)	the original or, if accompanied by an original
“lost note” affidavit and indemnity, a copy of, the underlying promissory note, endorsed by the Company (that may be in the
form of an allonge or note power attached thereto) as required under the related underlying instruments (and evidencing an unbroken chain
of endorsements from each prior holder thereof evidenced in the chain of endorsements;

 

		(B)	a copy of each transfer document or instrument relating to such Collateral (including, until the settlement
date specified therein and as applicable, a commercially standard loan trade ticket that obligates the Company to settle the purchase
of such Collateral on a specific date) evidencing the assignment of such Collateral to the Company, or

 

		(ii)	in the case of a noteless loan,

 

		(A)	a copy of each transfer document or instrument relating to such noteless loan evidencing the assignment
of such noteless loan to the Company;

 

		(B)	originals or copies (including electronic copies)
of each of the following:

 

		(1)	to the extent applicable to the related loan; any related loan agreement, credit agreement, security agreement,
subordination agreement and intercreditor agreement or similar instruments, and

 

		(2)	to the extent applicable to the related loan
and only to the extent such document is in the possession of the Company, any note purchase agreement, sale and servicing or collateral
management agreement, acquisition agreement, guarantee, insurance policy, assumption or substitution agreement or similar material operative
document, in each case together with any amendment or modification thereto, as set forth on the Collateral Schedule and document checklist.

 

    2

     

    

 

Any statement clarified by “if any”
or “if applicable” shall only refer to whether or not such item is present in the Collateral File when delivered to the Document
Custodian.  The Document Custodian shall have no duty or obligation to determine if such item should have been included.

 

“Collateral File”
means a file delivered to the Document Custodian by the Company pursuant to Section 3, containing the Collateral Documents relating
to the Collateral, as set forth on the Collateral Schedule delivered to the Document Custodian.

 

“Collateral Schedule”
means a listing of Collateral Files in computer readable standardized text formats, delivered or caused to be delivered by the Company
to the Document Custodian, incorporating the fields listed on Schedule I hereto and such other information and fields as may be mutually
agreed upon by the Company and the Document Custodian and in a form satisfactory to the Company and the Document Custodian.

 

“Confidential Information”
means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques and other similar
or related information that may be furnished to the Company by the Document Custodian from time to time pursuant to this Agreement.

 

“Delivery of Collateral
Files” means actual receipt by the Document Custodian at its designated office of the (i) Collateral Files and (ii) Collateral
Schedule relating to such Collateral Files.

 

“Officer’s
Certificate” means a certificate signed by an officer (authorized to sign an Officer’s Certificate) of Company or other
Person (on behalf of the Company) submitting a Collateral File to the Document Custodian or otherwise delivered an Officer’s Certificate
to the Document Custodian pursuant to this Agreement.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including
any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

 

“Proper Instructions”
means the meaning set forth in Section 6(a) hereof.

 

“Request for Release”
means a request for release of any Collateral File, which request shall be either (i) delivered to the Document Custodian substantially
in the form of Exhibit B hereto or (ii) as otherwise agreed to between the Document Custodian and the Company.

 

“Responsible Officer”
means, with respect to the Document Custodian, any officer, including any managing director, principal, vice president, assistant vice
president, assistant treasurer, assistant secretary, trust officer or any other officer of the Document Custodian customarily performing
functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, in each
case, having direct responsibility for the administration of this Agreement.

 

    3

     

    

 

(b)              
In this Agreement unless the contrary intention appears:

 

		(i)	any reference to this Agreement or another agreement or instrument refers to such agreement or instrument
as the same may be amended, modified or otherwise rewritten from time to time;

 

		(ii)	a reference to a statute, ordinance, code or other law includes regulations and other instruments under
it and consolidations, amendments, re-enactments or replacements of any of them;

 

		(iii)	any term defined in the singular form may be used in, and shall include, the plural with the same meaning,
and vice versa;

 

		(iv)	a reference to a Person includes a reference to the Person’s executors, custodians, successors and
permitted assigns;

 

		(v)	an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly
and severally;

 

		(vi)	an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;
and

 

		(vii)	any reference to “execute”, “executed”, “sign”, “signed”,
“signature” or any other like term hereunder shall include execution by electronic signature (including, without limitation,
any .pdf file, .jpeg file, or any other electronic or image file, or any “electronic signature” as defined under the U.S.
Electronic Signatures in Global and National Commerce Act (“E-SIGN”) or the New York Electronic Signatures and Records
Act (“ESRA”), which includes any electronic signature provided by Adobe Fill & Sign, Adobe Sign, DocuSign, or any
other similar platform identified by the Company and reasonably available at no undue burden or expense to the Document Custodian), except
to the extent the Document Custodian requests otherwise. Any such electronic signatures shall be valid, effective and legally binding
as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes
hereunder

 

(c)              
Headings are inserted for convenience and do not affect the interpretation of this Agreement

 

Section 2.              
Appointment of the Document Custodian. The Company hereby appoints the Document Custodian, and the Document Custodian hereby
accepts its appointment, to act as the document custodian for the Company, to provide the services set forth in this Agreement, upon the
terms and conditions set forth in this Agreement.

 

The Document Custodian acknowledges
and agrees that it will hold possession of all Collateral Files delivered to it in accordance with this Agreement for the benefit of the
Company.

 

    4

     

    

 

Section 3.              
Delivery of Collateral Files.

 

(a)              
The Company shall from time to time deliver or cause to be delivered Collateral Files, including each of the related Collateral
Documents, to the Document Custodian to be held hereunder. With respect to each Delivery of Collateral Files, the Company shall provide
or cause to be provided a related Collateral Schedule (in a form acceptable to the Company and the Document Custodian) to the Document
Custodian with respect to such Collateral Files that are being delivered.

 

(b)              
In receiving any Collateral Files hereunder, and in maintaining any listing or providing any report or communication with respect
to the Collateral Files or Collateral Documents held hereunder, the Document Custodian shall have no obligation to review or monitor any
Collateral Files or Collateral Documents but shall only be required to hold those Collateral Files or other Collateral Documents received
by it in accordance with this Agreement.

 

(c)              
The Document Custodian shall not be under any duty to review, inspect, examine or certify the Collateral Files or related Collateral
Documents; and without limiting the foregoing, the Document Custodian shall be entitled to assume the genuineness of each such document
and the genuineness and due authority of any signatures appearing thereon, shall be entitled to assume that each such document is what
it purports to be. The Document Custodian shall have no liability for or obligation with respect to, and shall not be construed or obliged
to make any representation or warranty as to: (i) the validity, sufficiency, marketability, genuineness, value, contents or enforceability
of any Collateral Document; (ii) the validity, adequacy or perfection of any lien upon or security interest purported to be evidenced
or created thereby; or (iii) to determine that the contents of any Collateral Document are appropriate for the represented purpose
or that any Collateral Document has actually been recorded or filed, as maybe applicable, or that any Collateral Document is other than
what it purports on its face to be.

 

Section 4.              
Release of Collateral Files.

 

(a)              
In the event that any Collateral File is needed by the Company for the purpose of correction of errors therein or for one of the
other purposes set forth in a Request for Release, the Company shall send to the Document Custodian a Request for Release. The Document
Custodian shall release such Collateral Files within three (3) Business Days of its receipt of such completed Request for Release. Any
request for release by the Company shall be in the form of the Request for Release.

 

(b)              
The Company is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests
for Release submitted in the form attached hereto as Exhibit B (or as otherwise agreed between the Document Custodian and the Company).

 

Section 5.              
Further Obligations of the Document Custodian.

 

(a)              
Maintenance of Facility. The Document Custodian shall segregate and identify the Collateral Files on its automated data
system and maintain custody of all Collateral Files received by it in secure and fire resistant facilities, all in accordance with customary
standards for such custody.

 

    5

     

    

 

(b)              
 Insurance. The Document Custodian shall, at its own expense, maintain at all times during the existence of this Agreement
and keep in full force and effect insurance in amounts, with standard coverage and subject to deductibles, all as customary for insurance
typically maintained by banks that act as document custodian. Upon written request from the Company, the Document Custodian shall provide
evidence (which evidence may be in the form of a certificate of the respective insurer) that such insurance is in full force and effect.

 

(c)              
Examination. The Document Custodian shall upon not less than three (3) Business Days prior written notice permit (a) inspection
during regular business hours of the Document Custodian (and subject to its usual charges for such access) by the Company (or by its auditors
or agents when requested by the Company) of the Collateral Files, at such place or places where the related Collateral Files are deposited,
and (b) the Company (or its auditors or agents when requested by the Company) to make copies of the Collateral Files. The Company shall
be responsible for any expenses in connection with such inspection and copying. Any such inspection and copying shall be subject to the
procedures of the Document Custodian. In addition, and not in limitation of the foregoing, the Company shall indemnify and hold the Document
Custodian harmless from all claims, costs, expenses, losses and damages incurred by the Document Custodian as a result of the damage,
loss or misplacement of any Collateral Files or Collateral Documents or other papers contained in the Collateral Files while in the possession
of the Company (or its auditors or agents).

 

Section 6.              
Proper Instructions.

 

(a)              
Any instruction or direction delivered to the Document Custodian from the Company shall be in writing and executed by an Authorized
Representative and shall be delivered in accordance with Section 11 hereof. The Document Custodian and the Company may agree from
time to time to accept other forms of instruction or direction. Any such instruction or direction delivered pursuant to this Section 6(a)
shall be considered “Proper Instructions.”

 

(b)              
Any of the persons whose signatures and titles appear on Exhibit A (an “Authorized Representative”) are
authorized, acting singly, to act for the Company under this Agreement. The specimen signature for each such Authorized Representative
of the Company initially authorized hereunder is set forth on Exhibit A. From time to time, the Company may, by delivering to the
other a revised exhibit, change the information previously given, but the Document Custodian shall be entitled to rely conclusively on
the then current Exhibit until receipt of a superseding exhibit. Any electronically signed document delivered via electronic mail
from a person purporting to be an Authorized Representative shall be considered signed or executed by such Authorized Representative on
behalf of the applicable Person. The Document Custodian shall have no duty to inquire into or investigate the authenticity or authorization
of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with
respect thereto.

 

(c)              
The Document Custodian shall have no obligation to act in accordance with purported instructions to the extent that they conflict
with applicable law or regulations. The Document Custodian shall not be liable for any loss resulting from a delay while it obtains clarification
of any Proper Instructions.

 

    6

     

    

 

(d)              
 If, in performing its duties under this Agreement, the Document Custodian is required to decide between alternative courses of
action, the Document Custodian may (but shall not be obliged to) request written instructions (or, in its sole discretion, oral instructions
followed by written confirmation thereof) from the Company as to the course of action desired by it, upon which the Document Custodian
shall be entitled to conclusively rely. If the Document Custodian does not receive such instructions within two (2) Business Days after
it has requested them, the Document Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action.
The Document Custodian shall act in accordance with instructions received from the Company in response to such request after such two
Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

 

Section 7.              
Transmission of Collateral Files. Prior to any shipment of any Collateral Files or Collateral Documents hereunder pursuant
to the request of the Company, the Company shall deliver to the Document Custodian written instructions as to the method of shipment and
shipper(s) the Document Custodian is to utilize in connection with the transmission of Collateral Files or Collateral Documents in the
performance of the Document Custodian’s duties hereunder (which instruction shall include, if requested by the Document Custodian,
billing account numbers maintained by the Customer with such shipper(s) to allow for direct billing of the related charges to the Company).
The Company shall arrange for the provision of such services at its sole cost and expense (or, at the Document Custodian’s option,
reimburse the Document Custodian for all costs and expenses incurred by the Document Custodian consistent with such instructions) and
will maintain such insurance against loss or damage to Collateral Files or other loan documents as the Company deems appropriate.

 

Notwithstanding the foregoing,
it is hereby expressly agreed that in the absence of express written instruction from the Company pursuant to the preceding terms, shipment
may be made by the Document Custodian in any instance by means of any recognized overnight delivery or shipping service (it being hereby
expressly acknowledged that United Parcel Service is one such recognized service, without implied limitation). All costs and risks of
shipment shall be borne by the Company, and it is hereby expressly agreed that in no event shall the Document Custodian have any liability
for any losses or damages to any Person, arising out of actions of the Document Custodian consistent with the instructions of the Company.
Any costs of shipment that may be incurred or paid by the Document Custodian from time to time may be billed by the Document Custodian
to the Company on a monthly basis and shall be due and payable when billed.

 

Section 8.              
Fees of the Document Custodian. It is understood that the Document Custodian will charge such fees for its services under this
Agreement as are set forth in a separate agreement (the “Fee Schedule”) between the Document Custodian and the Company,
the payment of which, together with the Document Custodian’s reasonable expenses (as described below) in connection herewith, shall
be solely the obligation of the Company. The final form of such Fee Schedule (as amended or modified by the parties) shall be binding
upon the parties, whether or not such Fee Schedule has been executed by the parties.

 

    7

     

    

 

The Company agrees to
pay or reimburse to the Document Custodian upon its request from time to time, any and all reasonable costs, disbursements, expenses
and indemnification amounts (including without limitation reasonable fees and expenses of legal counsel, agents and experts) paid or
incurred by the Document Custodian, in connection with (i) the preparation or execution of this Agreement, (ii) the
transactions contemplated hereby, (iii) the administration of this Agreement, (iv) the performance by the Document
Custodian of its duties and services under this Agreement or (v) the enforcement by the Document Custodian of this Agreement and its
indemnification rights hereunder, from time to time (including without limitation costs and expenses of any legal or other action
deemed necessary by the Document Custodian to collect any amounts owing to it under this Agreement).

 

Any such fees, expenses and
indemnification amounts payable pursuant to this Section 8 shall be due and payable within thirty (30) days of request by the Document
Custodian to the Company. If such fees, expenses and indemnification amounts are not paid within 30 days from request by the Document
Custodian, the Document Custodian may resign effective immediately, and shall ship all Collateral Files (in accordance with Section 7)
then held by the Document Custodian on behalf of the Company to the Company at its address as provided in Section 11.

 

The obligations of the Company
under this Section 8 and such separate agreement shall survive the termination of this Agreement and the resignation or removal of
the Document Custodian.

 

Section 9.              
Resignation or Removal of Document Custodian; Termination of Agreement.

 

(a)              
The Document Custodian may terminate its obligations under this Agreement upon sixty (60) days’ prior written notice to the
Company. In the event of such termination, (i) the Company shall appoint, by written instrument, a successor document custodian and
(ii) the Document Custodian, promptly upon payment of any unpaid fees, expenses and indemnification amounts due to the Document Custodian,
shall transfer to the successor document custodian, as directed, all Collateral Files being held by the Document Custodian under this
Agreement. The Document Custodian’s sole responsibility after the termination of its obligations as aforesaid shall be to safely
maintain all of the Collateral Files and to deliver the same to a successor document custodian; provided, that if a successor document
custodian has not accepted custodial responsibilities within the period set forth in the first sentence of this Section 9(a), the
Document Custodian may, at the expense of the Company, either (i) deliver all Collateral Files to the Company, or (ii) petition
any court of competent jurisdiction to name a successor document custodian. The Document Custodian shall not be responsible for the fees
and expenses of any successor document custodian. Upon delivery of the Collateral Files to any successor document custodian or to the
Company as provided in this paragraph, all duties and obligations of the Document Custodian shall cease and terminate. The payment of
all costs and expenses relating to the transfer of the Collateral Files (including any shipping costs) upon termination shall be the sole
responsibility of the Company.

 

    8

     

    

 

(b)               The
Company may at any time and without cause remove and discharge the Document Custodian from the performance of its duties under this
Agreement upon at least sixty (60) days’ written notice to from the Company to the Document Custodian. Such removal shall take
effect upon (i) the appointment of a successor document custodian by the Company, and (ii) delivery of all the Collateral
Files to the successor document custodian, which delivery shall be subject to, and shall be made promptly after, payment of the
Document Custodian’s unpaid fees, expenses and indemnification amounts. The payment of such successor document
custodian’s fees and expenses and all costs and expenses in connection with such transfer shall be the sole responsibility of
the Company. If a successor document custodian is not appointed by the Company within the aforementioned sixty (60) days, the
Document Custodian may, at the expense of the Company, deliver all the Collateral Files to the Company. Upon delivery of the
Collateral Files to the Company as provided in this paragraph, all duties and obligations of the Document Custodian shall cease and
terminate. The payment of all costs and expenses relating to the transfer of the Collateral Files (including any shipping costs)
upon termination shall be the sole responsibility of the Company.

 

(c)              
This Agreement shall terminate on the date on which the Company notifies the Document Custodian in writing that the Agreement is
terminated. Upon the Document Custodian’s receipt of both such written termination and the payment of any due and unpaid fees, expenses
and indemnification amounts, the Document Custodian shall, within a reasonable time, deliver any remaining Collateral Files to the Company
or its designee, as directed by the Company and at the Company’s expense (including any shipping costs).

 

Section 10.          
Representations.

 

(a)              
The Company hereby represents and warrants to the Document Custodian that it has the power and authority to enter into and perform
its obligations under this Agreement, and it has duly authorized and executed this Agreement so as to constitute its valid and binding
obligation and in giving any instructions which purport to be “Proper Instructions” under this Agreement, the Company will
act in accordance with the provisions of its governing documents and any applicable laws and regulations.

 

(b)              
The Document Custodian hereby represents and warrants to the Company that it is qualified to act as a custodian pursuant to Section
26(a)(1) of the 1940 Act, it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly
authorized and executed this Agreement so as to constitute its valid and binding obligations.

 

Section 11.          
Notices.

 

(a)              
Except as otherwise expressly provided herein, all Proper Instructions, notices or any other communications hereunder shall be
in writing and shall be sent (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service
or (iii) facsimile, .pdf transmission or electronic mail, to the Company or the Document Custodian at the following address, as applicable
(or such other address as either party may designate by written notice to the other party):

 

If to the Company, to:

 

SuRo Capital Corp.

640 Fifth Avenue

12th Floor

New York, New York 10019

Attention: Chief Compliance Officer

Telephone: (212) 931-6331

Email:
CFO@surocap.com

 

    9

     

    

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP

700
Sixth Street NW

Washington,
DC 20001

Attention:
Payam Siadatpour, Esq. 

Tel.:
(202) 383-0100

Email:
payamsiadatpour@eversheds-sutherland.com

 

If to the Document Custodian, to:

 

U.S. Bank National Association

1719 Otis Way

Florence, South Carolina 29501

Ref: SuRo Capital Corp.

Attention: Steven Garrett

Fax No.: (843) 676-8901

Email: steven.garrett@usbank.com

 

Section 12.          
Concerning the Document Custodian. The acceptance by the Document Custodian of its appointment hereunder is expressly subject
to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein
or herein).

 

(a)              
The Document Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Collateral
Files or the Collateral Documents except for such duties, obligations or responsibilities as are expressly and specifically set forth
in this Agreement as duties obligations or responsibilities on its part to be performed, and the duties obligations and responsibilities
of the Document Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities
shall be read into this Agreement against, or on the part of, the Document Custodian, including any responsibilities for the Company’s
compliance with the 1940 Act. Any permissive right of the Document Custodian to take any action hereunder shall not be construed as a
duty.

 

(b)              
The Document Custodian makes no representations as to and shall not be responsible for or required to verify (A) the validity,
legality, enforceability, due authorization, effectiveness, recordability, insurability, sufficiency, value, form, substance, or genuineness
of any of the documents contained in any Collateral File or (B) the collectability, validity, transferability, insurability, value, effectiveness,
perfection, priority or suitability of any Collateral File or any document contained therein.

 

(c)              
The Document Custodian shall have no responsibilities or duties with respect to any Collateral File while such Collateral File
is not in its possession.

 

    10

     

    

 

(d)              
 The Document Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction,
statement, certificate, request, waiver, consent, opinion, report, receipt, electronic transmission or other paper or document furnished
to it in accordance with this Agreement, not only as to its due execution and validity, but also as to the truth and accuracy of any information
therein contained, which it in good faith believes to be genuine and signed or presented by the proper person (which in the case of any
instruction from or on behalf of the Company shall be an Authorized Person). The Document Custodian shall be entitled to presume the genuineness
and due authority of any signature appearing thereon. The Document Custodian shall not be bound to make any independent investigation
into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt
or other paper or document, provided, however, that if the form thereof is specifically prescribed by the terms of this Agreement, the
Document Custodian shall examine the same to determine whether it substantially conforms on its face to the requirements set forth herein.

 

(e)              
Neither the Document Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment,
or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of
fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action constitutes gross negligence,
willful misconduct or bad faith of the Document Custodian.

 

(f)               
The Document Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within
powers conferred upon it, or taken by it pursuant to any direction or instruction received by it in accordance with this Agreement, or
omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.

 

(g)              
The Document Custodian may consult with, and obtain advice from, legal counsel selected in good faith, with respect to any question
as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the opinion or advice of such counsel shall
be full and complete authorization and protection in respect of any action taken, suffered, or omitted by the Document Custodian in good
faith in accordance with the advice or opinion of such counsel. The reasonable costs and expenses of such advice or opinion shall be reimbursed
by the Company pursuant to Section 8 hereof.

 

(h)              
No provision of this Agreement shall require the Document Custodian to expend or risk its own funds, take any action hereunder
(or omit to take any action) or otherwise incur any financial liability in the performance of its duties under this Agreement if it shall
have grounds for believing that repayment of such funds or indemnity satisfactory is not assured to it.

 

(i)                
The Document Custodian may act or exercise its duties or powers hereunder through agents or attorneys, and the Document Custodian
shall not be liable or responsible for the actions or omissions of any such agent or attorney appointed with due care.

 

(j)                
If the Document Custodian shall request instructions from the Company with respect to any act, action or failure to act in connection
with this Agreement, the Document Custodian shall be entitled to refrain from taking such action and continue to refrain from acting unless
and until the Document Custodian shall have received written instructions from the Company without incurring any liability therefor to
the Company, or any other Person.

 

    11

     

    

 

(k)              
 In no event shall the Document Custodian or its directors, affiliates, officers, agents and employees be held liable for any lost
profits or exemplary, punitive, special, indirect or consequential damages of any kind (including loss of profits or diminution in value)
resulting from any action taken or omitted to be taken by it or them hereunder or in connection herewith even if advised of the possibility
of such damages.

 

(l)                
The Document Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known
by a Responsible Officer of the Document Custodian or unless (and then only to the extent received) in writing by the Document Custodian
in accordance with Section 11 herein and specifically referencing this Agreement. Any other provision of this Agreement to the contrary
notwithstanding, the Document Custodian shall have no notice of and shall not be bound by any of the terms and conditions of any other
document or agreement unless the Document Custodian is a signatory party to that document or agreement.

 

(m)            
The Document Custodian shall not be responsible for the preparation or filing of any reports or returns relating to federal, state
or local income taxes with respect to this Agreement, other than in respect of the Document Custodian’s compensation or for reimbursement
of expenses; shall be under no obligation to verify the authenticity of any signature on any of the documents received or examined by
it in connection with this Agreement or the authority or capacity of any person to execute or issue such document, except as provided
in Section 6 of this Agreement with respect to Authorized Representatives; shall have no duty to ascertain whether or not any cash
amount or payment has been received by the Company or any third person and shall not be required to perform any cash movement functions
in relation to this Agreement; and shall not be required to value or produce a report detailing the value of the Collateral Files.

 

(n)              
Nothing in this Agreement shall be deemed to impose on the Document Custodian any duty to qualify to do business in any jurisdiction,
other than (i) any jurisdiction where any Collateral File is or may be held by the Document Custodian from time to time hereunder,
and (ii) any jurisdiction where its ownership of property or conduct of business requires such qualification and where failure to
qualify could have a material adverse effect on the Document Custodian or its property or business or on the ability of the Document Custodian
to perform its duties hereunder.

 

The provisions of this Section 12
shall survive the termination of this Agreement and the resignation or removal of the Document Custodian.

 

Section 13.           Force
Majeure. In no event shall any party hereto be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, events, circumstances or forces beyond its control,
including, without limitation, nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of
the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or
interruptions, computer viruses or the like, loss or malfunctions of utilities, communications or computer (software and hardware)
services, fires, floods, earthquakes or other natural disasters, civil or military disturbance, acts of war or terrorism, riots,
revolution, acts of God, work stoppages, strikes, accidents, national disasters of any kind, nuclear or natural catastrophes, or
other similar events or acts; errors by the Company (including any Authorized Representative) in its instructions to the Document
Custodian; or changes in applicable law, regulation or orders.

 

    12

     

    

 

Section 14.          
Indemnification. The Company agrees to indemnify and hold harmless the Document Custodian and its respective directors, officers,
employees, agents, designees, successors and assigns from and against any and all liabilities, obligations, damages, penalties, claims,
actions, judgments, suits, disbursements, losses, costs and expenses of any kind or nature, including reasonable fees and expenses of
legal counsel, court costs and costs of appeal arising from or connected with, the Document Custodian’s execution and performance
of this Agreement and the enforcement of any provision hereunder, its participation in any transaction contemplated hereby, or the relationship
between the Document Custodian and the Company created hereby, including but not limited to the claims of any third parties against the
Document Custodian, except to the extent such loss, liability or expense results from the gross negligence, bad faith or willful misconduct
on the part of the Document Custodian.

 

The foregoing indemnifications
shall survive the termination of this Agreement and the resignation or removal of the Document Custodian hereunder.

 

Section 15.          
Amendments. No amendment or waiver of any provision of this Agreement and no consent to any departure herefrom shall in any
event be effective unless the same shall be in writing (including a writing evidenced by a facsimile transmission, PDF or electronic mail)
and signed (whether by manual, facsimile, PDF or other electronic signature) by the parties hereto. The Document Custodian shall not be
required to execute any amendment that adversely affects its rights, duties, indemnities or immunities hereunder. However, with respect
to any change in review procedure, this Agreement may be amended by mutual agreement between the parties hereto in the form of consent
via electronic mail. Any such email shall reference this Agreement and shall specify that it is an amendment to the review procedures.

 

Section 16.          
Effective Waiver. In no instance shall any delay or failure to act be deemed to be or effective as a waiver by any party of
any right, power or term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed
by the party against whom it is to be charged.

 

Section 17.          
Severability. If any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby.

 

Section 18.          
Binding Effect; Governing Law. This Agreement shall be binding and inure to the benefit of the parties hereto and their respective
successors and assigns. This Agreement shall be construed in accordance with, and governed by the law of the State of New York, without
giving effect to the conflict of law principles thereof.

 

Section 19.          
Successors and Assigns; Third Party Benefit.

 

(a)               The
covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective
successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written
consent of the other party.

 

    13

     

    

 

(b)              
Any Person into which the Document Custodian may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion or consolidation to which the Document Custodian shall be a party, or any Person to which all or substantially
all of the document custody business of the Document Custodian may be sold or otherwise transferred, shall without the execution or filing
of any paper or further act on the part of any parties hereto become the successor document custodian hereunder (including, without the
prior written consent of the Company).

 

(c)              
This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not
be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to this Section 19.

 

Section 20.          
Entire Agreement; Counterparts. This Agreement, together with the exhibits, schedules and other writings referred to herein
or delivered pursuant hereto, constitutes the entire agreement and understanding of the parties with respect to the matters and transactions
contemplated by this Agreement and supersedes any prior agreement and understandings with respect to those matters and transactions. This
Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same agreement (and by facsimile, electronic mail, .pdf transmission or other electronic transmission,
which facsimile, electronic mail, .pdf transmission or other electronic transmission signatures shall be considered original executed
counterparts).

 

Section 21.          
Other Business. Nothing herein shall prevent the Document Custodian or any of its affiliates from engaging in other business,
or from entering into any other transaction or financial or other relationship with, or receiving fees from or from rendering services
of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Document Custodian
(and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment
as a result of or by virtue of the engagement or relationship established by this Agreement.

 

Section 22.          
Reproduction of Documents. This Agreement and all schedules, exhibits, attachments and amendment hereto may be reproduced by
any photographic, photostatic, microfilm, micro-card, miniature photographic, facsimile, .pdf, electronic mail or other similar process.
The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative
proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course
of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.

 

    14

     

    

 

Section 23.           Confidentiality.
The parties hereto agree that they and their advisors, including legal counsel, shall not disclose to any other Person and shall
keep confidential the terms and conditions of this Agreement (including fee arrangements) and any amendment, supplement,
Schedule or Exhibit hereto (“Confidential Information”). In the event that any party hereto or its
advisors breaches any provision of this section, then, in addition to any other rights and remedies available to the non-breaching
party, a non-breaching party shall be entitled to temporary and permanent injunctive relief against the breaching party without the
necessity of proving actual damages. Notwithstanding the foregoing, Confidential Information may be disclosed by a party to the
extent that (i) such party reasonably deems necessary to do so in working with taxing authorities or other governmental
agencies or regulatory bodies or in order to comply with any applicable laws, (ii) any portion of the Confidential Information
is required by law or requested by judicial or regulatory or supervisory process to be disclosed, or (iii) such disclosure is
necessary to establish, make effective or enforce the Company’s rights in the Collateral contained in the related Collateral
File held by the Document Custodian pursuant to this Agreement.

 

Section 24.          
Actions Necessary to Preserve Rights under Collateral Documents. Notwithstanding the Delivery of Collateral Files to the Document
Custodian, the Company acknowledges that the Document Custodian shall have no obligation to (i) collect or enforce any Collateral
Document, (ii) take action to preserve or maintain the obligations of any party obligated under any Collateral Document, (iii) take
action to protect, preserve or safeguard the rights of the Company against any Person under the Collateral Documents, or (iv) take
action to obtain, preserve, safeguard, continue, perpetuate or enforce rights against any collateral which may secure repayment of any
Collateral. The Company hereby expressly releases the Document Custodian from the obligation to take any such action.

 

Section 25.          
SUBMISSION TO JURISDICTION; WAIVERS. EACH OF THE COMPANY AND THE DOCUMENT CUSTODIAN HEREBY IRREVOCABLY AND UNCONDITIONALLY:

 

		A.	SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR
RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING
IN THE BOROUGH OF MANHATTAN, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS
FROM ANY THEREOF;

 

		B.	CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED
BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT
SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

 

		C.	AGREES THAT, WITH RESPECT TO THE COMPANY, SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED
BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS
SET FORTH IN SECTION 11 HEREIN OR AT SUCH OTHER ADDRESS OF WHICH EACH OTHER
PARTY HERETO SHALL HAVE BEEN NOTIFIED IN WRITING;

 

    15

     

    

 

		D.	AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND

 

		E.	WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 26.          
Compliance with Applicable Law. (a) In order to comply with laws, rules, regulations and executive orders in effect from time
to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable
Law”), the Document Custodian is required to obtain, verify and record certain information relating to individuals and entities
which maintain a business relationship with the Document Custodian. Accordingly, the Company agrees to provide to the Document Custodian
upon its request from time to time such identifying information and documentation as may be available for such party in order to enable
the Document Custodian to comply with Applicable Law.

 

(b)              
The Company hereby acknowledges receipt of the following notice:

 

“IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A NEW ACCOUNT

 

To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and
record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity,
a trust or other legal entity, the Document Custodian will ask for documentation to verify its formation and existence as a legal entity.
The Document Custodian may also ask to see financial statements, licenses, identification and authorization documents from individuals
claiming authority to represent the entity or other relevant documentation.”

 

Section 27.           Electronic
Signatures. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Document Custodian to
acknowledge and agree and the Document Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper
Instructions and any other notice, form or other document executed by the Company or the Document Custodian in connection with this
Agreement, by electronic signatures (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image
file, or any “electronic signature” as defined under E-SIGN or ESRA, which includes any electronic signature provided
using Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or
expense to the Document Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic
signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document
delivered via electronic mail from a person purporting to be an Authorized Representative shall be considered signed or executed by
such Authorized Representative on behalf of the Company. The Company also hereby acknowledges that the Document Custodian shall have
no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to
conclusively rely on any such electronic signature without any liability with respect thereto.

 

[SIGNATURES APPEAR ON NEXT PAGE.]

 

    16

     

    

 

IN WITNESS WHEREOF, the parties
have executed and delivered this Agreement as of the date and year first above written.

 

	 	SURO
    CAPITAL CORP., as Company
	 	 
	 	By: 	/s/ Allison Green
	 	Name: 	Allison Green
	 	Title: 	Chief Financial Officer, Chief Compliance Officer, Treasurer
and Corporate Secretary
	 	 
	 	U.S.
    BANK NATIONAL ASSOCIATION, as Document Custodian
	 	 
	 	By: 	/s/ Kenneth Brandt
	 	Name: 	 Kenneth Brandt
	 	Title: 	Vice PresidentDocument

Exhibit 10.1

EMPLOYMENT AGREEMENT

DATED    May 24, 2022
BETWEEN:
(1)    ENSCO SERVICES LIMITED, (No. 04605864) whose registered office is at Cannon Place, 78 Cannon Street, London, England, EC4N 6AF (the "Company"); and
(2)    MATTHEW LYNE, ("you")

WE AGREE AS FOLLOWS:

1.    Commencement of Employment

1.1    Your employment with the Company under the terms of this agreement (the "Agreement") will commence on 24 September 2022 or such earlier date on which the parties agree (the "Commencement Date"), following release from your current employment.  In the event that you secure an early release from your current employment then the Company will agree to bring forwards the Commencement Date to a date of your choosing provided: (i) the terms of your early release from your current employer do not entail post-employment restrictive covenants more onerous than those contained in your current terms and conditions of employment as at the date hereof; and (ii)  you give the Company not less than 10 days’ advance notice in writing of such earlier Commencement Date.  No employment with a previous employer counts towards your period of continuous employment with the Company.

1.2    Your employment with the Company is conditional upon: (a) your producing such documentation as the Company requires to establish your right to work lawfully in the United Kingdom; and (b) your satisfactory completion of such other customary background and related checks and drug screening as are required by the Company.  Should you fail to satisfy any of these conditions, then any offer of employment may be withdrawn and if already accepted, the Company may terminate your employment immediately without notice.

1.3    You will be provided with those rules, policies and procedures with which you must comply during your employment with the Company (the "Policies").  Although the Policies do not form part of your contract of employment with the Company and may be changed from time to time you are required to comply with the Policies, as made available to you, during the term of your employment with the Company.  To the extent that there is a conflict between the terms of this agreement and the Policies, then this agreement shall prevail.

2.    Job Title and duties

2.1    You will be employed as Senior Vice President and Chief Commercial Officer or in such other role as the Board may reasonably require and will report to the Chief Executive Officer of Valaris Limited (the "CEO") or such other person(s) as the Board may nominate from time to time.

 

2.2    You are required to carry out your duties to the best of your ability and use your best endeavours to promote the Company and its interests and those of the Group Companies generally. You are required to carry out your work faithfully and diligently and to devote the whole of your working time and attention to the duties assigned to you.

2.3    When carrying out your duties you must comply with the Company’s Policies and may not enter into any arrangement on behalf of the Company or any Group Company which is outside its normal course of business or the scope of any authority delegated to you.

2.4    You are required to comply with all reasonable and lawful directions given to you by the CEO and/or the Board.

2.5    You must immediately report to the Board the wrongdoing (including acts of misconduct, dishonesty, breaches of contract, fiduciary or statutory duty, company rules or the rules of the relevant regulatory bodies) whether committed, contemplated or discussed by you or any director or member of staff of the Company or any Group Company of which you become aware, irrespective of whether this may involve some degree of self-incrimination. 

2.6    We take a zero-tolerance approach to tax evasion. You must not engage in any form of facilitating tax evasion, whether under UK law or under the law of any foreign country. You must immediately report to the General Counsel of Valaris Limited any request or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made. 

2.7    All documents, manuals, hardware and software provided for your use by us, and any data or documents (including copies) produced, maintained or stored on our computer systems or other electronic equipment (including mobile phones) remain our property.

3.    Place of Work

3.1    Your normal place of work will initially be at your home address in London or South East England but you acknowledge and agree that you may be required to relocate your normal place of work to  such other location within a 35 mile radius of Central London, England as the Company may reasonably determine from time to time.  

3.2    You also agree to travel to and work at such other places, throughout the United Kingdom and the rest of the world, as the Company may require for the proper and efficient performance of your duties.  It is not currently envisaged that you would be required to work outside the United Kingdom for any continuous period of more than one month during the term of your employment.  

4.    Salary 

4.1    Your basic salary is £447,155 per year, less deductions for income tax, national insurance and other deductions required by law.  Your salary will accrue from day to day and will be payable monthly in arrears on or about the last day of each month.

4.2    Your salary may be reviewed from time to time at the Compensation Committee's absolute discretion.  However, there is no obligation to award an increase. 

 

4.3    The Company may deduct from your salary or other payments due to you any money which you owe to the Company or any Group Company at any time.

5.    Bonus and Annual Long-Term Incentive

5.1    Annual Cash Bonus: Subject to and in accordance with the rules and terms and conditions thereof, you will be eligible to participate in an annual short-term incentive bonus plan offered by Valaris Limited (“Valaris”)  that is similar in all material respects to that applicable to other executive officers of Valaris and any Group Company of equivalent seniority ("Annual Plan").  Your target annual incentive compensation under the Annual Plan is currently targeted at 90% of base salary.  It is acknowledged, notwithstanding the terms of the Annual Plan, you will be eligible to participate in the bonus plan in respect of your employment from the Commencement Date to the end of the performance period, subject to pro-ration to reflect days employed during the performance period.  You acknowledge that you have no contractual right to be paid for a bonus.  The fact that a bonus is paid in one or more years is no guarantee that bonuses will be paid in subsequent years.   

5.2    Long-Term Incentive: You will be eligible to participate in and will receive awards under Valaris’ long-term incentive award plans and programs as in effect from time to time at a level and on terms commensurate with similarly situated executive officers of Valaris and any Group Company of equivalent seniority (the “LTIP Awards”). As soon as reasonably practicable following commencement of your employment hereunder, you will receive an LTIP Award with a target value of USD 4,125,000 of which 80% (USD 3,300,000) will be granted in the form of performance share units and 20% (USD 825,000) will be granted as time-based RSUs. The value of these awards will be calculated using a 30-day trailing VWAP as of date upon which the Board approves your appointment as an officer of Valaris Limited (“Initial LTIP Award”). The LTIP Awards, including without limitation, the Initial LTIP Award, will be granted subject to the terms and conditions of the applicable plans and individual award agreements entered into between Valaris and you.

5.3    All bonuses are paid less deductions for income tax, national insurance contributions and other deductions required by law. Any bonus payment shall not be pensionable.

6.    Pension, Expenses and other Benefits

6.1    Pension.  You will be automatically enrolled into a retirement plan. Membership of and benefits under the plan are strictly subject to the rules of the plan and the tax reliefs and exemptions available from HM Revenue & Customs, in both cases as amended from time to time. During your employment hereunder, the Company shall contribute an amount equal to 4% of your basic salary or such other amount as the Company determines to contribute to the pension arrangements of its employees from time to time  (“Company Contribution”) into such retirement plan on your behalf, subject to the  rules of the plan and the tax reliefs and exemptions available from HM Revenue & Customs, in both cases as amended from time to time.  In the event that such rules, tax reliefs and exemptions do not permit the Company to pay the full amount of the Company Contribution into the plan in a tax efficient manner then the Company shall pay such portion into the plan as it is so permitted to pay in a tax efficient manner and will pay to you the outstanding balance of the Company Contribution as an additional allowance subject to such deductions for income tax, national insurance and otherwise as are required by law.     By entering into this contract of employment you consent to the Company deducting pension contributions from your salary at the rate required under the 

 

plan.  The Company reserves the right to terminate or amend its participation or sponsorship of the retirement plan, or to substitute another retirement plan in its place. 

6.2    Expenses.  You will be reimbursed all reasonable out-of-pocket expenses necessarily and properly incurred by you on the business of the Company or any Group Company provided you produce to the Company such evidence of actual payment of the expenses concerned as the Company reasonably requires and comply with any Company expense policy issued from time to time.

6.3    Other Benefits.   You shall be eligible to participate in the same benefit plans and programs in which other similarly situated employees who are based in the United Kingdom are eligible to participate, subject to the terms, conditions and limitations of the applicable plans and programs in effect from time to time and any applicable HM Revenue & Customs limits and other limits or restrictions under applicable law. The provision of any benefits shall not prevent the Company from terminating your employment at any time.

6.4    Further details of these benefits will be provided to you in due course. We may replace or withdraw such benefits, or amend the terms of such benefits, at any time on reasonable notice to you, provided that you are treated no less favourably than equivalent executives of Valaris or any Group Company who are similarly situated.

6.5    It is agreed that you will be:

6.5.1    covered by such directors and officers liability insurance  (if any) as is provided from time to time  by Valaris Limited and any Group Companies in which you hold office during the term of this Agreement for the benefit of its or their current executives (including in relation to those provisions which apply after a current executive has ceased to be so employed); and
6.5.2    entitled to the protection of such indemnification arrangements (if any) as is provided from time to time  by Valaris Limited and any Group Companies in which you hold office during the term of this Agreement for the benefit of its or their current executives on such terms as are available to those executives (including in relation to those provisions which apply after a current executive has ceased to be so employed).   

6.6    Furthermore, the Company shall cover:

6.6.1    Your reasonable legal costs incurred by you in connection with the negotiation of this Agreement subject to an aggregate maximum limit of £10,000 excluding VAT; and
  
6.6.2    Your reasonable accounting costs associated with (1) tax preparation services in the UK for all tax periods in which taxes fall due on payments or other compensation or equity you received or will receive from the Company or Valaris or any Group Company, including for the avoidance of doubt any such tax periods after termination of employment; and (2) the resolution of any tax disputes that may directly result from payments received in connection with your employment with the Company, whether arising during or after termination of employment. It is your responsibility to file all required returns and provide any required documentation on a timely basis to comply with the tax laws of the United Kingdom. The Company shall not be responsible for any penalties or interest incurred as a result of failure to timely 

 

file any return or timely provide any required information or documentation. Notwithstanding anything herein to the contrary, payment of third-party tax preparation services will only apply with respect to taxes due on payments and other compensation you received and will receive from the Company.

7.    Hours of Work

7.1    The Company’s core business hours are between 9:00 a.m. and 4:00 p.m. Monday to Thursday and 8:00 a.m. to 11:30 a.m. on Friday. You will be required to work such hours both during and outside the Company’s core business hours as may be necessary for the proper and efficient performance of your duties without extra remuneration.  You are asked to sign an opt-out from the 48 hour limit on weekly working time, which is attached as Schedule 1, but your employment is not conditional upon your signing the opt-out. 

8.    Annual Leave 

8.1    You are entitled to 33 days' paid annual leave during each holiday year (to be pro-rated during your first and final year of employment).  This is inclusive of fixed and floating public holiday dates. The Company’s holiday year is the calendar year and extends from 1st January to 31st December.  Annual leave must be taken in accordance with the Company’s leave policy from time to time.

8.2    If on termination of your employment you have or are likely to have any accrued but untaken holiday, then the Company may either:  (a) require you to take any accrued but untaken holiday during your notice period; or (b) make a payment to you in lieu of such accrued but untaken holiday.  If on the termination of your employment you have taken more holiday than your accrued entitlement at the date of termination of your employment, the Company shall be entitled to deduct the appropriate amount from any payments due to you.  For the purpose of this clause, each day of paid holiday is equal to 1/260 of your base salary.

8.3    Any accrued but unused holiday entitlement shall be deemed to be taken during any period of Garden Leave. 

9.    Sickness

9.1    If you are absent from work for any reason, you must comply with the Company’s sickness absence policy from time to time which also sets out your entitlement (if any) to sick pay, save that it is agreed that you will be treated no less favourably than equivalent executives of Valaris or any Group Company who are similarly situated in the provision of sick pay.  

9.2    You agree to consent to a medical examination (at the Company's expense) by a doctor nominated by the Company should the Company so require.

10.    Other paid leave

10.1    Details of various forms of statutory leave to which you are legally entitled can be found at: www.gov.uk/browse/employing-people/time-off. These may be supplemented by the Policies from time to time.

 

11.    Other Work

11.1    Save where permitted under the Policies from time to time, you will not at any time during your employment (whether directly or indirectly, paid or unpaid) be engaged, employed, concerned or interested in any other actual or prospective business, organisation or profession without the Company’s prior written approval.  

12.    Termination

12.1    Subject to the remainder of this clause 12, either party may terminate your employment under this  Agreement by giving to the other not less than six months’ prior written notice.

12.2    Subject to clauses 12.3 and 12.4 below, the Company may, in its absolute discretion, terminate your employment immediately at any time by making you a payment in lieu of notice equivalent to your basic salary over any unexpired period of notice (less tax, national insurance contributions and other deductions required by law).

12.3    The Company may terminate your employment without notice and without a payment in lieu of notice in the event that: (i) your actions constitute  Cause; or (ii) you have been absent from work through illness or injury for a continuous period of at least 6 months.

12.4    It is confirmed that you have been designated by the Valaris Compensation Committee to participate in the Valaris Executive Severance Plan (as amended from time to time, the "Severance Plan") subject to and conditional upon the rules, terms and conditions of the Severance Plan. It is agreed that if there is a qualifying event under the Severance Plan, you will be entitled to receive the severance benefits set forth in the Severance Plan (“Severance Benefits”), subject to and conditional upon you having previously executed a Settlement Agreement within 14 days of termination of your employment with the Company (which Settlement Agreement shall replace the Release required pursuant to Section 2.2 of the Severance Plan but which for the avoidance of doubt will not contain more onerous post-termination restrictions (in duration or scope) with respect to any non-compete and non-solicit than those contained in the Severance Plan).  It is further confirmed that in the event of termination by you for Good Reason (as defined in the Severance Plan) you will not be required to provide six months’ notice of termination of your employment, but will instead be required to follow the procedure set out in Section 1.17 of the Severance Plan (or any equivalent provision in the Severance Plan as amended from time to time).  You agree that the Severance Benefits will, for the avoidance of doubt, be inclusive of any payments or other benefits to which you would otherwise be entitled in connection with your employment or its termination (including any payment in lieu of any unexpired portion of your notice period).  The Company also confirms that the definition of Disability for the purposes of the Severance Plan would be satisfied in circumstances where you are unable to perform your duties as a consequence of illness or injury for a continuous period in excess of six months.

12.5    Our rights under Clause 12.3 are without prejudice to any other rights that we might have at law to terminate your employment or to accept any breach of this agreement by you as having brought the agreement to an end. Any delay by us in exercising our rights to terminate shall not constitute a waiver of these rights.

12.6    The Company may suspend you on full pay pending the outcome of a disciplinary investigation. Whilst on suspension the Company may impose the same conditions as apply to employees on garden leave (see below).

 

13.    Garden Leave

13.1    The Company shall be under no obligation to provide you with work during any period of notice to terminate your employment (or any part thereof), whether given by the Company or by you.  During such period the Company may: (a) require you to carry out different duties from your normal duties; (b) require you not to attend at work;  (c) require you to cease carrying out your duties altogether or to cease having any business dealings with the Company’s officers, employees, consultants, clients, suppliers, customers and prospective customers, agents, distributors, shareholders, advisers or other business contacts of ours; and/or (d) exclude you from any premises of the Company or any Group Company.  You will continue to receive your salary and all contractual benefits provided by your employment.  During such period you shall remain our employee and your duties of good faith and loyalty will continue to apply and, without limitation, you must comply with clause 11 above. 

14.    Intellectual Property

14.1    You will give the Company full written details of all Inventions and of all works embodying Intellectual Property Rights made wholly or partially by you at any time during the course of your employment with us.  You acknowledge that all Intellectual Property Rights subsisting (or which may in the future subsist) in all such Inventions and works shall automatically, on creation, vest in the Company absolutely.  To the extent that they do not vest automatically you hold them on trust for us. 

14.2    You hereby irrevocably waive all moral rights under the Copyright, Designs and Patents Act 1988 (and all similar rights in other jurisdictions) which you have or will have in any existing or future works referred to in clause 14.1 above. 

14.3    You agree to promptly execute all documents and do all acts (at the request and expense of the Company) as may, in the opinion of the Company, be necessary or desirable to give effect to clause 14.1 above or to vest or evidence title in any Intellectual Property Rights in the Company and to obtain, maintain and defend such rights in any country of the world. 

14.4    You irrevocably appoint every member of the Board to be your attorney in your name and on your behalf to execute documents, use your name and do all things which are necessary or desirable for us to obtain for ourselves or our nominee the full benefit of this clause.

15.    Confidentiality

15.1    You acknowledge that in the course of your employment you will have access to confidential information. You therefore agree to accept the restrictions in this clause 15. 

15.2    You shall not directly or indirectly (save in the proper course of your duties or as authorised by the Company in writing) use, disclose or communicate to any person, firm or entity any trade or business secrets or confidential information of or relating to the Company, any Group Company or their respective directors, employees, consultants, customers, suppliers, business partners and investors which you create, develop, receive or obtain during your employment.  This restriction shall continue to apply after Termination without limit in time.  Likewise, you shall use your best endeavours to prevent the use, disclosure or communication of such matters by others.

 

15.3    In this Agreement, confidential information includes, but is not limited to:

(a) corporate and business strategies and plans; (b) details of actual or prospective clients or customers (together with their requirements or potential requirements and contact details); (c) details of actual or prospective employees and consultants and their remuneration arrangements, other than your own; (d) details and terms of any investment, partnership, joint venture or other form of commercial co-operation or agreement; (e) internal operating systems, trade arrangements, terms of business and price lists not generally known to the public, including sales information, pricing policies, credit policies and procedures, profit margins, discounts, rebates, marketing information or strategies; (f) financial information including budgets, management accounts, financial models, spreadsheets, costings, sales forecasts, projections, estimates, or results, information relating to internal funding requirements or allocation of resources; (g) confidential aspects of computer technology including systems, confidential algorithms, information relating to proprietary computer hardware or software (including updates and source and object codes) which are not generally known to the public; (h) disputes (whether existing, pending, potential or threatened), settlement terms and legally privileged materials; (i) personal or special categories of personal data; (j) trade secrets, confidential techniques, technology, know-how, systems and processes used for the production or development of products and services, including manufacturing processes, formulations, formulae, recipes, raw materials and technical data and including information that is a trade secret as defined in Regulation 2 of the Trade Secrets (Enforcement, etc.) Regulations 2018, as amended; (k) research and development activities (including designs, applications, drawings or specifications of products and services contemplated or in the course of development, details of product or market testing), inventions, discoveries or improvements (whether patentable or not) and patent applications in the course of preparation; (l) details, designs, applications, drawings or specifications of products or services; (m) the identity of any investor in the Company and the details of their investment(s); (n) details of actual or potential suppliers; and (o) anything marked as confidential (or similar), which you are told is confidential, which you should realise is confidential, which is subject to an obligation of confidence owed to a third party, or which you should reasonably treat as being confidential; in all cases whether or not recorded in documentary form or stored on any magnetic or optical disk or memory.  

15.4    Reference to confidential information in this Agreement shall not include information which is  in the public domain at the time of its disclosure or which comes into the public domain after its disclosure otherwise than by reason of your breach of this Agreement.

15.5    Nothing in this agreement shall prevent you from:
15.5.1    reporting a criminal offence or suspected criminal offence to the police or any law enforcement agency or co-operating with the police or any law enforcement agency regarding a criminal investigation or prosecution; 
15.5.2    making a disclosure to, or cooperating with any investigation by, a government body or a regulator, ombudsman or supervisory authority or any other body responsible for exercising regulatory, supervisory, investigatory or prosecutory functions in relation to the matters in question, regarding any misconduct, wrongdoing or serious breach of regulatory requirements (including giving evidence at a hearing); 

 

15.5.3    complying with an order from, or giving evidence to, a court or tribunal of competent jurisdiction; 
15.5.4    making any other disclosure as required by law or regulatory obligation; or
15.5.5    making a protected disclosure under section 43A of the Employment Rights Act 1996 (as amended).

16.    Company Property 

16.1    You may not, except in the proper performance of your duties or with the Company’s permission: (a) remove any property belonging to the Company or any Group Company or relating to their affairs from their premises; or (b) make any copies or summaries of any documents or data relating to the Company, any Group Company or their affairs.  

16.2    Upon the Company’s request at any time and, in any event, on the termination of your employment: (a) you will immediately deliver up to the Company all property in your possession or control which belongs to the Company or any Group Company or relates to their business affairs, and which includes any plans, keys, mobile telephone, security passes, credit cards, customer lists, price lists, equipment, documents, records, papers, computer disks, tapes, computer hardware, memory, medium or devices (together with all copies of the same); and (b) if you have any information relating to the Company or any Group Company or work you have carried out for the Company or any Group Company which is stored on a device or medium (which for the purpose of this Agreement includes any personal computer, web-server, personal digital assistant, mobile telephone, memory, disk or any other storage medium) which does not belong to the Company, this must be disclosed to the Company and the Company shall be entitled to download the information and/or supervise its deletion from the device or medium concerned.  You will, at the Company’s request, furnish the Company with a written statement confirming that you have complied with your obligations under this clause 16.

17.    Disciplinary and Grievance Procedures

17.1    Your attention is drawn to the disciplinary and grievance procedures applicable to your employment which will be provided to you separately.  These procedures are of a policy nature only, may be changed from time to time and do not form part of your contract of employment.

18.    Data Protection and Information Systems

18.1    We will collect and process information relating to you in accordance with our privacy notice. 

18.2    You shall comply with our data protection policy when handling personal data in the course of your employment including personal data relating to any employee, worker, contractor, customer, client, supplier or agent of ours.

 

18.3    Our systems enable us to monitor telephone, email, voicemail, internet and other communications. In order to carry out its legal obligations as an employer (such as ensuring employee compliance with the Company's IT related policies), and for other business reasons, we may monitor use of systems including the telephone and computer systems, and any personal use of them, by automated software or otherwise. Monitoring is only carried out to the extent permitted or as required by law and as necessary and justifiable for business purposes.

19.    Compliance with Employment Rights Act 1996

19.1    This Agreement contains a statement of the applicable terms of your employment as required by section 1 of the Employment Rights Act 1996.  For the purposes of paragraph (c)(iii) of subsection 4 of section 1 of the Employment Rights Act 1996, your working hours and days are not variable. Save where expressly referred to in this Agreement, there are no particulars to be entered under any of the heads of paragraph (d) or (k) of subsection (4) of section 1 of the Employment Rights Act 1996, or under any of the other paragraphs of subsection (3) or (4) of that section.

20.    Miscellaneous

20.1    The following terms used in this Agreement have the following meanings:

(a)    "Board" means the board of directors of Valaris Limited;

(b)    "Cause" shall have the meaning given to such term in the Severance Plan;

(c)    "Compensation Committee" means the compensation committee of Valaris Limited;

(d)    "Garden Leave" means any period during which the Company has exercised its rights under clause 13;

(e)    "Group Company" means the Company and any undertaking in any jurisdiction which is from time to time: (a) a "group undertaking" of the Company (as defined by section 1161(5) of the Companies Act 2006); or (b) an "associated company" of the Company (as defined by section 416 of the Income and Corporation Taxes Act 1988), together the "Group Companies";    

(f)    "Intellectual Property Rights" means patents, rights to Inventions, copyright and related rights, trade marks, trade names and domain names, rights in get-up, rights in goodwill or to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to preserve the confidentiality of information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which may now or in the future subsist in any part of the world;

 

(g)    "Inventions" means inventions, ideas and improvements, whether or not patentable, and whether or not recorded in any medium; and

(h)    "Termination" means the termination of your employment howsoever arising.

20.2    There is no collective agreement which directly affects your employment.

20.3    You undertake that any notice period you are required to serve with a previous employer has expired and that by entering into this Agreement or performing any of your duties for the Company, you will not be in breach of any other obligation binding on you.  

20.4    The Company reserves the right to make reasonable changes to any of your terms of employment without prejudice to any right you may otherwise have under the Annual Plan, Severance Plan or Valaris’ long-term incentive award plans and programs in each case as in effect from time to time.  You will be notified in writing of any change as soon as possible and in any event within one month of the change.

20.5    Whilst nothing in this Agreement limits your common law duties, this Agreement is the entire agreement between the parties and is in substitution for and extinguishes any previous contract of employment, promises, assurances, warranties, representations or understanding between the Company and you relating to your employment, whether written or oral.  You represent and warrant that you are not entering into this Agreement in reliance on any representation not expressly set out in this Agreement and there are no other agreements or arrangements (whether written, oral or implied) between you and the Company or any Group Company.

20.6    If your employment is terminated at any time by reason of the reconstruction or amalgamation of any Group Company, whether by winding up or otherwise, and you are offered employment with any concern or undertaking involved in or resulting from the reconstruction or amalgamation on terms which are no less favourable to any material extent than the terms of this agreement, you shall have no claim against us or any such undertaking arising out of or connected with the termination. 

20.7    Any notice required to be given under this Agreement should be in writing. Notice may be given by either party by personal delivery or post or email addressed to the other party at (in the case of the Company) its registered office for the time being or by email to the head of Valaris’ Human Resources function and (in your case) your last notified postal or personal email address.  These notices will be deemed to have been given on the date of receipt if hand delivered, on the date of sending if sent by email and, if posted, on the day on which they would be delivered in the ordinary course of post.

20.8    This agreement may be executed in any number of counterparts, each of which shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

20.9    No one other than a party to this agreement shall have any right to enforce any of its terms.

 

20.10    Your terms of employment with the Company and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this Agreement or its subject matter or formation are governed by English law and the parties submit to the exclusive jurisdiction of the English Courts.

THIS AGREEMENT has been entered into on the date stated at the beginning of it.
									
	Signed by John Winton for and on behalf of ENSCO SERVICES LIMITED
		/s/ John Winton
Signatory

		
	
	Signed by Matthew Lyne		/s/ Matthew Lyne

 

									
			
			
			
			

SCHEDULE 1

Opt-Out from the 48 hour a week limit in the Working Time Regulations 1998

To:    [●]
I agree that, if so required, I will work more than 48 hours a week on average over any 17 week period and that the limit (specified in Regulation 4(1) of the Working Time Regulations 1998) shall not apply to me.
I understand that this will permit me to work for the Company for periods exceeding 48 hours per week when averaged over a 17 week period.
This consent shall apply indefinitely but shall be terminable at any time by me giving three months' written notice of this to the Company.
I have read, understood and agreed to the above of my own free will.

Signed:./s/ Matthew Lyne.................................................    Dated:May 24, 2022.............

    [●]

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