Document:

RSU Grant

    Exhibit
      10.1

    

      NON-EMPLOYEE
        DIRECTOR 2006 RESTRICTED STOCK UNIT GRANT

      PURSUANT
        TO THE TERMS OF THE

      ROWAN
        COMPANIES, INC. 2005 LONG-TERM INCENTIVE PLAN

       

      1.  Grant
        of Restricted Stock Units.
        Pursuant to the Rowan Companies, Inc. 2005 Long-Term Incentive Plan (the
“Plan”)
        Rowan Companies, Inc. (“Company”) hereby grants to ________________________
        (“Non-Employee Director”) 2,700 Restricted Stock Units (“RSUs”) with respect to
        Non-Employee Director’s annual service period that began April 22, 2005 (the
“2006 Grant”). Such RSUs shall be (i) credited to the RSU Account (described in
        Paragraph 3) and (ii) subject to the terms of the Plan (which is incorporated
        herein by reference) and this document. By acceptance of this RSU Grant,
        Non-Employee Director agrees to be bound by all of the terms, provisions,
        conditions and limitations of the Plan as implemented by the RSU Grant. All
        capitalized terms in the RSU Grant have the meanings set forth in the Plan
        unless otherwise specifically provided. 

       

      2.  Vesting.
        The
        2006 Grant shall be fully vested and nonforfeitable as of April 28, 2006;
        provided, however, that if Non-Employee Director resigns or is removed from
        the
        Board prior to such date, such 2006 Grant shall be forfeited.

       

      3.  Establishment
        of Accounts.
        Company
        shall maintain an appropriate bookkeeping record (the “RSU Account”) that from
        time to time will reflect the Non-Employee Director’s name, the number of vested
        and unvested RSUs credited to Non-Employee Director and the Fair Market Value
        of
        the RSUs credited to the Non-Employee Director. Fair Market Value of a RSU
        shall
        be deemed to be equal to the Fair Market Value of one share of Common Stock.
        The
        2006 Grant shall be credited to the Non-Employee Director’s RSU Account
        effective as of April 22, 2004.

       

      4.  Cash
        Dividends.
        As of
        each date on or after April 22, 2005 that cash dividends are paid with respect
        to Common Stock, to the extent that Non-Employee Director has any outstanding
        RSUs credited to his or her RSU Account, the Non-Employee Director shall
        have an
        additional amount credited to his or her RSU Account equal to the number
        of RSUs
        (rounded up to the nearest whole number) having a Fair Market Value equal
        to the
        dollar amount of dividends paid per share of Common Stock multiplied by the
        number of RSUs credited to Non-Employee Director’s RSU Account as of the payment
        date of such dividend.

       

      5.  Adjustments.

       

      (a)  Exercise
        of Corporate Powers.
        The
        existence of this Plan and any outstanding RSUs credited hereunder shall
        not
        affect in any manner the right or power of Company or its stockholders to
        make
        or authorize any or all adjustments, recapitalizations, reorganizations or
        other
        changes in the capital stock of Company or its business or any merger or
        consolidation of Company, or any issue of bonds, debentures, preferred or
        prior
        preference stock (whether or not such issue is prior to, on a parity with
        or
        junior to the Common Stock) or the dissolution or liquidation of the Company,
        or
        any sale or transfer of all or any part of its assets or business, or any
        other
        corporate act or proceeding of any kind, whether or not of a character similar
        to that of the acts or proceedings enumerated above.

       

      (b)  Recapitalizations,
        Reorganizations and Other Activities.
        In the
        event of any subdivision or consolidation of outstanding shares of Common
        Stock,
        declaration of a dividend payable in shares of Common Stock or other stock
        split, then (i) the number of RSUs and (ii) the appropriate Fair Market Value
        and other price determinations for such RSUs shall each be proportionately
        adjusted by the Committee or the Board to reflect such transaction. In the
        event
        of any other recapitalization or capital reorganization of the Company, any
        consolidation or merger of the Company with another corporation or entity,
        the
        adoption by the Company of any plan of exchange affecting the Common Stock
        or
        any distribution to holders of Common Stock of securities or property (other
        than normal cash dividends or dividends payable in Common Stock), the Committee
        or the Board shall, it its sole discretion make appropriate adjustments to
        (i)
        the number of RSUs and (ii) the appropriate Fair Market Value and other price
        determinations for such RSUs to give effect to such transaction; provided
        that
        such adjustments shall only be such as are necessary to preserve, without
        increasing or decreasing, the value of such units. In the event of a corporate
        merger, consolidation, acquisition of property or stock, separation,
        reorganization or liquidation, the Committee or the Board shall be authorized
        to
        issue or assume units by means of substitution of new units, as appropriate,
        for
        previously issued units or an assumption of previously issued units as part
        of
        such adjustment.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      6.  Payment
        of Amounts in the RSU Account.
        As of
        the final termination date of Non-Employee Director’s service on the Board, the
        aggregate Fair Market Value of all vested RSUs then credited to Non-Employee
        Director’s RSU Account shall be calculated by multiplying the Fair Market Value
        of a share of Common Stock on such date times the number of RSUs then credited
        to the Non-Employee Director’s RSU Account. Notwithstanding the foregoing, no
        amount shall be paid prior to the earliest date that such amount may be paid
        upon “separation from service” within the meaning of Code section 409A, without
        imposition of an excise tax.

       

      7.  Form
        of Payment.
        Payment
        to Non-Employee Director of amounts due hereunder shall be made in Common
        Stock,
        or at the discretion of the Committee in cash in a lump sum as soon as
        administratively feasible, but no later than sixty (60) days following the
        date
        Non-Employee Director becomes entitled to payment.

       

      8.  Death
        Prior to Payment.
        In the
        event that Non-Employee Director dies prior to payment, all RSUs shall become
        fully vested and immediately payable to Non-Employee Director’s designated
        beneficiary, or if none, to his or her estate. 

       

      9.  Change
        in Control.

       

      (a)  Change
        in Control.
        In the
        event of a Change in Control the Committee may waive all restrictions,
        conditions and/or limitations on payment in full under the RSU Grant; provided,
        however, that payment shall not be accelerated unless such Change of Control
        also constitutes a change of control event under section 409A of the Code
        and
        such acceleration of payment would not cause Non-Employee Director to be
        subject
        to excise tax pursuant to section 409A of the Code. 

       

      (b)  Right
        of Cash-Out.
        If
        approved by the Board prior to or within thirty (30) days after such time
        as a
        Change in Control (described above) shall be deemed to have occurred, the
        Board
        shall have the right for a forty-five (45) day period immediately following
        the
        date that the Change in Control is deemed to have occurred to require
        Non-Employee Director to transfer and deliver to Company the RSU Grant in
        exchange for an amount equal to the “cash value” (defined below) of the RSU
        Grant; provided, however, that the Board shall not have the right to accelerate
        payment or cash-out any RSU Grant if the exercise of such right would cause
        Non-employee Director to be subject to excise tax pursuant to section 409A
        of
        the Code. Such right shall be exercised by written notice to Non-Employee
        Director. The cash value of RSU Grant shall equal all cash to which Non-Employee
        Director would be entitled upon settlement of the RSU Grant as of the date
        of
        the Change in Control. The amount payable to Non-Employee Director by Company
        pursuant to this Paragraph 16(b) shall be in cash or by certified check.
        

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      10.  Unfunded
        Arrangement.
        Nothing
        contained herein shall be deemed to create a trust of any kind or create
        any
        fiduciary relationship. This RSU Grant shall be unfunded. Any funds invested
        hereunder shall continue for all purposes to be part of the general funds
        of
        Company. To the extent that Non-Employee Director has a right to receive
        payments from Company under the RSU Grant, such right shall not be greater
        than
        the right of any unsecured general creditor of Company and such right shall
        be
        an unsecured claim against the general assets of Company. Although bookkeeping
        accounts may be established with respect to Non-Employee Director, any such
        accounts shall be used merely as a bookkeeping convenience. Company shall
        not be
        required to segregate any assets that may at any time be represented by cash
        or
        rights thereto, nor shall this RSU Grant be construed as providing for such
        segregation, nor shall Company, the Board or the Committee be deemed to be
        a
        trustee of any cash or rights thereto to be granted under this Plan. Any
        liability or obligation of Company to any Non-Employee Director with respect
        to
        cash or rights thereto under this RSU Grant shall be based solely upon any
        contractual obligations that may be created by this RSU Grant, and no such
        liability or obligation of Company shall be deemed to be secured by any pledge
        or other encumbrance on any property of Company. Neither Company nor the
        Board
        nor the Committee shall be required to give any security or bond for the
        performance of any obligation that may be created by this RSU
        Grant.

       

      11.  Title
        to Funds Remains with Company.
        Amounts
        credited to Non-Employee Director’s Account shall not be specifically set aside
        or otherwise segregated, but will be combined with corporate assets. Title
        to
        such funds will remain with the Company and the Company’s only obligation will
        be to make timely payments to Non-Employee Director in accordance with the
        RSU
        Grant.

       

      12.  Assignability.
        No
        right to receive payment hereunder shall be transferable or assignable by
        Non-Employee Director except by will or the laws of descent and distribution
        or
        pursuant to a domestic relations order. Notwithstanding the foregoing, RSUs
        granted hereunder may be transferred with Committee approval, and with such
        restrictions as the Committee may impose to any of (i) the spouse, children
        or
        grandchildren (“immediate family members”); (ii) a trust or trusts for the
        exclusive benefit of one of more immediate family members; (iii) a partnership
        or limited liability company whose only partners, shareholders or member
        are
        Participant’s immediate family members or (iv) an organization that has been
        determined by the Internal Revenue Service to be exempt under Section 501(c)(3)
        of the Code. Following any transfer of RSUs by the Non-Employee Director,
        such
        RSUs shall remain subject to the same terms and conditions set forth in the
        Plan
        and this Agreement. Any attempted assignment of any benefit under this RSU
        Grant
        in violation of this Paragraph shall be null and void.

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      13.  Amendment
        and Termination.
        No
        amendment or termination of the RSU Grant shall be made by the Board or the
        Committee at any time without the written consent of Non-Employee Director.
        No
        amendment or termination of the Plan will adversely affect the rights,
        privileges and option of Non-Employee Director under the RSU Grant without
        the
        written consent of Non-Employee Director except as the Committee may deem
        necessary or advisable to prevent adverse tax consequences to the Non-Employee
        Director under Section 409A of the Code.

       

      14.  No
        Guarantee of Tax Consequences.
        Neither
        Company nor any Parent or Subsidiary nor the Board or Committee makes any
        commitment or guarantee that any federal or state tax treatment will apply
        or be
        available to any person eligible for the benefits under the RSU
        Grant.

       

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

       

      16.  Governing
        Law.
        The RSU
        Grant shall be construed in accordance with the laws of the State of Texas
        to
        the extent federal law does not supersede and preempt Texas law.

       

      Executed
        this ____ day of ______________, 2005.

       

      “COMPANY”

       

      

       

      ROWAN
        COMPANIES, INC.

       

      

       

      

       

      

       

      By:
        __________________________________

       

      Printed
        Name:___________________________

       

      Title:__________________________________

       

      Accepted
        this ____ day of ______________, 2005.

       

      “NON-EMPLOYEE
        DIRECTOR”

      

      

      

      
        By:
          __________________________________

         

        Printed
          Name:___________________________

         

        Title:__________________________________

         

         

         

        -5-Restricted Stock

    Exhibit
      10.2

    
 

    2005
      ROWAN COMPANIES, INC. LONG-TERM INCENTIVE PLAN

    2006
      RESTRICTED STOCK GRANT AGREEMENT

    

     

    THIS
      RESTRICTED STOCK GRANT AGREEMENT
      (this
“Agreement”) is made as of the 28th
      day of
April,
      2006
      (the
“Grant Date”), between Rowan Companies, Inc., a Delaware corporation (the
“Company”), and _______________
      (“Participant”).

     

    1. Grant
      of Restricted Shares.   To
      carry out the purposes of the 2005 Rowan Companies, Inc. Long-Term Incentive
      Plan (the “Plan”), and subject to the conditions described in this agreement
      (the “Agreement”) and the Plan, Rowan Companies, Inc., a Delaware corporation
      (the “Company”), hereby grants to Participant all rights, title and interest in
      the record and beneficial ownership of ______
      shares
      (the “Restricted Shares”) of common stock, $0.125 par value per share, of the
      Company (“Stock”). The grant of such Restricted Shares shall be effective as of
      the Grant Date. All capitalized terms not otherwise defined herein shall have
      the meanings set forth in the Plan, the terms of which are incorporated herein
      by reference. The Plan and this Agreement shall be administered by the
      Compensation Committee of the Board of Directors of the Company (the
“Committee”).

    

    2. Issuance
      and Transferability.   The
      Restricted Shares may be evidenced in such a manner as the Committee shall
      deem
      appropriate. Any certificates representing the Restricted Shares granted
      hereunder shall be issued in the name of the Participant pursuant to the terms
      of the Plan as of the Grant Date and shall be marked with the following
      legend:

    

    “The
      shares represented by this certificate have been issued pursuant to the terms
      of
      the 2005 Rowan Companies, Inc. Long-Term Incentive Plan and may not be sold,
      pledged, transferred, assigned or otherwise encumbered in any manner except
      as
      is set forth in the terms of the Restricted Stock Grant Agreement dated
      ___________.”

    

    Until
      restrictions lapse, the Restricted Share certificates shall
      be
      left on deposit with the Company along with a stock power (substantially in
      the
      form attached thereto as Exhibit A) endorsed in blank and shall
      not
      be transferable except by will or the laws of descent and distribution or
      pursuant to a domestic relations order. No right or benefit hereunder shall
      in
      any manner be liable for or subject to any debts, contracts, liabilities, or
      torts of Participant. Any purported assignment, alienation, pledge, attachment,
      sale, transfer or other encumbrance of the Restricted Shares, prior to the
      lapse
      of restrictions that does not satisfy the requirements hereunder shall be void
      and unenforceable against the Company. Notwithstanding the foregoing, in the
      case of Participant’s Disability or death, Participant’s rights under this
      Agreement may be exercised by Participant’s guardian or legal
      representative.

    

    3. Vesting/Forfeiture.   Participant
      shall vest in his rights under the Restricted Shares and any accumulated
      dividends described in Paragraph 5 hereof, and the Company’s right to reclaim
      such shares or dividends shall lapse with respect to one-third of the Restricted
      Shares, on each of the first, second and third anniversaries of the Grant Date
      (the “Vesting Dates”), provided that Participant remains continuously employed
      by the Company from the Grant Date to such Vesting Date. Notwithstanding the
      foregoing, however, all Restricted Shares not then vested shall vest immediately
      if Participant’s employment with the Company terminates due to Participant’s
      Disability or death. In the event of a Change of Control or Participant’s
      Retirement prior to vesting, the Committee may, in its sole discretion,
      accelerate vesting. If Participant’s employment with the Company terminates
      other than by reason of Retirement (as defined in Paragraph 4 below), Disability
      or death, the Restricted Shares (to the extent not then vested) shall be
      forfeited as of the date Participant’s employment so terminates. As soon as
      administratively feasible following the vesting of the Restricted Shares,
a
      Stock
      certificate evidencing the vested Restricted Shares, less the amount of Stock
      withheld pursuant to paragraph 7 hereof, shall be delivered without charge
      to
      the Participant, or his designated representative, free of all restrictions.
      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. Retirement.
      For
      purposes of this Agreement, Retirement by an Employee shall have occurred
      if:

    

    (a) in
      the
      case of an Employee who is an employee of Rowan Companies, Inc. or an employee
      of an Employing Company, as defined in the Rowan Pension Plan (the “Rowan
      Plan”), the Employee: (1) has satisfied the requirements for normal retirement
      pursuant to the rules of the Rowan Plan which, in terms of age, is a minimum
      of
      60, and (2) has requested and received authorization from the administrative
      committee appointed by the Company’s Board of Directors to administer the Rowan
      Plan to commence receiving pension benefits; or

     

    (b) in
      the
      case of an Employee who is an employee of LeTourneau, Inc. or an employee of
      an
      Employing Company, as defined in the LeTourneau Pension Plan (the “LeTourneau
      Plan”), the Employee: (1) has satisfied the requirements for either normal or
      late retirement pursuant to the rules of the LeTourneau Plan, (2) has requested
      and received authorization from the administrative committee appointed by the
      Board of Directors of LeTourneau, Inc. to administer the LeTourneau Plan to
      commence receiving pension benefits, and (3) would have satisfied the
      requirements for normal retirement pursuant to the rules of the Rowan Plan
      if he
      or she was an employee of Rowan Companies, Inc. or an employee of an Employing
      Company under the Rowan Plan.

     

    Determination
      of the date of termination of employment by reason of Retirement shall be based
      on such evidence as the Committee may require and a determination by the
      Committee of such date of termination shall be final and controlling on all
      interested parties.

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    5. Ownership
      Rights/Dividends.   Participant
      shall be entitled to all voting rights applicable to the Restricted Shares.
      Any
      cash dividends that may be paid on the Restricted Shares after the Grant Date
      shall be accumulated and held in an account or in escrow and held by
      the
      Company until such time as Participant
      shall vest in the Restricted Shares as described in paragraph 3 above.
Participant
      shall receive
      a cash
      payment equal to the portion of the dividends paid (reduced by the amount of
      any
      taxes required to be withheld with respect to such payment) with respect to
      the
      Restricted Shares as they become vested. All accumulated dividends attributable
      to unvested Restricted Shares shall be forfeited, if and to the extent that
      the
      underlying Restricted Shares are forfeited.

    

    6. Employment
      Relationship.
      For
      purposes of this Agreement, Participant shall be considered to be in the
      employment of the Company as long as Participant remains an Employee of either
      the Company, a parent or subsidiary corporation (as defined in section 424
      of
      the Code) of the Company, or a corporation or a parent or subsidiary of such
      corporation assuming this Agreement. Any question as to whether and when there
      has been a termination of such employment, and the cause of such termination,
      shall be determined by the Committee in its sole discretion, and its
      determination shall be final.

    

    7. Withholding
      of Taxes.
      The
      Company shall have the right to take any action as may be necessary or
      appropriate to satisfy any federal, state or local tax withholding obligations,
      including, but not limited to, the right to withhold cash or shares of Stock
      sufficient to pay the amount required to be withheld and to cause such Stock
      to
      be sold and the proceeds remitted to the Company. In the event that the proceeds
      of such sale shall exceed the legally required withholding amount, the Company
      shall remit the difference in cash to Participant. In the event that the
      proceeds of such sale are less than the legally required withholding amount,
      the
      Company may withhold the difference from any cash or Stock then or thereafter
      payable to Participant. Participant agrees that, if he makes an election under
      Section 83(b) of the Code with regard to the Restricted Shares, he will so
      notify the Company in writing within two (2) days after making such election,
      so
      as to enable the Company to timely comply with any applicable governmental
      reporting requirements.

    

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

    

    9. Recapitalization
      Events.   In
      the
      event of stock dividends, spin-offs of assets or other extraordinary dividends,
      stock splits, combinations of shares, recapitalizations, mergers,
      consolidations, reorganizations, liquidations, issuances of rights or warrants
      and similar transactions or events involving the Company (“Recapitalization
      Events”), then for all purposes references herein to Stock or to Restricted
      Shares shall mean and include all securities or other property (other than
      cash)
      that holders of Stock of the Company are entitled to receive in respect of
      Stock
      by reason of each successive Recapitalization Event, which securities or other
      property (other than cash) shall be treated in the same manner and shall be
      subject to the same restrictions as the underlying Restricted
      Shares.

    

    10. Status
      of Stock.
      If
      required, the Company will register for issuance under the Securities Act of
      1933, as amended (the “Act”), the shares of Stock acquired pursuant to this
      Agreement and to keep such registration effective. In the absence of such
      effective registration or an available exemption from registration under the
      Act, issuance of shares of Stock acquired pursuant to this Agreement will be
      delayed until registration of such shares is effective or an exemption from
      registration under the Act is available. The Company intends to use its
      reasonable efforts to ensure that no such delay will occur. In the event
      exemption from registration under the Act is available,
      Participant (or the person permitted
      to
      receive Participant’s shares in the event
      of
      Participant’s incapacity or death), if requested by the Company to do so, will
      execute and deliver
      to the Company in writing an agreement containing such provisions as the Company
      may require assuring
      compliance with applicable securities laws. The Company shall incur no liability
      to Participant for failure to register the Stock or maintain the
      registration.

    

    Participant
      agrees that the shares of Stock,
      which
      Participant may acquire pursuant to this Agreement,
      will
      not be sold or otherwise disposed of in any manner that would constitute a
      violation of
      any
      applicable securities laws, whether federal or state. Participant also agrees
      (i) that the certificates representing such shares of Stock may bear such legend
      or legends as the Committee
      deems appropriate in order to assure compliance with applicable securities
      laws,
      (ii) that the
      Company
      may refuse to register the transfer of the shares of Stock acquired pursuant
      to
      this Agreement on the stock transfer records of the Company if such proposed
      transfer would in the opinion of counsel satisfactory to the Company constitute
      a violation of any applicable securities law and (iii) that the Company
      may give related instructions to its transfer agent, if any, to stop
      registration of the transfer of
      such
      shares.

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

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

    

    12. Certain
      Restrictions.   By
      executing this Agreement, Participant acknowledges that he will enter into
      such
      written representations, warranties and agreements and execute such documents
      as
      the Company may reasonably request in order to comply with the terms of this
      Agreement or the Plan, or securities laws or any other applicable laws, rules
      or
      regulations.

    

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

    

    14. No
      Guarantee of Tax Consequences.   The
      Company makes no commitment or guarantee to Participant that any federal or
      state tax treatment will apply or be available to any person eligible for
      benefits under this Agreement.

    

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

    

    16. Governing
      Law and Venue.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of Texas. The courts in Harris County, Texas shall be the exclusive
      venue for any dispute regarding the Plan or this Agreement.

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

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

     

    

    

    ROWAN
      COMPANIES, INC.

    

    

    

    By:_____________________________________________                            Date:___________________________    

    Robert
      G.
      Croyle,

    Vice
      Chairman and Chief Administrative Officer

    

    

    PARTICIPANT:

    

    

    ________________________________________________                            Date:___________________________    

    

    Address:

    

    __________________________________________

    __________________________________________

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

    Exhibit
      A

    STOCK
      POWER

    

    

    FOR
      VALUE
      RECEIVED, ___________
      (“Transferor”)
      hereby
      sells, assigns and transfers unto Rowan Companies, Inc., ____________ shares
      of
      the common stock, $.125 par value (“Common
      Stock”),
      of
      Rowan Companies, Inc., a Delaware corporation (the “Company”),
      which
      shares of Common Stock are represented by certificate no(s).____________, and
      hereby irrevocably appoints W. H. Wells as attorney-in-fact to transfer such
      shares of Common Stock on the books of the Company, with full power of
      substitution on the premises.

    

    Dated:
      

    

    

    TRANSFEROR:

    

    

    

    

    

     

    Printed
      Name:     

    

    

    
-6-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]