Document:

Employment Agreement by and between DSP Group, Ltd. and Lior Blanka

 Exhibit 10.36 

 

 

 DSP Group Ltd. 
 5 Shenkar St. Herzelia 46120, Israel 
 Tel:+972-9-952-9696,
Fax:+972-9-954-1234 
 To: 

Lior Blanka 

Re: Your Employment at DSP Group Ltd. 
 We are pleased to ask you to join DSP Group Ltd (hereinafter: the “Company”) in accordance with the following Employment Terms: 
 1. Job Description 
  

	 	a.	Your position at the Company will be: Corporate Vice President & Cordless Division Manager 

 

	 	b.	Directly subordinate to: President 

2. Employment Terms 
 a. Salary

  

	1.	In consideration for your work at the Company, the Company will pay you the gross monthly sum of 44,000 New Israeli Shekels (hereinafter: “the Salary”),

 The Salary sum is gross and includes all the Salary components and various increases, and you will not be
entitled to receive any consideration or additional payment of any kind whatsoever, beyond the Salary, unless otherwise explicitly stated in this Agreement. 
  

	2.	In addition to the aforesaid, the Company will pay you an increase of 11,000 New Israeli Shekels as a Supplement Payment for working overtime and during special hours
(hereinafter: “the Supplement Payment “). 

  

	3.	The Salary and the Supplement Payment will be updated in accordance with the updating rates of the cost of living increases in the economy. 

b. Directors Insurance 
  

	1.	The Company will allocate amounts from your Salary and from the Supplement Payment, as specified in Sections 2a.1 and 2a.2 above, for the pension fund or provident fund
or Directors Insurance, at your discretion, according to the following details: 

  

	 	a)	8.33% of the Salary and the Supplement Payment on account of severance pay – at the Company’s expense. 

 

	 	b)	5% of the Salary and the Supplement Payment on account of benefits - at the Company’s expense. 

 

	 	c)	5% of the Salary and the Supplement Payment on account of benefits - at your expense 

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

	 	d)	Disability Income Insurance at the Company’s expense and in accordance with the Company’s procedures 

 

	2.	The company’s allocations for Directors Insurance as stated in Section 2b.1 above are on account of every other obligation to remit severance pay and/or
pension fund allocations, insofar as these exist according to law. 

  

	3.	If, in the future, the Company is required by law and/or expansion order applicable to the entire economy to allocate sums for an arrangement or comprehensive pension
fund, this allocation will be intended for the fund or the applicable new arrangement, in lieu of the arrangement in this Agreement, and the Company will not be able to withdraw sums on account of the deposits made into the previous arrangement, but
rather subject to the regulations of the fund and/or other appropriate fund. 

 c. In-service Training Fund 

During your period of employment at the Company, it will allocate sums to a professional development fund. These allocations will be calculated at the
rate of 7.5% of your Salary and the Supplement Payment on the Company’s account and at 2.5% of the Salary and the Supplement Payment on the employee’s account. 
 d. Vehicle 
  

	1.	The Company will provide you with a company vehicle (hereinafter: the “Vehicle”) as of the beginning date of your employment. 

 

	2.	The Company will pay all the Vehicle expenses except the car use value fee, which will be deducted from your monthly Salary. 

e. Annual Vacation 
  

	1.	During your employment period, you will be entitled to an annual vacation of 23 (twenty- three) working days. You must coordinate the time of your departure for
said vacation with your superior. 

  

	2.	Accumulation of vacation days for a duration exceeding the total vacation days due for two contractual years will not be allowed. 

 

	3.	The Company will be entitled to order you to take an annual vacation and use up to half of your annual vacation days, including departure for an organized, concentrated
vacation. 

 f. Sickness 
  

	1.	You are entitled to 30 (thirty) days’ sick leave per year, with the possibility of accumulating 3 (three) years’ sick leave, i.e. 90 (ninety) days.

  

	2.	Full payment for sick leave will be remitted from the first day. You must submit a doctor’s note. 

 

	3.	Accumulated sick leave may not be redeemed for money. 

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

 g. Reserve Duty 
  

	1.	Before taking time off for reserve duty, you must notify the Company upon receipt of your reserve duty order. 

 

	2.	The Salary for the reserve duty period will be paid to you in full, as stated above in this Agreement, subject to submission of an appropriate document verifying your
active reserve duty. 

 h. Your Eligibility for the Company’s Employee Option Plan 

The Company’s management will recommend that the DSP Group, Inc.’s Board of Directors grant you options to acquire 50,000 shares of the DSP
Group, Inc. common stock subject to the terms of the DSP Group Inc.’s employee stock option plan. 
 In order to dispel any manner of
doubt, it is hereby clarified that, in any case, approval to grant the aforementioned options is subject to approval by the DSP Group, Inc.’s Board of Directors and the Authorities, as specified in the 

i. Annual Bonus 
 It is customary to
allocate bonuses to some Company employees, and when management-level discussions of bonuses are held, the Company will decide, at its sole discretion and in accordance with common practice among members of management, whether to discuss your
eligibility for a bonus as well. 
 3. The Contractual Period and its Termination 

 

	a.	 This Agreement is valid as of the day it is signed by the parties to it. The contractual arrangement is for a period that is undetermined in advance.
The beginning date of your employment at the Company has hereby been determined as July 1st, 2007. 

 Each party will be entitled to terminate the
contractual arrangement by informing the other party in writing 3 (three) month in advance. The Company reserves the right to refrain from exploiting the notification period and/or from terminating your employment immediately. In this case, you will
be paid an early notification fee equal to the Salary and the Supplement Payment for the aforementioned period, on the basis of your last Salary. 
  

	c.	The Company will be entitled to terminate your employment without prior notification in the following cases: 

 

	 	1.	You have been convicted of a work-related criminal offense and/or an infamous offense. 

 

	 	2.	You have violated your duty of fidelity to the Company and/or committed an act constituting a conflict of interest. 

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

	 	3.	You have violated your obligation to maintain confidentiality as specified below in this Agreement and its appendices. 

 

	 	4.	You have maliciously harmed the Company or caused it damage in consequence of an act of gross negligence. 

4. Transfer of Allocations and Severance Pay 
 Should your employment be terminated, the Company will transfer to you all the allocations that you have accumulated in your name in the Directors Insurance Policy and/or the fund (hereinafter: the
“Allocations”). In any case, should your employment be terminated under circumstances that entitle you to severance pay, the Company shall act in accordance with the Severance Pay Law, 5723-1963. 

The following is a list of the reasons that will negate the transfer of the Company’s allocations in your name: 

 

	a.	The Company has dismissed you under circumstances entitling it to legally dismiss you without severance pay. 

 

	b.	You have violated your fiduciary duty and/or duty of confidentiality toward the Company, under this Agreement, and without derogating from the generality of the
aforementioned - violation of the Confidentiality Agreement attached as Appendix A to this Agreement and which constitutes an integral part thereof. 

  

	c.	You have been convicted of a criminal offense and/or infamous offense. 

  

	d.	You have stopped working at the Company without giving the required advance notification specified in Section 3b above. 

 

	e.	You have stopped working at the Company without transferring your job, as specified in Section 7 below. 

It is hereby clarified that your transfer from the employment framework of the Company to that of a new company that is established - if established as
part of the Company - and your employment at such a company, will not constitute termination of your employment or your resignation and/or dismissal from the Company, for the purpose of transferring the various allocations, including severance pay,
yet without derogating from the generality of the aforementioned, unless a significant change in your job occurs. 
 5. Working Hours

  

	a.	Scope of position: 100% 

  

	b.	As your position is among those requiring a special degree of personal trust, as defined in the Working Hours and Rest Law, 5711 - 1951, you will not be subject to the
provisions of this law. From time to time, the requirements of your position will necessitate your working beyond the customary hours and on Fridays. In these cases, you will not be paid for overtime. 

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

 6. The Duty of Fidelity and Avoidance of Conflicts of Interest 

 

	a.	You hereby undertake to carry out your job with dedication and fidelity; to use all your skills, knowledge and experience for the Company’s benefit and
advancement, at the highest, most efficient level and as the Company sees fit. In addition, you hereby undertake to act according to the Company’s instructions regarding everything related to the work performance, work arrangements, discipline
and conduct put into effect from time to time. 

  

	b.	 Once you begin working full time for the Company specified in Section 3a above, i.e. beginning on May 1st, 2007, you may not work at any other job and/or occupation as a
salaried employee and/or consultant and/or self-employed individual, be it directly and/or indirectly, unless you have the Company’s advance written approval to do so. In any case, you may not work in any capacity if said job conflicts with the
Company’s interests (a list of your current activities is attached as an appendix to this Agreement). 

  

	c.	Throughout the agreement period, you will not receive any payment or other benefit from any third party, be it directly or indirectly related to your job. It is hereby
clarified that a violation of this provision constitutes a violation of a fundamental condition of this Agreement, and, in addition, the aforementioned sum or benefit received by you will belong to the Company, which will be entitled to deduct the
said sum or the value of the benefit from all the sums due you from the Company. 

  

	d.	You will not carry out any action that constitutes harm to your fidelity to the Company and/or is liable to place you in a position of conflict of interest vis—vis
the Company. You hereby undertake to immediately inform the Company of any matter or issue in which you have a personal stake and/or any other action that is liable to place you in the aforementioned position. 

 

	e.	Commencement of your employment pursuant to this Agreement is conditional upon your signature on the Confidentiality Agreement attached to this Agreement as Appendix A,
and constitutes an integral part thereof. 

  

	f.	You hereby undertake to inform the Company’s CEO of any business opportunity related in any way to the information specified in Appendix A. You undertake to
refrain from designating yourself or any other person for such an opportunity, be it directly or indirectly, unless the CEO has given his advance written approval for same. 

 7. Transferring the Position 
 In the case of termination of your job, and/or expiration of
this Agreement for any reason whatsoever, you undertake to transfer your position - and without derogating from the generality of the aforesaid - and all the matters you handle and/or any information whatsoever in your possession and which relates
in any way to your job at the Company. Said transfer will be performed in an orderly and full manner, and include disclosure of any important detail regarding the Company’s dealings. You further undertake to transfer to the Company all the
documents, information, material, equipment, and the like, which you have received and/or prepared in relation to your job at the Company, up to termination of your job at the Company; said transfer will be performed in an orderly and full manner.

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

 8. Declaration of Confidentiality 
 You undertake to maintain confidentiality, both during and after your employment at the Company, as specified in the Pledge to Maintain Confidentiality attached to this Agreement as Appendix A, which
constitutes an integral part thereof. 
 11. Patents, Inventions and Trade Secrets 

 

	a.	The copyrights on any invention and/or patent and/or trade secret and/or professional secret and/or innovation whatsoever conceived by you and/or by any of the
Company’s employees subordinate to you during your Period of Employment at the Company and as part of your employment thereat will be the sole property of the Company. 

The Company will be entitled to protect an aforementioned invention and/or patent and/or trade secret by duly registering same or by
performing any other action, be it in Israel or anywhere else. 
 It is hereby clarified that you will not be entitled to
register the invention and/or patent and/or trade secret, or take any action related to them, except actions that are required for registration or exploitation of the aforementioned by or on behalf of the Company. The aforesaid will also apply to
the period following your employment at the Company. 
  

	b.	You undertake to inform the Company, in writing, of any invention and/or patent and/or trade secret conceived by you and/or by any of the Company’s employees
subordinate to you, once you become aware of same. (A description of a patent-in-process is attached hereto.) 

  

	c.	The aforesaid in this section is supplementary to Appendix A of this Agreement. 

 On the occasion of signing this personal employment contract, we welcome you to the Company and wish you the utmost satisfaction from your job. 
 We hope this will mark the beginning of many years of cooperation between us for your own personal benefit as well as that of the Company. 

 

	
	Sincerely yours,
	
	VP Human Resources
	
	DSP Group, Ltd.

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

 I have read this letter carefully and hereby consent to its contents. 

I know that the Salary conditions I have been offered, and those that will prevail during my employment, are personal, and that this letter constitutes a
personal, unique employment contract that formalizes my relationship with the Company; therefore, I hereby confirm my knowledge of the fact that I will not be subject to the provisions of any other agreements, including collective-bargaining
agreements, between the Company and its employees as long as this Agreement is valid, and I hereby undertake to maintain the confidentiality of said conditions. 
  

					
	Lior Blanka	  	May 7th, 2007	  	
			
	Signature	  	Date	  	
			
	ID No.	  		  	

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

 Appendix A to My Employment Agreement with DSP Group Ltd 

Pledge of Confidentiality 
  

			
	Whereas	  	I hereby request to be employed at DSP Group Ltd (Private Company No. 511354722);
		
	and whereas	  	the Company has clarified to me the importance it attaches to the obligations specified in this document below, including everything related to the maintenance of confidentiality
(hereinafter: “the Obligations”);
		
	and whereas	  	the Company has conditioned my employment at the Company on my pledge to fulfill them;
		
	and whereas	  	the “Company” for the matter of this obligation also includes the American parent company, D.S.P. Group, Inc. (hereinafter: “the American Company”), the
subsidiaries of the Company and those of the American Company;
		
	and whereas	  	I know that the Company took said obligations into account when it determined my Salary and eligibility for employee options (hereinafter; “the Employment
Terms”)
		
	and whereas	  	I have given my full consent to the limitations stemming from the obligations, after having understood their meaning, examined their scope and weighed the consideration for
them;
		
	and whereas	  	the Employment Terms agreed to between myself and the Company constitute, from my viewpoint, proper consideration for the obligations;
		
	and whereas	  	I hereby take the obligations upon myself;
		
	and whereas	  	I hereby undertake to fulfill the obligations that I have assumed;
		
	and whereas	  	I know that, on the basis of the aforementioned, the Company has consented to
		  	employ me;

 therefore, I hereby declare and undertake the
following: 
  

	1.	The preamble to this document constitutes an integral part thereof. 

  

	2.	Confidentiality 

  

	 	2.1	 I hereby undertake to maintain full and total confidentiality regarding everything directly or indirectly related to the Company and its business,
including professional and/or commercial information related to the Company inclusive of the aforesaid, I hereby undertake, both regarding Israel and any other place outside of Israel, not to reveal or make available to others any

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

	 	 
information whatsoever related to same in any form whatsoever, be it directly and/or indirectly, except information in the public domain (hereinafter: “the Confidential Information”),
and not to use said Confidential Information for my own personal needs or for the purpose of deriving any benefit for myself - or for others, be it during my employment period at the Company or during any other subsequent period, when the
Confidential Information is passed or revealed to me in consequence of my employment or during my aforesaid employment, be it by the Company, directly or indirectly, through hearing, sight or reading, including from third parties with whom the
company deals, as well as when the Confidential Information is the product of an idea or self-development during my employment period or as part of my aforesaid employment, except for the purpose of executing out my job during my employment period
at the Company. 

 In this Agreement - the Confidential Information regarding and/or concerning the Company,
including technical and commercial know-how and data (whether written or verbal), drafts, documents (reports, papers and records, assignation requests), descriptions, plans, software, hardware, trade secrets, including information related to the
Company’s customers, suppliers and business partners and/or to the Company’s production or marketing system, or which concerning the relations of the Company and/or its associated companies, control, are controlled, or are potentially or
actually affiliated with any third parties whatsoever, including customers, suppliers, banking institutions, governmental institutions, and private, quasi-public or public entities of any type, as well as any business, financial, commercial
know-how, financial statements and balances before their publication, and any internal information whatsoever that can affect the value of the Company’s shares, formulae, data, plans, patents, inventions, discoveries, innovations, improvements,
research, methods of any kind, progress in scientific, technical, economic, commercial or other developments, patent application letters, prototypes, samples, pictures, descriptions, blueprints, sketches, sun prints, booklets, models and
specification documents, lists, documentation, source and object codes, tapes, discs and other storage means, letters, records, record booklets, reports and flow charts, as well as information related to the Company’s current business and/or
business that the Company is going to conduct (as it will develop and as is described by the Company in its development plan booklet and business plans or in any other informational material on behalf of the Company) sales reports, short- and
long-term policy covering Company-related, products, product features, marketing methods, customer lists, price lists, discounts, supplier lists, business/commercial/financial contacts, economic calculations, including operating and product costs,
and every other thing and matter that contains Confidential Information or which is likely to serve as a source of Confidential Information, including any information of commercial, technical and non-technical value, be it written or unwritten,
data, a set of lists, models, specification documents, source and destination codes, processes, algorithms, computer magnetic tape, discs and other storage means that are tantamount to intellectual property or confidential material of the Company or
of any of its 

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

 
predecessors or of its associated companies, in whole or in part, and particularly including, without limitation, computer hardware, computer programmer’s plans and applications, price
matters and marketing information, as well as inventions that are not limited according to the definition of an invention as it is stipulated in the applicable Israeli or US patent laws, and each improvement or adaptation of the said information was
planned, developed or obtained by me or for the Company, directly or indirectly, provided that it is not information and/or an available product that is in the public domain or can be purchased freely from an independent third party, and everything
in relation to any matter related to the Company’s business and/or customers or which stems therefrom or is related in any way whatsoever, provided that is not in the public domain. 

 

	 	2.2	Without derogating from the generality of the aforesaid in Section 2.1 above, I hereby undertake not to reveal and/or transfer and/or sell – be it for
consideration or not for consideration - and/or to cause the exposure of the Confidential Information, directly or indirectly, and to take all the measures to maintain the confidentiality of the information and prevent said information from reaching
any third party whatsoever, person, body or corporation, other than my superiors at the Company or in accordance with their instructions for the purpose of fulfilling my duty as an employee of the Company. 

 

	 	2.3	I hereby undertake not to make any use of the information, be it in whole or in part, for my own needs or for other needs, directly or indirectly, other than for the
purpose of carrying out my tasks as an employee of the Company in accordance with the instructions given by my superiors, and not to make copies of the Confidential Information in any manner whatsoever or in any form whatsoever, except at the
instructions of the Company or anyone it has authorized to do so on its behalf. 

  

	 	2.4	I hereby undertake not to take any materials whatsoever that relate to the Confidential Information or the products, or any equipment from the Company, without
obtaining the advance express written consent of: (1) the Company’s president or CEO, or (2) a person who has been authorized to do so, in writing, by the Company’s president or CEO. 

 

	 	2.5	I know that my failure to safeguard any Confidential Information and/or my performance of an act construed as jeopardizing the security of the Confidential Information
will, for the matter of this document, be tantamount to passing on the Confidential Information without the Company’s consent, as stated above. 

  

	 	2.6	Without derogating from the statements above and below, I know that I do not, and will not, have any proprietary rights in the Confidential Information defined in this
document. 

  

	 	2.6.1	 I hereby undertake to inform the Company and/or those who come in its stead and/or its assignees of any inventions revealed to me during my Employment
Period at the Company and/or in consequence of my work 

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

	 	 
at the Company, and are related to the Company’s business and/or to the Confidential Information, and I hereby assign every interest I have, or will have, in said inventions for the benefit
of the Company and/or those who come in its stead and/or its assignees, without receiving any additional consideration for said assignation, provided that I will not be required to bear any expenses whatsoever for the aforementioned assignation. If
I create an invention that is registered as a patent either during my Employment Period at the Company or in consequence of my work at the Company, the Company will register my name on the patent documents as the inventor, provided that the Company
is convinced beyond all doubt that the invention was indeed created by me, and that said registration does not constitute an infringement upon the proprietary and/or other rights of the Company and/or those who come in its stead and/or its
assignees, in said invention and/or patent specified above. 

  

	 	2.6.2	I hereby undertake that, as long as I am required to do so, including during the period following termination of my employment for any reason whatsoever, I will sign
every document that the Company deems necessary for the submission of an application for a patent or copyrights in accordance with the laws of Israel, the US and/or any foreign country in order to protect the Company’s interest in the
aforementioned invention. 

  

	 	2.6.3	I hereby declare that, apart from the contents of Section below, I possess no interest in any patent or patent application whatsoever, and not even in material subject
to the copyrights, patents and patent applications urrently belonging to me. 

  

	 	2.6.4	Existing patents and/or pending patent applications, and/or research activities at the stage of patent registration submission: 

 

					
	1.	 	  
	 	
			
	2.	 	  
	 	
			
	3.	 	  
	 	
			
	4.	 	  
	 	

  

	 	2.7	I know that disclosure of the Confidential Information and/or any part thereof to any third party whatsoever is liable to cause the Company severe damage, and I hereby
undertake that I will not, in any way, perform an action involving a transfer and/or sale of the information and/or the products developed by the Company and/or existing products and/or which have been developed either by myself, in cooperation with
others - including customers of the Company - or in cooperation with any third party whatsoever, to customers of the Company or to others. 

 

 

 5 Shenkar St. Herzelia 46120, Israel 

Tel:+972-9-952-9696, Fax:+972-9-954-1234 
  

	 	2.8	I hereby declare my understanding that the nature of the Company’s business is such that, by entering into contractual arrangements with third parties, it
undertakes and/or is likely to undertake confidentiality obligations that also apply to its employees, and non-fulfillment of the aforementioned obligations will constitute, among other things, a contract violation between the Company and the third
party. I hereby undertake, therefore, to fulfill all said obligations as stipulated between the Company and the third party, as stated above. 

  

	 	2.9	I hereby undertake not to directly or indirectly damage the Company’s reputation of and/or its status among its actual and potential customers. I hereby undertake
to safeguard the confidentiality of information related to all the financial aspects of the Company’s activity, including relations with banking institutions and the customs and tax authorities, and the Company’s liabilities and rights
vis—vis third parties. Furthermore, I will safeguard the confidentiality of the information that comes into my hands and is related to entities such as the investment center, the Chief Scientist, the Company’s accountants and legal
advisors, and the like. 

  

	 	2.10	In order to dispel any manner of doubt, it is hereby stressed that my obligations as stated above will be in effect both during my Employment Period at the Company and
following termination of my employment at the Company for any reason whatsoever, and will also obligate my legal representatives, without time limitations. 

 

	 	2.11	I hereby agree that each document I have prepared and/or information I have obtained for the purpose of performing my job at the Company during my Employment Period at
the Company is the Company’s property that will be transferred to the Company immediately following my employment as specified below. Furthermore, I hereby undertake to return to the Company all information - be it in written or any other form
- that is or will be in my possession at any time, and I will do so immediately following conclusion of my employment for any reason whatsoever, or immediately on demand by the Company at any time. 

 

	3.	I again hereby declare my knowledge of the fact that the obligations in this document are especially important to the Company and constituted a precondition to my
employment and were taken into account when the Company determined the Employment Terms, and that I fully consented to the limitations stemming therefrom after having understood their meaning, examined their scope, and weighed the consideration for
them; therefore, I know that any violation of the obligations I have taken upon myself will grant the Company all the legal rights and remedies. 

  

			
	May 7th, 2007	 	    Lior Blanka
		
	Date	 	Employee’s SignatureChange of Control Policy

 Exhibit 10.23 
 CHANGE OF CONTROL POLICY 
 OF 

VANTAGE DRILLING COMPANY 
 (Effective as of November 29, 2010) 

 TABLE OF CONTENTS 

 

							
	 1.
	  	 PURPOSES
	  	 	1	  
			
	 2.
	  	 DEFINITIONS
	  	 	1	  
		  	 Accounting Firm
	  	 	1	  
		  	 Affiliate
	  	 	1	  
		  	 Base Salary
	  	 	1	  
		  	 Board
	  	 	1	  
		  	 Business Combination
	  	 	1	  
		  	 Business Day
	  	 	1	  
		  	 Cause
	  	 	2	  
		  	 Change of Control
	  	 	2	  
		  	 Code
	  	 	4	  
		  	 Common Stock
	  	 	4	  
		  	 Company
	  	 	4	  
		  	 Company Group
	  	 	4	  
		  	 Date of Termination
	  	 	4	  
		  	 Designated Beneficiary
	  	 	5	  
		  	 Director of People
	  	 	5	  
		  	 Dispute
	  	 	5	  
		  	 Disability
	  	 	5	  
		  	 Employment Agreement
	  	 	6	  
		  	 Effective Date
	  	 	6	  
		  	 Expatriate Employee
	  	 	6	  
		  	 Exchange Act
	  	 	6	  
		  	 Executive Officer
	  	 	6	  
		  	 Non-Executive Officer/VP
	  	 	6	  
		  	 Office Director
	  	 	7	  
		  	 Manager
	  	 	7	  
		  	 Good Reason
	  	 	7	  
		  	 Incentive Award
	  	 	8	  
		  	 Net After-Tax Benefit
	  	 	9	  
		  	 Notice
	  	 	9	  
		  	 Notice of Termination
	  	 	9	  
		  	 Participant
	  	 	9	  
		  	 Performance Bonus
	  	 	9	  
		  	 Person
	  	 	9	  
		  	 Protected Period
	  	 	10	  
		  	 Release
	  	 	10	  
		  	 Severance Payment Event
	  	 	10	  
		  	 Subsidiary
	  	 	10	  
		  	 Surviving or Successor Entity
	  	 	10	  
		  	 Target Bonus Amount
	  	 	10	  
		  	 Voting Securities
	  	 	11	  

  
 i 

							
	 3.
	  	 ELIGIBILITY
	  	 	11	  
			
	 4.
	  	 PAYMENTS UPON TERMINATION OF EMPLOYMENT
	  	 	11	  
		  	 (a) Severance Payment
	  	 	11	  
		  	 (b) Accelerated Vesting of Incentive Awards
	  	 	12	  
		  	 (c) Outplacement Assistance
	  	 	12	  
			
	 5.
	  	 RELEASE
	  	 	13	  
			
	 6.
	  	 TAX WITHHOLDING
	  	 	13	  
			
	 7.
	  	 PARACHUTE PAYMENT
	  	 	14	  
			
	 8.
	  	 REIMBURSEMENT OF EXPENSES
	  	 	15	  
			
	 9.
	  	 SCOPE OF POLICY
	  	 	15	  
			
	 10.
	  	 SUCCESSORS; BINDING AGREEMENT
	  	 	16	  
			
	 11.
	  	 NOTICE
	  	 	16	  
			
	 12.
	  	 NO MITIGATION
	  	 	16	  
			
	 13.
	  	 RESOLUTION OF DISPUTES AND COSTS
	  	 	17	  
			
	 14.
	  	 SURVIVAL
	  	 	18	  
			
	 15.
	  	 GOVERNING LAW; VALIDITY
	  	 	18	  
			
	 16.
	  	 REVIEW, AMENDMENT, AND TERMINATION
	  	 	18	  
			
	 17.
	  	 INTERPRETATION AND ADMINISTRATION
	  	 	18	  
			
	 18.
	  	 CLAIMS AND APPEALS
	  	 	19	  
			
	 19.
	  	 TYPE OF POLICY
	  	 	19	  
			
	 20.
	  	 NO DUPLICATION OF BENEFITS
	  	 	20	  
			
	 21.
	  	 NONASSIGNABILITY
	  	 	20	  
			
	 22.
	  	 INTERPRETIVE MATTERS
	  	 	20	  
			
	 23.
	  	 CODE SECTION 409A
	  	 	21	  
			
	 24.
	  	 ADOPTING EMPLOYER
	  	 	22	  
			
	 25.
	  	 NO EXCLUSIVITY
	  	 	22	  
			
	 26.
	  	 SEVERABILITY AND REFORMATION
	  	 	22	  
			
	 27.
	  	 EFFECTIVE DATE
	  	 	22	  
		
	 Exhibit A
	  	 	23	  
		
	 Exhibit B
	  	 	30	  

  
 ii 

 This Change of Control Policy (this “Policy”) was adopted by the Compensation and Benefits
Committee (the “Committee”) of the Board of Directors (the “Board”) of Vantage Drilling Company (the “Company”) on November 29, 2010 and shall be effective as of that date. 

 

	1.	PURPOSES: 

  

	 	(a)	It is in the best interest of the Company and its Subsidiaries to create incentives designed to motivate employees to put forth maximum effort toward the success and
growth of the Company and to enable the Company to attract and retain experienced individuals able to make important contributions to the Company’s success. 

 

	 	(b)	To attract and retain such individuals, it is important that the Company provide a stable and secure working environment for employees during periods of uncertainty,
particularly when the Company may be contemplating significant transactions or when speculation exists that such transactions may occur that would result in a Change of Control. 

 

	 	(c)	The Company’s failure to provide a stable and secure working environment for employees may result in employees seeking employment opportunities elsewhere,
including at competitors of the Company; and the loss of such employees would impair the Company’s performance and its ability to operate. 

  

	2.	DEFINITIONS: In this Policy, the following terms have the respective meanings: 

 

	 	(a)	“Accounting Firm” means a nationally-recognized, independent certified public accounting firm selected by the Company, provided that the firm selected
must be within the top 100 in the United States based on annual revenues for CPA firms in the preceding year. 

  

	 	(b)	“Affiliate” has the meaning ascribed to such term in Rule 12b-2 under the Exchange Act. 

 

	 	(c)	“Base Salary” means, with respect to each Participant, his or her highest annual rate of base salary (excluding any bonus or incentive compensation)
from the Company or any Subsidiary during the 12-month period immediately preceding the Participant’s Date of Termination. 

  

	 	(d)	“Board” means the then-current Board of Directors of the Company. 

 

	 	(e)	“Business Combination” means any merger, consolidation, statutory share exchange, reorganization, sale of all or substantially all of the
Company’s assets, or similar form of business transaction involving the Company that requires the approval of the Company’s shareholders. 

  

	 	(f)	“Business Day” means any day other than Saturday, Sunday, or other day on which commercial banks in Houston, Texas, are authorized or required by law
to be closed. 

  
 1 

	 	(g)	“Cause” means, for each Participant, such term as defined in his or her Employment Agreement or, if “Cause” is not defined in such Employment
Agreement or there is no Employment Agreement, any one or more of the following: 

  

	 	(i)	Material dishonesty, which is not the result of an inadvertent or innocent mistake, of the Participant with respect to the Company or any Subsidiary;

  

	 	(ii)	Willful misfeasance or nonfeasance of duty by the Participant intended to injure or having the effect of injuring in some material fashion the reputation, business, or
business relationships of the Company or any Subsidiary or any of their respective officers, directors, or employees; 

  

	 	(iii) 	Material violation by the Participant of any material term of his or her Employment Agreement; 

 

	 	(iv) 	Conviction of the Participant of any felony, any crime involving moral turpitude or any crime (other than a vehicular offense) which could reflect in some material
fashion unfavorably upon the Company or any Subsidiary; or 

  

	 	(v)	The Participant’s (A) failure to perform any of his or her fiduciary duties to the Company or any Subsidiary, (B) failure to make full disclosure to the
Company or any Subsidiary of all business opportunities pertaining to their business, (C) acting for his or her own benefit concerning the subject matter of his or her fiduciary relationship with the Company or any Subsidiary, or
(D) taking any action which he or she knows would not comply with the law as applicable to his or her employment, including the United States Foreign Corrupt Practices Act. 

No act or failure to act by the Participant shall be considered “willful” if such act is done by the Participant in the good
faith belief that such act is or was to be beneficial to the Company or one or more of its Affiliates, or such failure to act is due to the Participant’s good faith belief that such action would be materially harmful to the Company or its
Affiliate. Participant cannot be terminated for Cause unless and until there has been delivered to Participant a written Notice of Termination. 
  

	 	(h)	“Change of Control” means a change of control of the Company which results from the occurrence of any one or more of the following events:

  

	 	(i)	 The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a
“Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either (A) the then outstanding shares of common stock of the Company (the
“Outstanding Company Stock”) or (B) the combined voting power of the 

  
 2 

	 	 
then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that
the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company or any Subsidiary, (B) any acquisition by the Company or any Subsidiary or by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any Subsidiary, or (C) any acquisition by any corporation pursuant to a reorganization, merger, consolidation or similar business combination involving the Company (a “Merger”), if,
following such Merger, the conditions described in subsection (iii) (below) are satisfied; 

  

	 	(ii)	A reverse merger involving the Company or the parent of the Company (as defined in Code Section 424(e) or an equivalent non-corporate entity,
“Parent”), in which the Company or the Parent, as the case may be, is the surviving corporation but the shares of common stock of the Company or the Parent outstanding immediately preceding the merger are converted by virtue of the
merger into other property, whether in the form of securities, cash or otherwise, and the shareholders of the Parent immediately prior to the completion of such transaction hold, directly or indirectly, less than fifty percent (50%) of the
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of the surviving entity or, if more than one entity survives the transaction, the controlling entity; 

 

	 	(iii) 	Individuals who, as of the Effective Date, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

  

	 	(iv) 	 The effective date of a Merger, unless immediately following such Merger, (A) substantially all of the holders of the Outstanding Company Voting
Securities immediately prior to Merger beneficially own, directly or indirectly, more than fifty percent (50%) of the common stock of the corporation resulting from such Merger (or its parent corporation) in substantially the same proportions
as their ownership of Outstanding Company Voting Securities immediately prior to such Merger, and (B) at least a majority of the members of the board of directors of the corporation resulting from such Merger (or its parent corporation) were
members of 

  
 3 

	 	 
the Incumbent Board at the time of the execution of the initial agreement providing for such Merger; 

 

	 	(v)	The sale or other disposition of all or substantially all of the assets of the Company, unless immediately following such sale or other disposition,
(A) substantially all of the holders of the Outstanding Company Voting Securities immediately prior to the consummation of such sale or other disposition beneficially own, directly or indirectly, more than fifty percent (50%) of the common
stock of the corporation acquiring such assets in substantially the same proportions as their ownership of Outstanding Company Voting Securities immediately prior to the consummation of such sale or disposition, and (B) at least a majority of
the members of the board of directors of such corporation (or its parent corporation) were members of the Incumbent Board at the time of execution of the initial agreement or action of the Board providing for such sale or other disposition of assets
of the Company; or 

  

	 	(vi) 	The adoption of any plan or proposal for the liquidation or dissolution of the Company. 

Notwithstanding the foregoing provisions of this definition of Change of Control, to the extent that any payment (or acceleration of
payment) hereunder is (A) considered to be deferred compensation that is subject to, and not exempt under, Code Section 409A, and (B) payable due to the Change of Control, then the term Change of Control hereunder shall be construed
to have the meaning as set forth in Code Section 409A with respect to the payment (or acceleration of payment) of such deferred compensation, but only to the extent inconsistent with the foregoing provisions of the Change of Control definition
as determined by the Incumbent Board. 
  

	 	(i)	“Code” means the United States Internal Revenue Code of 1986, as amended, or any successor statute. A reference in this Policy to any section of the
Code includes any amendment or successor provision to such section and any Treasury Regulations promulgated under such section. 

  

	 	(j)	“Common Stock” means the ordinary shares, $.001 par value per share, of the Company. 

 

	 	(k)	“Company” means Vantage Drilling Company, a Cayman Islands corporation. 

 

	 	(l)	“Company Group” means the Company and all Subsidiaries considered together or as a group. 

 

	 	(m)	“Date of Termination” means, with respect to each Participant, the date on which the Participant’s employment with the Company Group terminates,
which shall be: 

  
 4 

	 	(i)	if the Participant’s employment is terminated by the Company or any Subsidiary without Cause, in accordance with the applicable provisions of the
Participant’s Employment Agreement (if any such provision applies), the date on which the Notice of Termination is given by the Company or the Subsidiary or a later date stated in such Notice of Termination; or 

 

	 	(ii)	if the Participant terminates his or her employment for Good Reason, in accordance with (A) the applicable provisions of the Participant’s Employment
Agreement or (B) if no such provision applies with respect to the Employment Agreement, then under the definition of Good Reason as set out in this Policy, the date on which the Notice of Termination for Good Reason is given by the Participant
or a later date specified in such Notice of Termination. 

 Notwithstanding the foregoing, unless mutually agreed
in writing by the Company and the Participant, in no event shall the Date of Termination occur unless and until the Participant experiences, and the Company and the Participant shall take all steps necessary (including with regard to any
post-termination services provided by the Participant) to ensure that any termination constitutes, a “separation from service” within the meaning of Code Section 409A. Notwithstanding anything contained herein to the contrary, the
date on which such a “separation from service” takes place shall be the “Date of Termination” with respect to any payment of deferred compensation hereunder that is subject to, and not exempt from or excepted under, Code
Section 409A. 
  

	 	(n)	“Designated Beneficiary” means the Participant’s surviving spouse, if any. If there is no such surviving spouse at the time of Participant’s
death, then the Designated Beneficiary hereunder shall be Participant’s estate. 

  

	 	(o)	“Director of People” means the Company’s chief human resources officer as then serving in such capacity. 

 

	 	(p)	“Dispute” means any dispute, disagreement, claim, controversy or cause of action arising in connection with or relating to this Policy, or to the
validity, interpretation, performance, breach, or termination of this Policy, including, without limitation, with respect to the Release. 

  

	 	(q)	“Disability” means with respect to each Participant: 

  

	 	(i)	the Participant’s being the subject of a currently effective legal decree or order of incompetency; 

 

	 	(ii)	if the Company Group then maintains a long-term disability plan for its employees (a “Disability Plan”), the Participant’s being
“disabled” (or the equivalent) or qualifying for income replacement benefits because of a “disability” (or the equivalent) under the Disability Plan; or 

  
 5 

	 	(iii) 	if the Company Group does not then maintain a Disability Plan, or if the Disability Plan does not then cover Participant for whatever reason, the written determination
by an independent, qualified physician selected by the Committee that, based on medically available reliable information, the Participant is unable, because of a medically determinable disease, injury, or other physical or mental disability,
substantially to perform, with or without reasonable accommodation, the material duties, responsibilities, authority, or functions of his position with the Company or any Subsidiary and that such inability has lasted, or is reasonably expected to
last, for at least 120 consecutive days or for at least 120 days within any consecutive 180-day period. 

 For the
determination of any physical or mental illness or disability for purposes of this Policy, the Participant shall (A) furnish such medical information as may reasonably be requested by the determining physician, (B) submit to any
examinations that may be reasonably required or requested by the determining physician, and (C) waive any applicable physician-patient privilege that may arise because of such examinations and consent to the release of personal health
information to the Company (or its delegate) on such form as is provided or approved by the Company for such purpose. 
  

	 	(r)	“Employment Agreement” means, with respect to each Participant, a written employment agreement between the Participant and the Company or a Subsidiary
as in effect at the relevant time, as such employment agreement may be amended or supplemented from time to time; provided, however, if there is no such Employment Agreement in at the relevant time for a Participant, then any reference in this
Policy to an Employment Agreement shall be disregarded and thus have no force or effect for purposes of this Policy with respect to such Participant. 

  

	 	(s)	“Effective Date” means the effective date of this Policy as set out in Section 27. 

 

	 	(t)	“Expatriate Employee” means any employee of the Company Group who was, immediately before a Change of Control, considered by the Company or any
Subsidiary as an expatriate employee under an Employment Agreement or under any policy of the Company Group regarding expatriate employees. 

  

	 	(u)	“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, or any successor statute. 

 

	 	(v)	“Executive Officer” means a Participant who was, immediately before a Change of Control, the Chief Executive Officer, the Chief Operating Officer, or
the Chief Financial Officer of the Company. 

  

	 	(w)	“Non-Executive Officer/VP” means a Participant who, immediately before a Change of Control, held the sub-grouping title of a “Non-Executive
Officer/VP” of the Company or a Subsidiary, as designated by the Director of People. 

  
 6 

	 	(x)	“Office Director” means a Participant who, immediately before a Change of Control, held the employment sub-grouping title of “Office
Director” in the Company or a Subsidiary, as designated by the Director of People. 

  

	 	(y)	“Manager” means a Participant who, immediately before a Change of Control, held the employment sub-grouping title of “Manager” or
“Specialist” in the Company or a Subsidiary, as designated by the Director of People. 

  

	 	(z)	“Good Reason” means, with respect to any Participant, the occurrence of any one or more of the following events which first occurs during the Protected
Period, except as a result of actions taken in connection with termination of the Participant’s employment for Cause or Disability, and without Participant’s specific written consent: 

 

	 	(i)	The assignment to the Participant of any duties that are inconsistent, in any material respect, with the Participant’s position, which in this definition includes
status, reporting relationship to the Board or corporate executives, office, title, scope of responsibility over corporate level staff or operations functions, or responsibilities as an officer or employee of the Company, or any other material
diminution in the Participant’s position, authority, duties, or responsibilities, other than, in any case or circumstance, an isolated and inadvertent action not taken in bad faith that is remedied by the Company within ten (10) Business
Days after Notice thereof to the Company by the Participant; 

  

	 	(ii)	The Company requires the Participant to be based at any office or location farther than forty (40) miles from the Participant’s principal office location
immediately before the Protected Period, except (A) for required business travel to the extent not substantially greater than the Participant’s travel obligations immediately before the Change of Control or (B) with respect to any
Participant who is an expatriate resident of a country during the Protected Period and whose employment position was therefore globally mobile immediately before the Protected Period, as determined in good faith by the Director of People based on
employment records; 

  

	 	(iii) 	If the Participant’s principal office location is the Company’s executive offices located in Houston, Texas, a relocation exceeding a distance of fifty
(50) miles from the Company’s current executive office location in Houston, Texas, except (A) for required business travel to the extent not substantially greater than the Participant’s travel obligations immediately before the
Change of Control or (B) with respect to any Participant who is an expatriate resident of a country during the Protected Period and whose employment position was therefore globally mobile immediately before the Protected Period, as determined
in good faith by the Director of People based on employment records; 

  
 7 

	 	(iv)	A diminution in the Participant’s Base Salary or annual target bonus opportunity of more than five percent (5%) from the highest amount in effect at any time
during the Protected Period; or 

  

	 	(v)	Any failure by the Company to obtain an assumption of this Policy by its successor in interest pursuant to Section 10, or any action or inaction that
constitutes a material breach by the Company of this Policy or any Employment Agreement. 

 Notwithstanding the
foregoing definition of “Good Reason”, the Participant cannot terminate his employment hereunder for Good Reason unless the Participant (1) first notifies the Board in writing of the event (or events) which the Participant believes
constitutes a Good Reason event (above) within sixty (60) calendar days from the first occurrence date of such event, and (2) provides the Company with at least thirty (30) calendar days to cure, correct or mitigate the Good Reason
event so that it either (A) does not constitute a Good Reason event hereunder or (B) Participant specifically agrees, in writing, that after any such modification or accommodation made by the Company, such event does not constitute a Good
Reason event hereunder. 
 The Participant’s mental or physical incapacity following the occurrence of any Good Reason event
(above) shall not affect the Participant’s ability to terminate employment for Good Reason, and the Participant’s death following delivery of a Notice of Termination for Good Reason shall not affect the Designated Beneficiary’s
entitlement to any benefits provided hereunder upon a termination of employment for Good Reason. Notwithstanding anything herein to the contrary, the Participant’s resignation under this Agreement, with or without Good Reason, shall not affect
the Participant’s ability to terminate employment by reason of the Participant’s retirement or to be eligible to receive benefits under any retirement plan of the Company and its Affiliates. 

This definition of “Good Reason” is intended to comply with the requirements for such a definition under Code Section 409A,
but only to the extent that Section 409A is applicable to the payment or benefit being provided under the Policy and, in that case only, the definition shall be interpreted in a manner that is consistent with such intent under
Section 409A. 
 Notwithstanding the foregoing, (A) termination for “Good Reason” shall exist with
respect to any such Good Reason event (above) only if (1) the Participant gives a Notice of Termination to the Company within 180 days after the end of the applicable cure period (above); and (2) in no event shall a termination by
the Participant occurring more than one year following the date of the initial occurrence or existence of the Good Reason event (above) be a termination for Good Reason that is due to such event. 

 

	 	(aa) 	 “Incentive Award” means a stock option, stock appreciation right, restricted stock award, restricted stock unit award, or other
equity-type award under any plan or 

  
 8 

	 	 
agreement in which the Participant has, or will (by the passage of time only and not based on the Participant’s performance) have, an interest in the capital stock of the Company or a
Subsidiary, or a right to obtain capital stock or an interest in capital stock of the Company or a Subsidiary. 

  

	 	(bb) 	“Net After-Tax Benefit” means (i) the Total Payments that a Participant becomes entitled to receive from the Company or a Subsidiary which would
constitute “parachute payments” within the meaning of Section 280G of the Code, less (ii) the amount of all United States federal, state and local income and employment taxes payable with respect to the Total Payments, calculated
at the maximum applicable marginal income tax rate, less (iii) the amount of excise taxes imposed with respect to the Total Payments under Section 4999 of the Code. The determination of whether a payment or benefit constitutes a
“parachute payment” shall be made either by tax counsel or an Accounting Firm, as selected by the Company. 

  

	 	(cc) 	“Notice” means a written communication complying with Section 11 of this Policy (“Notify” has the correlative meaning).

  

	 	(dd) 	“Notice of Termination” means a written Notice which (i) indicates the specific termination provision in the Policy or Employment Agreement that
is being relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Participant’s employment under the provision so indicated, and (iii) if
the Date of Termination is other than the date of receipt of such Notice, specifies the termination date (which date shall be not more than 30 days after the giving of such Notice). Any termination of Participant by the Company for Cause, or by the
Participant for Good Reason, shall be communicated by Notice of Termination to the other party. The failure by the Participant or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good
Reason or Cause shall not waive any right of the Participant or the Company, respectively, hereunder, or preclude the Participant or the Company, respectively, from asserting such fact or circumstance in enforcing the Participant’s or the
Company’s rights hereunder. 

  

	 	(ee) 	“Participant” means any employee of the Company Group who is an (i) Executive Officer, Non-Executive Officer/VP, Office Director, or Manager, and
(ii) is covered under the Policy pursuant to Section 3. 

  

	 	(ff) 	“Performance Bonus” means, for each Participant, a performance-based annual cash bonus that the Participant may earn from the Company or a Subsidiary,
as determined or approved by the Committee. 

  

	 	(gg) 	“Person” means any individual, firm, corporation, partnership, limited liability company, trust, or other entity, including any successor (by merger or
otherwise) of such entity, except for purposes of the definition of Change of Control herein which uses a definition of “Person” under the Exchange Act. 

  
 9 

	 	(hh) 	“Protected Period” means, with respect to any Participant, the period of time beginning on the date that is six (6) months immediately preceding a
Change of Control and ending twenty-four (24) months after the month containing the Change of Control. 

  

	 	(ii) 	“Release” means a General Release Agreement, as prepared by the Company, in substantially the form attached as Exhibit A to this Policy.

  

	 	(jj) 	“Severance Payment Event” means the termination of the Participant’s employment with the Company Group that results in a payment becoming due
under Section 4. Any termination of Participant’s employment that does not occur within the Protected Period shall not be considered a Severance Payment Event. Moreover, any transfer of the Participant’s employment from the
Company to an Affiliate, from an Affiliate to the Company, or from one Affiliate to another Affiliate, is not a termination of the Participant’s employment by the Company for purposes of this Policy (though any such transfer might, depending on
the circumstances, constitute or result in a termination of employment by the Participant for Good Reason). 

  

	 	(kk) 	“Subsidiary” means each of Vantage International Management Company PTE Ltd, Vantage International Payroll Company, and Vantage Energy Services, Inc.
In addition, the term “Subsidiary” hereunder shall include any corporation or other entity in which the Company, directly or indirectly, (i) owns at least 50% of the total combined voting power of the then outstanding securities or
interests of such entity entitled to vote generally in the election of directors or members of any similar governing body or (ii) has the right to receive at least 50% of the net profits, or 50% of the assets upon dissolution, liquidation, or
other termination, of the entity. 

  

	 	(ll) 	“Surviving or Successor Entity” means a corporation or other entity, other than the Company, that survives or results from a Business Combination with
direct or indirect ownership or control of all or substantially all of the business and assets of the Company. 

  

	 	(mm) 	“Target Bonus Amount” means, for each Participant, the amount equal to the annual average of the Performance Bonus(es) for a fiscal year of the Company
paid or payable to the Participant by the Company and any Affiliate for each of the three fiscal years of the Company that immediately precede the fiscal year in which the Change of Control occurs, but not less than the greater of
(i) Participant’s highest annual target bonus during any of such three preceding fiscal years or (ii) the Participant’s targeted bonus(es) for the fiscal year in which the Change of Control occurs. A bonus earned for a fiscal
year may be paid in the year following the fiscal year for which the bonus was earned but shall be counted for purposes of this definition in the year for which the bonus was earned. 

  
 10 

	 	(nn) 	“Voting Securities” means securities or other interests having by their terms ordinary voting power to elect members of the board of directors of a
corporation or individuals serving similar functions for a noncorporate entity. 

  

	3.	ELIGIBILITY: Each Executive Officer is automatically covered under this Policy. Each Non-Executive Officer/VP, Office Director and Manager who is employed on the
Effective Date and listed on Exhibit B hereto is covered under this Policy as of the Effective Date. After the Effective Date, any Executive Officer, Non-Executive Officer/VP, Office Director and Manager will be automatically covered under
this Policy when hired in such capacity as designated by the Director of People. For purposes of clarity, any employee in the Company Group (except any Executive Officer) who is employed on the Effective Date shall not be covered under the Policy if
not listed on Exhibit B as of the Effective Date. Any such employee could be later designated as being employed in a covered employment capacity after the Effective Date if so designated by the Director of People and recorded, in writing, in
the employment records of the Company. After the Effective Date, an employee who is hired as a Non-Executive Officer/VP, Office Director or Manager, as designated by the Director of People in the Company’s employment records, shall be covered
under this Policy without regard to Exhibit B (which only lists the covered employees who are covered Non-Executive Officer/VPs, Office Directors or Managers as of the Effective Date). 

Either the Committee or the Board, in its discretion, may terminate the participation under this Policy of any Participant at any time;
provided, however, a Participant’s participation in, and coverage under, this Policy cannot be terminated during the Protected Period without the Participant’s express written consent. 

 

	4.	PAYMENTS UPON TERMINATION OF EMPLOYMENT: If (a) a Participant’s employment with the Company Group is terminated either (i) by the Company or a Subsidiary
without Cause, but not because of the Participant’s Disability or death, or (ii) by the Participant for Good Reason, (b) the Participant’s Date of Termination is during the Protected Period, and (c) the Participant executes
and delivers to the Company a Release, then the Company or a Subsidiary will pay to the Participant, in a lump sum on the 60th day after the Date of Termination (or if such day is not a Business Day, the next Business Day), but only if the executed
Release has been delivered to the Company and has become irrevocable by that time, a cash payment in an amount equal to the sum of: 

  

	 	(a)	Severance Payment. If the Participant was, immediately before the Date of Termination (or before any event constituting Good Reason), in one of the following
employment categories (as defined in Section 2 of this Policy), the Severance Payment shall be computed as follows: 

  

	 	(i)	For an “Executive Officer”, the sum of the Participant’s Base Salary plus the Participant’s Target Bonus Amount multiplied by three (3);

  

	 	(ii)	For a “Non-Executive Officer/VP”, the sum of the Participant’s Base Salary plus the Participant’s Target Bonus Amount multiplied by two (2);

  
 11 

	 	(iii) 	For an “Office Director”, the sum of the Participant’s Base Salary plus the Participant’s Target Bonus Amount; or 

 

	 	(iv) 	For a Participant who is an employee with the title of “Manager”, the sum of the Participant’s Base Salary plus the Participant’s Target Bonus
Amount multiplied by 0.50 (50%); provided, however, if the employee is a “National Resident” of the country in which he is primarily employed by the Company or a Subsidiary (other than in the United States), as so designated by the
Director of People, each such National Resident employee is not covered under this Policy in any respect even though designated with a title of “Manager”, and such employee is not a Participant and thus not entitled to receive any benefits
hereunder. 

 Notwithstanding anything in this Policy to the contrary, if: (a) a Change of Control occurred
and the Participant’s employment with the Company was (1) terminated by the Company without Cause or (2) terminated by the Participant for Good Reason, within the six-month period immediately prior to the date on which the Change of
Control occurred, which Change of Control is a “change of control event” within the meaning of Code Section 409A, and (b) it is reasonably demonstrated by the Participant that such termination of employment (1) was at the
request of a third party who has taken steps reasonably calculated to effect such Change of Control or (2) otherwise arose in connection with or anticipation of such Change of Control, then such a termination of employment shall be defined
herein as an “Anticipatory Termination” for purposes of this Policy and be a Severance Payment Event hereunder. In the event of an Anticipatory Termination, any payments or other benefits that are deferred compensation subject to,
and not exempted under, Section 409A that the Company is required to make pursuant to Section 4 shall be paid within ten (10) Business Days following the date of the Change of Control, and any other payments or benefits
hereunder that are not deferred compensation subject to Section 409A shall be paid or commence as of the Business Day immediately following the Change of Control. 
  

	 	(b)	Accelerated Vesting of Incentive Awards. Notwithstanding any provision of this Policy to the contrary, in (i) the award agreement for the Incentive Award or
(ii) the plan under which the Incentive Award was granted, with respect to a Participant, each outstanding Incentive Award held by the Participant immediately before the Severance Payment Event and not yet exercised or forfeited (as the case
may be) will automatically accelerate and become fully vested, exercisable, and nonforfeitable upon the Severance Payment Event (to the extent the Incentive Award was not already fully vested and exercisable at such time), to the same extent as
though all requisite time had passed to fully vest the Incentive Award or cause it to become exercisable or nonforfeitable. 

  

	 	(c)	 Outplacement Assistance. The Company shall provide Participant with outplacement services during the twelve (12) month period following the
Date of Termination in an aggregate amount not to exceed $20,000. The Company shall establish reasonable procedures for the designation, review and approval of 

  
 12 

	 	 
outplacement services, as well as for the payment or reimbursement of the charges for such services. All requests for payment or reimbursement of outplacement services must be submitted to the
Company within eighteen (18) months following the Date of Termination and, upon receipt and approval, will be paid or reimbursed by the Company within thirty (30) Business Days thereafter. 

Notwithstanding the foregoing provisions of this Section 4, if a Participant receives or is entitled to receive any severance
payment or other severance benefit under an Employment Agreement or any other agreement with, or policy of, the Company or any Subsidiary, the benefit provided under this Section 4 to the Participant shall be reduced by the amount of
such other severance benefit, and the Participant shall be entitled to receive the greater of such severance benefits only and not any duplicate benefits. Pursuant to Section 5, the Company will provide to a Participant who may be
entitled to the severance benefit under this Section 4, on, or within five Business Days after, the Participant’s Date of Termination, a Release for execution and delivery by the Participant. 

If the Company’s stock at such time is publicly traded (as determined under Code Section 409A) and Participant is determined to
be a “specified employee” (as defined under Code Section 409A) as of the Date of Termination, such lump-sum payment, to the extent not exempt from or excepted under Section 409A, shall be made within five (5) Business Days
following the date which is six (6) months after the Date of Termination. 
  

	5.	RELEASE: As a condition to the receipt of the severance benefits that are described in Section 4 (the “Termination Benefits”), the
Participant must first execute and return to the Company the Release substantially in the form attached hereto as Exhibit A (with such changes to such form as the Company may reasonably require to reflect the circumstances relating to the
termination of the Participant’s employment and/or changes in applicable law). The Company shall deliver the Release to the Participant on, or within five (5) Business Days after, the Date of Termination. The Participant must return the
executed Release within 21 days of the date of his receipt of the Release unless another time period is required under applicable law. The Company shall also execute the Release; provided, however, that the Company may, in its sole discretion, waive
the requirement that the Release be executed by the Participant and the Company as a condition to the Participant’s receipt of the Termination Benefits. Notwithstanding any provision herein to the contrary, unless the Company has waived the
requirement for the Participant and the Company to execute the Release (as provided in the preceding sentence), no Termination Benefits shall be payable or provided by the Company unless and until the Release has been executed by the Participant,
has not been revoked, and is no longer subject to revocation by the Participant. The Release shall not release any claim or cause of action by or on behalf of Participant for (a) any payment or other benefit that is required under this Policy
or an Employment Agreement prior to the receipt thereof, or (b) a breach of this Policy or the Employment Agreement by the Company, except as may otherwise be expressly agreed by Participant. 

 

	6.	 TAX WITHHOLDING: The Company or a Subsidiary may withhold from all payments due to the Participant (or his Designated Beneficiary or estate) hereunder
all taxes which, 

  
 13 

	 	 
by applicable federal, state, local or other law, the Company or a Subsidiary is required to withhold therefrom. 

 

	7.	PARACHUTE PAYMENT: 

  

	 	(a)	Any payment or benefit received or to be received by a Participant in connection with a “change of control event” that would constitute a “parachute
payment” (each within the meaning of Section 280G of the Code), whether payable pursuant to the terms of this Policy or any other plan, arrangement, or agreement with the Company or Subsidiary (collectively, the “Total
Payments”), shall be reduced to the least extent necessary so that no portion of the Total Payments shall be subject to the excise tax imposed by Section 4999 of the Code, but only if, by reason of such reduction, the Net After-Tax
Benefit received by the Participant as a result of such reduction will exceed the Net After-Tax Benefit that would have been received by the Participant if no such reduction was made. If excise taxes may apply to the Total Payments, the foregoing
determination will be made by the Accounting Firm. The Company will direct the Accounting Firm to submit any such determinations and detailed supporting calculations to both any affected Participant and the Company within 30 days after the Date of
Termination or such other date on which a payment becomes due. 

  

	 	(b)	If the Accounting Firm determines that a reduction in payments is required by subsection (a) of this Section 7, the Total Payments shall be reduced in
the following order: (i) reduction of any cash severance payments otherwise payable to the Participant that are exempt from Section 409A of the Code; (ii) reduction of any other cash payments or benefits otherwise payable to the
Participant that are exempt from Section 409A of the Code, but excluding any payments attributable to any acceleration of vesting or payments with respect to any equity award that are exempt from Section 409A of the Code;
(iii) reduction of any other payments or benefits otherwise payable to the Participant on a prorata basis or such other manner that complies with Section 409A of the Code, but excluding any payments attributable to any acceleration of
vesting and payments with respect to any equity award that are exempt from Section 409A of the Code; and (iv) reduction of any payments attributable to any acceleration of vesting or payments with respect to any equity award that are
exempt from Section 409A of the Code, in each case beginning with payments that would otherwise be made last in time. 

  

	 	(c)	If applicable, the Participant and the Company will each provide the Accounting Firm access to and copies of any books, records and documents in their respective
possession, as reasonably requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the determinations and calculations contemplated by this Section 7. The fees
and expenses of the Accounting Firm for its services in connection with the determinations and calculations contemplated by this Section 7 will be borne by the Company. 

  
 14 

	8.	REIMBURSEMENT OF EXPENSES: 

 The
Company agrees to pay as incurred (within 10 Business Days following the Company’s receipt of an invoice from the Participant) at any time from the Effective Date through the Participant’s remaining lifetime (or, if longer, through the
20th anniversary of the Effective Date), to the full extent permitted by law, all reasonable legal fees and associated expenses which the Participant may reasonably incur as a result of any Dispute or other contest (regardless of the outcome
thereof) by the Company, the Participant or others of the validity or enforceability of, or liability under, any provision of this Policy or any guarantee of performance thereof (including as a result of any contest by the Participant about the
amount of any payment pursuant to this Policy), plus in each case accrued interest at the applicable federal rate provided for in Code Section 7872(f)(2)(A). The Participant shall be required to repay immediately any such amounts to the Company
or a Subsidiary to the extent that a court or an arbitrator issues a final and non-appealable order stating the determination that the position taken by the Participant was frivolous or advanced by the Participant in bad faith, plus accrued interest
using the same interest rate. 
 The Company’s obligation to make the payments provided for in this Policy and otherwise to
perform its obligations hereunder shall not be affected by any setoff, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Participant or others. 

In order to comply with Code Section 409A, in no event shall the payments by the Company under this Section 8 be made
later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred, provided that the Participant shall have submitted an invoice for such fees and expenses at least thirty (30) Business Days
before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the
amount of legal fees and expenses that the Company is obligated to pay in any other calendar year, and the Participant’s right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.

  

	9.	SCOPE OF POLICY: 

  

	 	(a)	Nothing in this Policy shall entitle a Participant to continued employment with the Company or any Subsidiary, or shall change any existing policy of the Company or any
Subsidiary regarding termination of employees generally. If a Participant’s employment with the Company Group terminates before or after the Protected Period, the Participant shall have no further rights under this Policy.

  

	 	(b)	This Policy is in addition to, and does not supersede or affect, any Employment Agreement or the Company’s 2007 Long-Term Incentive Compensation Plan or any
“Award” (as defined therein) granted thereunder. 

  
 15 

	10.	SUCCESSORS; BINDING AGREEMENT: 

  

	 	(a)	This Policy shall not be terminated by any Business Combination. In the event of any Business Combination, this Policy shall be binding upon the Surviving or Successor
Entity, and such Surviving or Successor Entity shall be treated as the Company hereunder. 

  

	 	(b)	The Company agrees that in connection with any Business Combination, it will cause any Surviving or Successor Entity unconditionally to assume all of the obligations of
the Company under this Policy to all Participants. As used in this Policy, the term “Company” shall mean the Company as previously defined and any successor to the Company. 

 

	 	(c)	The amounts payable to a Participant under this Policy shall inure to the benefit of, and may be enforced by, the Participant’s personal or legal representatives,
Designated Beneficiary, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Participant should die while any amounts would be payable to the Participant hereunder had the Participant continued to live, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Policy to the Designated Beneficiary. 

  

	11.	NOTICE: For purposes of this Policy, all Notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly
given upon delivery in person or by prepaid courier (or upon refusal of such delivery) or, if within the United States, on the fourth Business Day after deposit in the United States mail, certified and return-receipt requested, postage prepaid,
addressed as follows: 

  

			
	If to a Participant:	 	The address listed as the Participant’s current address in the Company’s personnel files.
	
	If to the Company or a Subsidiary: 
		
		 	 Vantage Drilling Company

777 Post Oak Blvd., Suite 800
 Houston TX
77056
 Attention: Vice President and General Counsel

 or (in any case) to such other address as the Participant or the Company may have furnished to the other in writing in accordance with this Section 11; except that a Notice of change of
address shall be effective only upon receipt. 
  

	12.	NO MITIGATION: A Participant shall have no obligation to seek other employment (including self-employment) or take other action by way of mitigation of the amounts
payable to the Participant under this Policy, and except as provided in the Release, such amounts shall not be reduced regardless of whether the Participant obtains other employment or becomes self-employed. 

  
 16 

	13.	RESOLUTION OF DISPUTES AND COSTS: 

  

	 	(a)	Any Dispute arising under or in connection with this Policy that is not resolved pursuant to Section 18 shall be submitted to mandatory and binding
arbitration in Harris County, Texas, before a sole arbitrator (the “Arbitrator”) selected from the American Arbitration Association (the “AAA”), and shall be conducted in accordance with the AAA’s Employment
Arbitration Rules as in effect at the time of the arbitration (the “AAA Rules”); except that provisional injunctive relief may, but need not, be sought by either a Participant or the Company in a court of law while arbitration
proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by the Arbitrator. Any issue concerning the location of the arbitration; the extent to which any
Dispute is subject to arbitration; the applicability, interpretation, or enforceability of this Section 13; and any discovery dispute shall be resolved by the Arbitrator. No potential arbitrator may serve as the Arbitrator unless he or
she has agreed in writing to be bound by provisions of this Section 13. To the extent state law is applicable, the Arbitrator shall apply the laws of the State of Texas without regard to its conflicts of law principles.

  

	 	(b)	Each party to an arbitration will, upon the written request of the other party, promptly provide the other with copies of all documents on which the producing party may
rely in support of or in opposition to any claim or defense and a report of any expert whom the producing party may call as a witness in the arbitration hearing. Additional discovery shall be conducted as permitted by the AAA Rules or as may be
ordered by the Arbitrator upon a showing of good cause. 

  

	 	(c)	All aspects of the arbitration shall be treated as confidential, and neither the parties nor the Arbitrator may disclose the existence, content or results of the
arbitration, except as necessary to comply with legal or regulatory requirements or to enforce any ruling, decision, determination, or award. Before making any such disclosure, a party shall give written notice to all other parties and shall afford
such parties a reasonable opportunity to protect their interests. 

  

	 	(d)	Final resolution of any dispute through arbitration may include any remedy or relief which the Arbitrator deems just and equitable, including any and all remedies
provided by applicable state or federal statutes. At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the Arbitrator’s award or decision is based.
Any award or relief granted by the Arbitrator hereunder shall be final and binding on the parties thereto and may be enforced by any court of competent jurisdiction. The Company and Participants acknowledge and agree that they are hereby waiving any
rights to trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other in connection with any matter whatsoever arising out of or in any way connected with this Policy. 

  
 17 

	 	(e)	The parties shall share all fees and costs payable to the Arbitrator or AAA equally, except that the Company will pay all fees and costs that are unique to arbitration
and/or in excess of the costs that would be incurred if the action were filed in a court of competent jurisdiction. All attorneys’ fees, witness fees and other costs shall be paid by the party that incurs those costs and expenses, except to the
extent that a party is entitled to recover those costs or expenses under applicable law as determined by the Arbitrator. 

  

	 	(f)	Notwithstanding the foregoing in this Section 13, the parties to any dispute or controversy may mutually agree to mediate any Dispute before or following
submission to arbitration. 

  

	 	(g)	Any court, tribunal or arbitrator which adjudicates any Dispute between a Participant and the Company, or any of their respective delegates or successors, in respect of
a Participant’s employment or termination of Employment, will apply a de novo standard of review to any determinations made by such person. Such de novo standard shall apply notwithstanding the grant of full discretion hereunder
to any such person or characterization of any such decision by such person as final, binding or conclusive on any party. 

  

	14.	SURVIVAL: The respective obligations of and benefits afforded to the Company and each Participant shall survive the termination of this Policy to the extent necessary
to give full effect to this Policy before such termination. 

  

	15.	GOVERNING LAW; VALIDITY: THE INTERPRETATION, CONSTRUCTION, PERFORMANCE, AND ENFORCEMENT OF THIS POLICY SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE PRINCIPLE OF CONFLICTS OF LAWS, AND APPLICABLE FEDERAL LAWS. THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION OF THIS POLICY SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF
ANY OTHER PROVISION OF THIS POLICY, AND SUCH OTHER PROVISIONS SHALL REMAIN IN FULL FORCE AND EFFECT. 

  

	16.	REVIEW, AMENDMENT, AND TERMINATION: This Policy and those employees of the Company Group who are Participants may be reviewed at any time, and shall be reviewed at
least annually, by the Committee. The Committee or the Board may amend or terminate the Policy at any time, without any prior written notice to any Participant; except that during the Protected Period for any particular Participant, the Policy
cannot be amended or terminated in any manner which is adverse to the interests of such Participant without the express written consent of such Participant. No amendment, termination or other modification of this Agreement shall be effective unless
stated in a writing that is duly adopted by the Committee or the Board. 

  

	17.	 INTERPRETATION AND ADMINISTRATION: The Policy shall be administered by the Committee, subject to any withdrawal of such authority by the Board (in
which case, the Board shall have such authority). The Committee and the Board shall have the 

  
 18 

	 	 
authority in its sole and absolute discretion to (a) exercise all of the powers granted to it under this Policy, (b) construe, interpret and implement this Policy, (c) prescribe,
amend and rescind rules and regulations relating to this Policy, (d) make all determinations necessary or advisable in administration of this Policy, (e) correct any defect, supply any omission and reconcile any inconsistency in the
Policy, and (f) amend this Policy to reflect changes in or interpretations of applicable law, rules or regulations. 

  

	18.	CLAIMS AND APPEALS: Participants may submit claims for benefits by giving Notice to the Company pursuant to Section 11. If a Participant believes that he or
she has not received coverage or benefits to which he or she is entitled under this Policy, the Participant may notify the Committee in writing of a claim for coverage or benefits. If the claim for coverage or benefits is denied, in whole or in
part, the Committee shall notify the applicant in writing of such denial within 30 days (which may be extended to 60 days under special circumstances), with such notice setting forth: (a) the specific reasons for the denial; (b) the
provisions of this Policy upon which the denial is based; (c) any additional material or information necessary for the applicant to perfect the claim; and (d) the procedures for requesting a review of the denial. Upon a denial of a claim
by the Committee, the Participant may: (i) request a review of the denial by the Committee or, where review authority has been so delegated, by such other person or entity as may be designated by the Committee for this purpose; (ii) review
any Policy documents relevant to the claim; and (iii) submit issues and comments to the Committee or its delegate that are relevant to the review. Any request for review must be made in writing and received by the Committee or its delegate
within 60 days of the date the applicant received notice of the initial denial, unless special circumstances require an extension of time for processing. The Committee or its delegate will make a written ruling on the applicant’s request for
review setting forth the reasons for the decision and the provisions of this Policy upon which the denial, if appropriate, is based. This written ruling shall be made within 30 days of the date the Committee or its delegate receives the
applicant’s request for review unless special circumstances require an extension of time for processing, in which case a decision will be rendered as soon as possible, but not later than 60 days after receipt of the request for review. All
extensions of time permitted by this Section 18 will be permitted at the sole discretion of the Committee or its delegate. If the Committee does not provide the Participant with written notice of the denial of the appeal of a denied
claim, the Participant’s claim shall be deemed denied at the end of such appeal period. 

  

	19.	TYPE OF POLICY: This Policy is intended to be, and shall be interpreted as, (a) an unfunded employee welfare plan under Section 3(1) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), and Section 2520.104-24 of the Department of Labor Regulations, maintained primarily for the purpose of providing employee welfare benefits, but only to the extent
that it provides welfare benefits, and (b) under Sections 201, 301 and 401 of ERISA, as a plan that is unfunded and maintained primarily for the purpose of providing deferred compensation, to the extent that it provides such compensation, in
each case for a “select group of management or highly compensated employees” as described in ERISA. To the extent applicable as determined by the Committee, the Policy shall be construed as a “bonus program” that is excepted from
coverage under ERISA. 

  
 19 

	20.	NO DUPLICATION OF BENEFITS: Except as otherwise expressly provided in this Policy, this Policy shall be construed and administered in a manner which avoids duplication
of compensation and benefits which may be provided under any other plan, program, policy, or other arrangement of the Company Group. In the event a Participant is covered by any other plan, program, policy, individually negotiated agreement or other
arrangement including, without limitation, any Employment Agreement, as in effect as of his or her Date of Termination, that may duplicate the Termination Benefits described in Section 4, the Company is specifically empowered to reduce
or eliminate only the duplicative payments or other benefits provided for under this Policy, and Participant shall be entitled to receive the greater of such benefits only and not any duplicate severance benefits. In taking such action, the Company
will be guided by the principles that (a) such a Participant will otherwise be treated no more and no less favorably than are other Participants who are not covered by such other plan, program, policy, individually negotiated agreement or other
arrangement, and (b) the provisions of such other plan, program, policy, individually negotiated agreement or other arrangement (including a special individual pension, a special deferral account and/or a special equity based grant) which are
not duplicative of the benefits provided for in Section 4 will not be considered in determining elimination and/or reductions in benefits under this Policy. In the event that the provision of any benefit under this Policy, rather than a
duplicative benefit under an Employment Agreement or any other arrangement, would constitute an impermissible acceleration or deferral of compensation for purposes of Code Section 409A, then the portion of such benefit that is equal to the
severance benefit provided under the Employment Agreement or other arrangement shall be provided in the same form and at the time as specified in the other arrangement. 

 

	21.	NONASSIGNABILITY: Benefits under this Policy may not be assigned by any Participant. The terms and conditions of this Policy shall be binding on the successors and
assigns of the Company and any adopting Subsidiary. 

  

	22.	INTERPRETIVE MATTERS: In the interpretation of this Policy, except where the context clearly otherwise requires: 

 

	 	(a)	“including” or “include” does not denote or imply any limitation; 

 

	 	(b)	“or” has the inclusive meaning “and/or”; 

  

	 	(c)	the singular includes the plural, and vice versa, and each gender includes each of the others; 

 

	 	(d)	captions or headings are only for reference and are not to be considered in interpreting the Policy; 

 

	 	(e)	“Section” refers to a Section of the Policy, unless otherwise stated in the Policy; 

 

	 	(f)	“month” refers to a calendar month; and 

  

	 	(g)	a reference to any statute, rule, or regulation includes any amendment thereto or any statute, rule, or regulation enacted or promulgated in replacement thereof.

  
 20 

	23.	CODE SECTION 409A: 

  

	 	(a)	Notwithstanding anything to the contrary in this Policy, with respect to any amounts payable to a Participant under this Policy in connection with a termination of the
Participant’s employment that would be considered “non-qualified deferred compensation” that is subject to Section 409A of the Code, in no event shall a termination of employment be considered to have occurred under this Policy
unless such termination constitutes the Participant’s “separation from service” with the Company Group as such term is defined in Treasury Regulation Section 1.409A-1(h), and any successor provision thereto (“Separation
from Service”). 

  

	 	(b)	Notwithstanding anything to the contrary in this Policy, to the maximum extent permitted by applicable law, the severance payment payable to the Participant pursuant to
this Policy shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9)(iii) (relating to separation pay plans) or Treasury Regulation Section 1.409A-1(b)(4) (relating to short-term deferrals). However, to the extent any such
payments are treated as “non-qualified deferred compensation” subject to Section 409A of the Code, and if the Participant is deemed at the time of his Separation from Service to be a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed payment of the Severance Benefit to which the Participant is entitled under this Policy is required in order to avoid a prohibited payment under Section 409A(a)(2)(B)(i) of
the Code, such severance payment shall not be made to the Participant before the earlier of (A) the expiration of the six-month period measured from the date of Participant’s Separation from Service or (B) the date of
Participant’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 23(b) shall be paid in a lump sum to the Participant (or to the Participant’s Designated Beneficiary in the event of death).

  

	 	(c)	The determination of whether the Participant is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his
Separation from Service shall be made by the Company in accordance with the terms of Section 409A of the Code, and applicable guidance thereunder (including Treasury Regulation Section 1.409A-1(i) and any successor provision thereto).

  

	 	(d)	 Notwithstanding anything to the contrary in this Policy or in any separate Company policy with respect to such payments, any in-kind benefits and
reimbursements provided under this Policy during any tax year of the Participant shall not affect in-kind benefits or reimbursements to be provided in any other tax year of the Participant and are not subject to liquidation or exchange for another
benefit. Notwithstanding anything to the contrary in this Policy, reimbursement requests must be timely submitted by the Participant, and if timely submitted, reimbursement payments shall be made to the Participant as soon as administratively
practicable following such submission in accordance with the Company’s policies regarding reimbursements, but in no event later than the last day of the Participant’s taxable year following the taxable year in which the

  
 21 

	 	 
expense was incurred. This Section 23(d) shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to the Participant.

  

	 	(e)	This Policy is intended to be written, administered, interpreted and construed in a manner such that no payment under this Policy become subject to (i) the gross
income inclusion set forth within Section 409A(a)(1)(A) of the Code or (ii) the interest and additional tax set forth within Section 409A(a)(1)(B) of the Code (collectively, “Section 409A Penalties”), including, where
appropriate, the construction of defined terms to have meanings that would not cause the imposition of Section 409A Penalties. For purposes of Section 409A of the Code (including for purposes of Treasury Regulation
Section 1.409A-2(b)(2)(iii)), each payment that the Participant may be eligible to receive under this Policy shall be treated as a separate and distinct payment and shall not collectively be treated as a single payment.

  

	24.	ADOPTING EMPLOYER: Each Subsidiary shall automatically be an adopting employer of this Policy without the need for any further action by the Company or such Subsidiary,
unless otherwise expressly stipulated in writing by the Board at a time prior to the Protected Period with respect to such Subsidiary or any particular employee or Participant who is employed by the excluded Subsidiary. 

 

	25.	NO EXCLUSIVITY: Except as expressly provided herein, this Policy shall not prevent or limit the Participant’s participation in any plan or program of the Company
or an Affiliate for which the Participant qualifies, nor shall it impair any rights that the Participant may have under any other plan, program, contract or agreement with the Company or an Affiliate. 

 

	26.	SEVERABILITY AND REFORMATION: It is the desire of the Company that this Policy be enforced to the maximum extent permitted by law, and should any provision contained
herein be held invalid or otherwise unenforceable by a court of competent jurisdiction or arbitrator (pursuant to Section 13), such provision shall be reformed to create a valid and enforceable provision to the maximum extent permitted
by law; provided, however, if such provision cannot be reformed, it shall be deemed ineffective and deleted herefrom without affecting any other provision of this Policy which shall remain fully enforceable. This Policy should be construed by
limiting and reducing it only to the minimum extent necessary to be enforceable under then applicable law. 

  

	27.	EFFECTIVE DATE: This Policy shall be effective as of the date of its approval by action of the Committee, which effective date was November 29, 2010.

  
 22

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