Document:

Exhibit 10.2

 

Execution Version

 

AMENDMENT NO. 3 AND CONSENT TO AMENDED AND RESTATED CREDIT 

AGREEMENT
AND SUCCESSOR AGENCY AGREEMENT

 

This AMENDMENT
NO. 3 AND CONSENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND SUCCESSOR AGENCY AGREEMENT (“Amendment”),
dated effective as of May 22, 2018 (the “Effective Date”), is by and among Rowan Companies, Inc., a Delaware
corporation (the “Borrower”), Rowan Companies plc, an English public limited company (the “Parent”),
the other Guarantors, the Lenders party hereto, Wells Fargo Bank, National Association (“Wells Fargo”), as an
issuing lender, as swingline lender, and as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”), and Wilmington Trust, National Association, as Successor Administrative Agent (as defined below).

 

Whereas,
the Borrower, the lenders party thereto from time to time (the “Lenders”), and the Administrative Agent are
parties to that certain Amended and Restated Credit Agreement dated as of January 23, 2014 (as amended by the Commitment Increase
and Extension Agreement and Amendment No. 1 dated as of May 5, 2015 and the Extension Agreement and Amendment No. 2 dated as of
January 25, 2016, and as the same may be further amended, extended, restated, or otherwise modified from time to time, the “Credit
Agreement”, the capitalized terms of which are used herein as therein defined unless otherwise defined herein);

 

WHEREAS, concurrently upon
the effectiveness of this Amendment, RDC Holdings Luxembourg S.à r.l., a Luxembourg private limited liability company (“société
à responsabilité limitée”), an Affiliate of the Borrower and a wholly-owned Subsidiary of the Parent,
will enter into the New Credit Agreement (as defined below) and certain Lenders will cease to be Lenders under the Credit Agreement
and concurrently become lenders under the New Credit Agreement (each such Lender, a “New Facility Lender”);

 

WHEREAS, the Borrower has
requested, and the Administrative Agent and the Lenders party hereto (which constitute the Majority Lenders) have agreed, to make
certain amendments to the Credit Agreement, on the terms and conditions set forth herein;

 

WHEREAS, the Borrower has
requested, and the Administrative Agent and the Lenders party hereto (which constitute the Majority Lenders) have agreed, to permit
the Non-Pro Rata Commitment Reduction (as defined below), on the terms and conditions set forth herein;

 

WHEREAS, Wells Fargo has
agreed to resign as Administrative Agent, and the Borrower and the Lenders party hereto (which constitute the Majority Lenders)
have agreed to permit such resignation and to appoint Wilmington Trust, National Association as successor Administrative Agent
(in such capacity, the “Successor Administrative Agent”), and such resignation and appointment shall be effective
upon the effectiveness of this Amendment; and

 

Now,
Therefore, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows:

 

     

     

    

 

Section 1.            Amendments
to Credit Agreement. Upon the satisfaction of the conditions specified in Section 7 of this Amendment, effective as
of the Effective Date, the Credit Agreement is amended as follows:

 

(a)          Section
1.1 of the Credit Agreement is hereby amended to add the following defined terms in appropriate alphabetical order:

 

“7.375%
Notes” means the $500,000,000 aggregate principal amount of the 7.375% Senior Notes due 2025 issued pursuant to the Indenture
(together with any notes of such series issued in substitution or exchange therefor). 

 

“Acceptable
Indenture” means (a) the Indenture as in effect on the Closing Date and (b) any other indenture (including any amendment
or supplement to the Indenture), so long as the terms of any indenture described in this clause (b) (i) are usual and customary
with respect to the type of Debt issued thereunder given the then prevailing market conditions and (ii) are not materially more
restrictive or burdensome when taken as a whole than the terms and provisions set forth in this Agreement.

 

“Approved
Affiliate” means a Person that (a) is directly or indirectly wholly-owned by the Parent (other than Equity Interests
that have been issued in connection with a Permitted Cash-Box Structure) but is not directly or indirectly wholly-owned by the
Borrower, and (b) does not, directly or indirectly, own any Rig or conduct any material operations.

 

“Convertible
Debt” means unsecured Debt of the Parent, the Borrower, or an Approved Affiliate that is convertible into or exchangeable
for (a) common Equity Interests of the Parent, (b) exchangeable redeemable preferred shares that are exchangeable into common
Equity Interests of the Parent concurrently with the conversion or exchange of such Debt, (c) cash, (such amount of cash determined
by reference to the price of such common Equity Interests), (d) a combination thereof, and (e) cash in lieu of fractional common
Equity Interests of the Parent; provided in each case that the terms of such Debt shall not contain or otherwise impose
any representations, warranties, covenants, conditions, mandatory prepayments, events of default, remedies or other provisions
that taken as a whole (i) are not usual and customary with respect to such type of Debt given the then prevailing market conditions,
(ii) are materially more restrictive or burdensome than the terms and provisions set forth in this Agreement, or (iii) include
any financial maintenance covenants that are more restrictive or burdensome than the financial maintenance covenants in this Agreement
(disregarding for such purposes the ability of holders to convert or exchange such Debt).

 

    	 	-2-	 

     

    

 

“New
Credit Agreement” means that certain Credit Agreement dated as of May 22, 2018, among RDC Holdings Luxembourg S.à
r.l., a Luxembourg private limited liability company (“société à responsabilité limitée”),
as the borrower, the Parent, Wells Fargo Bank, National Association, as administrative agent, an issuing lender, and swingline
lender, and the other issuing lenders and other lenders party thereto from time to time, as amended, extended, restated, amended
and restated, supplemented or otherwise modified from time to time. 

 

“New
Credit Facility Documents” means, collectively, the New Credit Agreement and any guaranties, certificates, instruments,
security documents or other documents delivered or contemplated to be delivered thereunder or in connection therewith (in each
case, as may be amended, extended, restated, amended and restated, supplemented or otherwise modified from time to time).

 

“Permitted
Bond Hedge Transaction” means any call or capped call option (or substantively equivalent derivative transaction) relating
to the Parent’s common Equity Interests purchased by the Parent in connection with the issuance of any Convertible Debt or
in relation to a Permitted Cash-Box Structure; provided that the purchase price for such Permitted Bond Hedge Transaction,
less the proceeds received substantially concurrently by the Parent from the sale of any related Permitted Warrant Transaction,
does not exceed the net cash proceeds received by the Parent from the sale of such Convertible Debt issued or resulting from the
Permitted Cash-Box Structure in connection with the Permitted Bond Hedge Transaction. 

 

“Permitted
Cash-Box Structure” means any structure whereby either: (a) common Equity Interests or Convertible Debt are issued by
the Parent in consideration for the concurrent transfer to the Parent of redeemable preferred shares and, if applicable, ordinary
shares of an Approved Affiliate; or (b) an Approved Affiliate issues any Debt, or a call option, warrant or right to purchase (or
substantively equivalent derivative transaction), in each case, which is convertible into redeemable preferred shares in such Approved
Affiliate which, concurrently with such conversion, are exchangeable for common Equity Interests in Parent, and, in either case,
all customary transactions, steps, agreements and arrangements which may be necessary to implement such structure.

 

“Permitted
Warrant Transaction” means any call option, warrant or right to purchase (or substantively equivalent derivative transaction)
relating to the Parent’s common Equity Interests sold by the Parent substantially concurrently with any purchase by the Parent
of a related Permitted Bond Hedge Transaction. 

 

    	 	-3-	 

     

    

 

“Rig”
means any mobile offshore drilling unit (including without limitation any jack-up rig, semi-submersible rig, drillship, and barge
rig).

 

(b)          Section
1.1 of the Credit Agreement is hereby amended by restating the following defined terms in their entirety as follows:

 

“4.75%
Notes” means the $400,000,000 aggregate principal amount of the 4.75% Senior Notes due 2024 issued pursuant to the Indenture
(together with any notes of such series issued in substitution or exchange therefor).

 

“4.875%
Notes” means the $700,000,000 aggregate principal amount of the 4.875% Senior Notes due 2022 issued pursuant to the Indenture
(together with any notes of such series issued in substitution or exchange therefor).

 

“5.400%
Notes” means the $400,000,000 aggregate principal amount of the 5.400% Senior Notes due 2042 issued pursuant to the Indenture
(together with any notes of such series issued in substitution or exchange therefor).

 

“5.85%
Notes” means the $400,000,000 aggregate principal amount of the 5.85% Senior Notes due 2044 issued pursuant to the Indenture
(together with any notes of such series issued in substitution or exchange therefor).

 

“7.875%
Notes” means the $500,000,000 aggregate principal amount of the 7.875% Senior Notes due 2019 issued pursuant to the Indenture
(together with any notes of such series issued in substitution or exchange therefor).

 

“Additional
Notes” means any senior unsecured notes of one or more series, and any notes issued in substitution or exchange therefor,
(other than the 4.75% Notes, the 4.875% Notes, the 5.400% Notes, the 5.85% Notes, the 7.375% Notes and the 7.875% Notes) issued
by the Borrower, the Parent or any Approved Affiliate from time to time pursuant to any Acceptable Indenture. 

 

“Capital
Leases” means, for any Person, any lease of any Property by such Person as lessee which would, in accordance with GAAP,
be required to be classified and accounted for as a capital lease on the balance sheet of such Person; provided that (a) any obligation
to pay rent or other amounts under any lease or other agreement (whether entered into before or after the Closing Date) that would
have been classified as an operating lease pursuant to GAAP as in effect on the Closing Date will be deemed not to be a Capital
Lease and (b) any obligation to pay amounts under any agreement (whether entered into before or after the Closing Date) that provides
for services and the right to use equipment will be deemed not to be a Capital Lease (but only to the extent such obligation would
not have been capitalized on a balance sheet of such Person prepared in accordance with GAAP as in effect on the Closing Date).

 

    	 	-4-	 

     

    

 

“Change
in Control” means the occurrence of any of the following events: (a) any “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities
Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities
that such person or group has the right to acquire (such right, an “option right”), whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of 50% or more of the equity securities of the Parent entitled
to vote for members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into
account all such securities that such person or group has the right to acquire pursuant to any option or similar right), (b) during
any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of
the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day
of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred
to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body or (c) any Credit Party (other than the Parent) shall cease to be wholly-owned, directly
or indirectly, by the Parent other than pursuant to a transaction permitted by, as applicable, Section 6.7 and/or 6.8.

 

“Eurodollar
Rate” means, for the Interest Period for each Eurodollar Advance comprising the same Borrowing, the interest rate per
annum (rounded upward to the nearest whole multiple of 1/100 of 1%) equal to (a) the rate for deposits in Dollars (for delivery
on the first day of such Interest Period) appearing on the Reuters “LIBOR01” screen (or on any successor or substitute
screen provided by Reuters, or any successor to or substitute for such service, providing rate quotations comparable to those currently
provided on such screen, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest
rates applicable to deposits in Dollars in the London interbank market) as of 11:00 a.m. (London, England time) two Business Days
prior to the first day of such Interest Period, and having a maturity equal to such Interest Period, and (b) if the rate as determined
under clause (a) is not available at such time for any reason, then the applicable Eurodollar Rate for the relevant Interest Period
shall instead be the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery
on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Advance being made, continued
or converted and with a term equivalent to such Interest Period would be offered by a bank selected by the Administrative Agent
to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two Business
Days prior to the commencement of such Interest Period.

 

    	 	-5-	 

     

    

 

“Fee
Letter” means that certain fee letter dated May 22, 2018 among the Borrower, the Parent and the Administrative Agent.

 

“Guaranties”
means, collectively, (a) the Parent Guaranty, (b) any Material Subsidiary Guaranty, (c) the Luxembourg Subsidiary Guaranty
and (d) any other guaranty agreements or joinders or supplements thereto executed in favor of the Administrative Agent for the
benefit of the Lender Parties.

 

“Guarantors”
means, collectively, (a) the Parent, (b) each Material Subsidiary that has complied with the requirements of Section 5.6,
(c) Rowan Finanz and (d) any other Person that has entered into a Guaranty. 

 

“Hedging
Arrangement” means a hedge, call, swap, collar, floor, cap, option, forward sale or purchase or other contract or similar
arrangement (including any obligations to purchase or sell any commodity or security at a future date for a specific price) which
is entered into to reduce or eliminate or otherwise protect against the risk of fluctuations in prices or rates, including interest
rates, foreign exchange rates, commodity prices and securities prices. Notwithstanding the foregoing neither a Permitted Bond Hedge
Transaction nor a Permitted Warrant Transaction shall constitute a Hedging Arrangement.

 

“Indenture”
means the Indenture dated as of July 21, 2009 between the Borrower and U.S. Bank National Association, as trustee (“U.S.
Bank”), as supplemented by the First Supplemental Indenture dated as of July 21, 2009 between the Borrower and U.S. Bank,
the Second Supplemental Indenture dated as of August 30, 2010 between the Borrower and U.S. Bank, the Third Supplemental Indenture
dated as of May 4, 2012 among the Borrower, the Parent and U.S. Bank, the Fourth Supplemental Indenture dated as of May 21, 2012
among the Borrower, the Parent and U.S. Bank, the Fifth Supplemental Indenture dated as of December 11, 2012 among the Borrower,
the Parent and U.S. Bank, the Sixth Supplemental Indenture dated as of January 15, 2014 among the Borrower, the Parent and U.S.
Bank, the Seventh Supplemental Indenture dated as of January 15, 2014 among the Borrower, the Parent and U.S. Bank, and the Eighth
Supplemental Indenture dated as of December 19, 2016 among the Borrower, the Parent and U.S. Bank, and as the same may be further
amended, restated, supplemented, assumed or otherwise modified from time to time as permitted by this Agreement. 

 

    	 	-6-	 

     

    

 

“Issuing
Lender” means any Lender designated in writing to the Administrative Agent by the Borrower (and consented to in writing
by such Lender) as an issuer of Letters of Credit, each in its respective capacity as an issuer of Letters of Credit hereunder.

 

“Letter
of Credit Sublimit” means $0.

 

“Note
Documents” means the Senior Unsecured Notes, the Indenture, each other Acceptable Indenture, and each other agreement,
instrument, or document executed at any time in connection with the Senior Unsecured Notes. 

 

“Prime
Rate” means the rate of interest per annum published in The Wall Street Journal as the “Prime Rate” in the
United States for such day; provided that if The Wall Street Journal ceases to publish for any reason such rate of interest, then
“prime rate” means the prime lending rate as set forth on the Bloomberg page PRIMBB Index (or successor page) for such
day (or such other service as determined by the Administrative Agent from time to time for purposes of providing quotations of
prime lending interest rates).

 

“Senior
Unsecured Notes” means the 4.75% Notes, the 4.875% Notes, the 5.400% Notes, the 5.85% Notes, the 7.375% Notes, the 7.875%
Notes and any Additional Notes. 

 

“Swingline
Lender” means any Lender that agrees to make Swingline Advances under this Agreement. 

 

“Swingline Sublimit”
means $0.

 

(c)          Section
1.1 of the Credit Agreement is hereby amended to delete the following defined terms:

 

“Specified
Holding Company” means (a) RDC Holdings Luxembourg, S.ár.l, a private limited company organized under the laws
of Luxembourg, and (b) any other Person owned, directly or indirectly, by the Parent who, directly or indirectly, owns (i) more
than 50% of the equity securities of the Borrower entitled to vote or (ii) equity securities representing more than 50% of the
value of the Borrower, in each case on a fully-diluted basis (and taking into account all such securities that such person or group
has the right to acquire pursuant to any option or similar right).

 

    	 	-7-	 

     

    

 

“Specified
Holding Company Guaranty” means a guaranty substantially in the form of Exhibit C made by any Specified Holding
Company in favor of the Administrative Agent for the benefit of the Lender Parties, as amended, supplemented or otherwise modified
from time to time.

 

(d)          Section
5.9 of the Credit Agreement is hereby amended by restating such Section to read as follows:

 

5.9 [Reserved].

 

(e)          Section
6.1 of the Credit Agreement is hereby amended by (i) replacing the reference to “Section 6.1(c)” in clause (a) thereof
with a reference to “Section 6.1(b) and (c)”; (ii) adding “, any Approved Affiliate” between “unsecured
Debt of the Parent” and “or any Credit Party” in clause (b) thereof; (iii) deleting “and” at
the end of clause (e) thereof; (iv) replacing the parenthetical in clause (f) thereof with “(determined on a pro forma
basis as of the end of each of the most recently completed fiscal quarter for which Financial Statements have been provided pursuant
to Section 5.2)”; (v) replacing the period at the end of clause (f) thereof with “; and”; and (vi) adding
new clause (g) as follows:

 

(g)          Debt
of the Parent or any of its Subsidiaries under the New Credit Facility Documents and any modification, extension, refinancing,
renewal or replacement of all or any part of such Debt.

 

(f)          Section
6.2 of the Credit Agreement is hereby amended by (i) deleting “and” at the end of clause (l) thereof, (ii) deleting
the period at the end of clause (m) thereof and replacing such period with “; and”, and (iii) adding new clause
(n) as follows:

 

(n)          Liens
securing Debt permitted under Section 6.1(g). 

 

(g)          Section
6.5 of the Credit Agreement is hereby amended by restating such Section to read as follows:

 

6.5 Burdensome
Agreements. The Parent shall not, nor shall it permit any Subsidiary to, create, incur, assume or permit to exist any contract,
agreement or understanding (other than this Agreement and the New Credit Facility Documents) which in any way prohibits or restricts
(or requires the consent of or notice to other Persons in connection with) (a) the Parent or any Subsidiary from paying or prepaying
the Obligations, (b) the granting, conveying, creation or imposition of any Lien on any of its Property, whether now owned or hereafter
acquired, to secure the Obligations (other than (x) agreements governing secured Debt permitted by Sections 6.1 and 6.2
to the extent such restrictions govern only the asset financed pursuant to or securing such Debt, (y) any Acceptable Indenture,
and (z) any agreement governing permitted Convertible Debt), or (c) any Subsidiary from making Restricted Payments (other
than any agreement governing Debt of a Credit Party permitted under Section 6.1(d) or Section 6.1(e) in its
capacity as a primary obligor or guarantor of such Debt) to the Borrower or any other Credit Party or making or paying intercompany
loans and advances to the Borrower, in each case other than restrictions that (i) are customary provisions in joint venture agreements
and other similar agreements applicable to joint ventures permitted under Section 6.9 and applicable solely to such joint
venture, (ii) are customary restrictions in leases, subleases, licenses, asset sale agreements otherwise permitted hereby and transactions
permitted by this Agreement so long as such restrictions relate solely to the assets subject thereto, and (iii) are restrictions
in agreements governing Debt of a Person that is acquired or merged with or into or consolidated with the Parent or a Subsidiary
existing at the time of such acquisition, merger, or consolidation (and not created in anticipation or contemplation thereof) permitted
under Section 6.1(c). 

 

    	 	-8-	 

     

    

 

(h)          Section
6.7(b)(i) of the Credit Agreement is hereby amended by replacing the parenthetical therein in its entirety as follows: “(other
than the Borrower)”.

 

(i)          Section
6.7(b)(ii) of the Credit Agreement is hereby amended by deleting the parenthetical “(other than the stock of the Borrower)”.

 

(j)          Section
6.10 of the Credit Agreement is hereby amended by inserting the phrase “or in connection with a Permitted Cash-Box Structure”
between “wholly-owned Subsidiaries” and “.”.

 

(k)          Section
7.1(e) of the Credit Agreement is hereby amended by replacing the proviso therein in its entirety as follows:

 

provided
that (x) for purposes of this clause (e), the “principal amount” of the obligations in respect of any Hedging
Arrangements at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that would be required
to be paid if such Hedging Arrangements were terminated at such time and (y) neither (1) any event (other than, for the avoidance
of doubt, an “event of default” (however denominated under the documentation for such Convertible Debt)) that permits
holders of any Convertible Debt (or any Parent guarantee in respect thereof) to convert or exchange, as the case may be, such Convertible
Debt (or any Contingent Debt of the Parent in respect thereof) nor (2) the conversion or exchange of any Convertible Debt (or any
Contingent Debt of the Parent in respect thereof) (other than, for the avoidance of doubt, as a result of an “event of default”
(however denominated under the documentation for such Convertible Debt)), in either case, into ordinary shares of the Parent (or
other securities or property into which such ordinary shares are converted, reconstituted or reclassified following a merger event,
reclassification or other change of the ordinary shares of the Parent), cash or a combination thereof, shall give rise to an Event
of Default under this clause (e); 

 

    	 	-9-	 

     

    

 

(l)          Section
7.1(f)(ii) of the Credit Agreement is hereby amended by deleting the phrase “or any Specified Holding Company”.

 

(m)          Section
8.1 of the Credit Agreement is hereby amended by replacing the reference to “Wells Fargo” therein with a reference
to “Wilmington Trust, National Association”.

 

(n)          Section
8.6 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

8.6           Resignation
of Administrative Agent or Issuing Lender. The Administrative Agent may resign at any time upon at least thirty (30) days’
prior written notice to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Majority Lenders shall
have the right, with the approval of the Borrower unless an Event of Default has occurred and is continuing, to appoint a successor
Administrative Agent. Such resignation shall become effective in accordance with such resigning party’s notice and such resigning
party shall be discharged from its duties and obligations as Administrative Agent hereunder and under the other Credit Documents.

 

An Issuing Lender
may at any time give notice of its resignation to the other Lender Parties and the Borrower. Upon receipt of any such notice of
resignation, the Majority Lenders shall have the right, with the approval of the Borrower unless an Event of Default has occurred
and is continuing, to appoint a successor Issuing Lender. If no such successor shall have been so appointed and shall have accepted
such appointment within 30 days after such Issuing Lender gives notice of its resignation, then the Administrative Agent may
on behalf of and at the direction of the Lenders, appoint a successor Issuing Lender with the approval of the Borrower (such approval
not to be unreasonably withheld or delayed) unless an Event of Default has occurred and is continuing. Once a Person has accepted
such appointment, then the resignation of such Issuing Lender shall become effective in accordance with its notice and such resigning
party shall be discharged from its duties and obligations as Issuing Lender hereunder and under the other Credit Documents (except
that such Issuing Lender shall remain the Issuing Lender with respect to any Letters of Credit outstanding on the effective date
of its resignation and the provisions affecting the Issuing Lender with respect to such Letters of Credit shall inure to the benefit
of such Person until the termination or expiration of all such Letters of Credit (without any pending drawing thereon) issued by
such Person and the reimbursement or payment of all Obligations in connection therewith). 

 

    	 	-10-	 

     

    

 

Upon the acceptance
of a successor’s appointment as Administrative Agent or Issuing Lender hereunder, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent or Issuing Lender,
as applicable (except for such rights, powers, privileges, and benefits as continue in favor of the retiring (or retired) Issuing
Lender as provided herein), and the retiring Administrative Agent or Issuing Lender, as applicable, shall be discharged from all
of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above
in this Section). The fees payable by the Borrower to a successor Administrative Agent or Issuing Lender, as applicable, shall
be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring
Administrative Agent’s or Issuing Lender’s resignation hereunder and under the other Credit Documents, the provisions
of this Article and Sections 9.1(b), (c), and (d) and Section 2.3(h) shall continue in effect for the benefit of such retiring
Administrative Agent and Issuing Lender, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring Administrative Agent or Issuing Lender, as applicable, was acting as Administrative
Agent or Issuing Lender. 

 

(o)          Schedule
II (Revolving Commitments) is hereby amended by replacing it in its entirety with Schedule II attached hereto.

 

(p)          Schedule
IV (Notice Information) is hereby amended by replacing it in its entirety with Schedule IV attached hereto.

 

Section 2.             Resignation
of the Administrative Agent; Appointment of Successor Administrative Agent.

 

(a)          Upon
the effectiveness of this Amendment and as of the Effective Date, Wells Fargo hereby resigns as Administrative Agent (in such capacity,
the “Resigning Administrative Agent”) and gives notice of such resignation. Each of the parties hereto (including
without limitation the Lenders party hereto (which constitute the Majority Lenders)) waives any notice requirement for such resignation
contained in the Credit Agreement and acknowledges and agrees that such resignation complies with the terms and conditions of Section 8.6
of the Credit Agreement and is effective as of the Effective Date.

 

(b)          Upon
the effectiveness of this Amendment and as of the Effective Date, (i) the Lenders party hereto (which constitute the Majority
Lenders) hereby appoint, with the consent of the Borrower, Wilmington Trust, National Association, as successor Administrative
Agent in accordance with Section 8.6 of the Credit Agreement; (ii) Wilmington Trust, National Association hereby accepts such
appointment as the successor Administrative Agent; and (iii) the parties hereto agree and acknowledge that, after giving effect
to this Amendment, all references to “Administrative Agent” under the Credit Documents shall be references to Wilmington
Trust, National Association.

 

    	 	-11-	 

     

    

 

(c)          Upon
the effectiveness of this Amendment and as of the Effective Date, the Resigning Administrative Agent shall be released from each
and all of its obligations and duties as the Administrative Agent under the Credit Documents, and the Successor Administrative
Agent shall succeed to and become vested with all of the rights, powers, privileges and duties of the Administrative Agent under
the Credit Documents; provided that the Successor Administrative Agent shall have no liabilities, duties, or obligations
in respect of any acts or omissions of the Resigning Administrative Agent occurring prior to the Effective Date, including with
respect to withholding Taxes.

 

(d)          Without
in any way limiting Section 8.6 of the Credit Agreement, upon the effectiveness of this Amendment and as of the Effective Date,
the Successor Administrative Agent shall succeed to, and become vested with, all of the rights, powers, privileges, and duties
of the Administrative Agent under the Credit Documents (except for such rights, powers, privileges and duties as continue in favor
of the Resigning Administrative Agent as provided for in the Credit Agreement and the other Credit Documents), and the Resigning
Administrative Agent shall be discharged from all of its duties and obligations under the Credit Agreement and the other Credit
Documents; provided, however, that nothing herein shall limit the rights and protections in favor of the Resigning Administrative
Agent that expressly survive resignation of the Administrative Agent under the Credit Agreement (including without limitation those
contained in Article VIII and Section 9.1(b), (c) and (d) thereof) and the other Credit Documents, as such provisions of the Credit
Agreement are in effect on the Effective Date immediately prior to the effectiveness of the Amendment, in respect of any actions
taken or omitted to be taken by the Resigning Administrative Agent while the Resigning Administrative Agent was acting as Administrative
Agent.

 

(e)          The
Resigning Administrative Agent, the Borrower and the Lenders party hereto (which constitute the Majority Lenders) expressly agree
and acknowledge that neither the Successor Administrative Agent, in its individual capacity or as the Administrative Agent, nor
any of its Affiliates, shall bear any responsibility or liability for any actions taken or omitted to be taken by the Resigning
Administrative Agent (or any other party) under this Amendment, the Credit Agreement, or any of the other Credit Documents or the
transactions contemplated hereby or thereby prior to the Effective Date, including with respect to withholding Taxes.

 

(f)          The
Resigning Administrative Agent hereby certifies to the Successor Administrative Agent as follows as of the Effective Date:

 

(1)         To
the knowledge of the Resigning Administrative Agent, the copy of the loan register delivered by the Resigning Administrative Agent
to the Successor Administrative Agent on or before the Effective Date is true, correct and complete as of the Effective Date (and
after giving effect to the transactions contemplated by this Amendment).

 

(2)         Exhibit
A-1 hereto sets forth, in each case as of the Effective Date, (i) the outstanding principal amount of, and accrued but
unpaid interest payable on, each Advance, (ii) the applicable advance date and amount, Class, Type, rate (Eurodollar or Base
Rate), Interest Period, and Applicable Margin for each Advance; and (iii) for each Lender, the outstanding principal amount of,
and accrued but unpaid interest (and any other outstanding amounts) payable to such Lender.

 

    	 	-12-	 

     

    

 

(3)         To
the knowledge of the Resigning Administrative Agent, Exhibit A-2 hereto sets forth each Credit Document (other than
the Fee Letter, any Notices of Borrowing, any Notices of Conversion or Continuation, and any Credit Documents related to Issuing
Lenders and Letters of Credit), including any such Credit Documents that have been delivered to the Successor Administrative Agent
as of the Effective Date, and as of the Effective Date there have been no amendments, supplements, forbearance agreements, waivers
or consents (other than this Amendment) relating to such Credit Documents, of which the Resigning Administrative Agent has knowledge
or to which the Resigning Administrative Agent is a party, except as set forth in Exhibit A-2.

 

(4)         The
Resigning Administrative Agent has delivered to the Successor Administrative Agent the administrative questionnaires, certifications
and other documentation received by the Resigning Administrative Agent from each Lender, in each case, that is in the Resigning
Administrative Agent’s possession (collectively, the “Lender Documentation”).

 

(g)          The
Borrower and the Lenders party hereto (which constitute the Majority Lenders) acknowledge and agree that the Successor Administrative
Agent is entitled to, and shall rely on, the certifications set forth in clause (f) above and other information and documentation
provided to the Successor Administrative Agent by the Resigning Administrative Agent in connection with this Amendment; provided
that this clause (g) shall not constitute a representation or warranty as to the matters so certified.

 

(h)          Covenants
of Resigning Administrative Agent. The Resigning Administrative Agent shall: (i) on or before the Effective Date, deliver,
or cause to be delivered, promptly to the Successor Administrative Agent executed versions of (A) the Credit Agreement, (B) the
Guaranties, and (C) the Lender Documentation, (ii) execute all other documents as may be reasonably requested by the Successor
Administrative Agent or the Borrower to transfer the rights and privileges of the Resigning Administrative Agent under the Credit
Documents to the Successor Administrative Agent (and in form and substance reasonably satisfactory to the Resigning Administrative
Agent and the Successor Administrative Agent), and (iii) take all other actions reasonably requested by the Successor Administrative
Agent or its representatives to facilitate the transfer of information to the Successor Administrative Agent in connection with
the Lenders and the Credit Documents. The Borrower hereby consents to all actions taken or to be taken by the Resigning Administrative
Agent and the Successor Administrative Agent pursuant to the immediately preceding sentence.

 

(i)          Successor
Administrative Agent Fees. On the Effective Date, the Successor Administrative Agent shall be entitled to receive its agency
fees from the Borrower as set forth in that certain Fee Letter, dated as of the date hereof (the “Fee Letter”),
between the Borrower and the Successor Administrative Agent. Fees payable pursuant to the Fee Letter shall be fully earned when
due, and when paid shall be nonrefundable for any reason whatsoever. For the avoidance of doubt, nothing in this Agreement in any
way limits the powers, rights, privileges and protections of the Successor Administrative Agent under the Credit Documents, including
without limitation under Section 2.8(c) of the Credit Agreement

 

    	 	-13-	 

     

    

 

(j)          The
Borrower agrees to pay on the Effective Date the reasonable and documented out-of-pocket costs and expenses of the Successor Administrative
Agent relating to this Amendment, including the negotiation, documentation and closing thereof, including the reasonable and documented
fees, charges and disbursements of Duane Morris LLP as counsel for the Successor Administrative Agent, to the extent invoices therefor
have been provided at least one Business Day prior to the Effective Date.

 

Section 3.            Resignation
of Issuing Lenders; Existing Letters of Credit to New Facility.

 

(a)          Upon
the effectiveness of this Amendment and as of the Effective Date, each of Wells Fargo, Citibank, N.A., DNB Bank ASA, New York Branch,
Royal Bank of Canada, Bank of America, N.A., Barclays Bank PLC, and MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd)
hereby resigns as an Issuing Lender (each, in such capacity, a “Resigning Issuing Lender”, and collectively
the “Resigning Issuing Lenders”) and gives notice of such resignation. Each of the parties hereto (including
without limitation the Lenders party hereto (which constitute the Majority Lenders)) hereby waives any notice requirement for such
resignation contained in the Credit Agreement and acknowledges and agrees that such resignation complies with the terms and conditions
of Section 8.6 of the Credit Agreement and is effective as of the Effective Date.

 

(b)          Upon
the effectiveness of this Amendment and as of the Effective Date, each Resigning Issuing Lender shall be released from each and
all of its obligations and duties as an “Issuing Lender” under the Credit Documents and discharged from its duties
and obligations as an “Issuing Lender” under the Credit Documents; provided, however, that nothing herein shall
limit the rights and protections in favor of such Resigning Issuing Lender that expressly survive resignation of an Issuing Lender
under the Credit Agreement (including without limitation those contained in Article VIII and Section 9.1(b), (c) and (d) and Section 2.3(h)
thereof) and the other Credit Documents, as such provisions of the Credit Agreement are in effect on the Effective Date immediately
prior to the effectiveness of the Amendment, in respect of any actions taken or omitted to be taken by the Resigning Issuing Lender
while the Resigning Issuing Lender was acting as Issuing Lender.

 

(c)          (i) The
Borrower agrees and acknowledges that, immediately prior to giving effect to this Amendment, the Letters of Credit described on
Exhibit B (the “Existing Letters of Credit”) are the only Letters of Credit outstanding under the Credit
Documents, (ii) each Resigning Issuing Lender agrees and acknowledges that each Letter of Credit issued by such Resigning
Issuing Lender under the Credit Agreement immediately prior to giving effect to this Amendment is described on Exhibit B,
and (iii) the parties hereto agree and acknowledge that, immediately after giving effect to this Amendment, such Existing
Letters of Credit shall (A) not be deemed to be Letters of Credit under the Credit Agreement and (B) be deemed to have
been issued under, and governed by the terms and conditions of, the New Credit Agreement.

 

Section 4.            Resignation
of Swingline Lender.

 

(a)          Upon
the effectiveness of this Amendment and as of the Effective Date, Wells Fargo hereby resigns as Swingline Lender (in such capacity,
the “Resigning Swingline Lender”) and gives notice of such resignation. Each of the parties hereto (including
without limitation the Lenders party hereto (which constitute the Majority Lenders)) hereby waives any notice requirement for such
resignation and acknowledges and agrees that such resignation, to the extent applicable, complies with the terms and conditions
of the Credit Documents and is effective as of the Effective Date.

 

    	 	-14-	 

     

    

 

(b)          Upon
the effectiveness of this Amendment and as of the Effective Date, the Resigning Swingline Lender shall be released from each and
all of its obligations and duties as a “Swingline Lender” under the Credit Documents and discharged from its duties
and obligations as a “Swingline Lender” under the Credit Documents; provided, however, that nothing herein shall
limit any rights and protections in favor of such Resigning Swingline Lender as a Lender that survive the replacement of a Lender
under the Credit Agreement or that are contained in Article VIII or Section 9.1(b) or (d) of the Credit Agreement, as such provisions
of the Credit Agreement are in effect on the Effective Date immediately prior to the effectiveness of this Amendment. The Borrower
and the Resigning Swingline Lender agree that, immediately before and after giving effect to this Amendment, no Swingline Advances
are outstanding under the Credit Agreement.

 

Section 5.            Consent
to Non-Pro Rata Commitment Reduction. Upon the effectiveness of this Amendment and as of the Effective Date, the Lenders party
hereto (which constitute the Majority Lenders) hereby consent to the Non-Pro Rata Commitment Reduction (as defined below) notwithstanding
the requirements and/or limitations set forth in Section 2.1(c) of the Credit Agreement to the extent, and only to the extent,
that the consummation of the Non-Pro Rata Commitment Reduction would violate such requirements and/or limitations (collectively,
the “Consent”). The parties to this Amendment hereby waive all notices and minimum amounts and multiples required
in connection with such Non-Pro Rata Commitment Reduction pursuant to Section 2.1(c) of the Credit Agreement. The Consent
shall constitute a limited, one-time consent, and nothing contained herein shall obligate the Lenders to grant any additional or
future consent with respect to, or in connection with, any provision of any Credit Document.

 

Section 6.            Non-Pro
Rata Commitment Reduction. Upon the effectiveness of this Amendment and as of the Effective Date, the Revolving Commitment
of each New Facility Lender shall be reduced to zero (such reduction being the “Non-Pro Rata Commitment Reduction”).
For the avoidance of doubt, there shall be no Issuing Lender and no Swingline Lender once the Non-Pro Rata Commitment Reduction
occurs, and the parties hereto consent to each Resigning Issuing Lender resigning as an Issuing Lender on such date notwithstanding
any notice period requirements in the Credit Agreement.

 

Section 7.            Conditions
Precedent. This Amendment shall become effective as of the Effective Date upon the satisfaction of the following conditions
precedent:

 

(a)          Documentation.
The Resigning Administrative Agent shall have received counterparts of this Amendment duly executed by each Credit Party, the Majority
Lenders, the Resigning Administrative Agent, each Resigning Issuing Lender, the Resigning Swingline Lender and the Successor Administrative
Agent, in form and substance reasonably satisfactory to the Resigning Administrative Agent.

 

    	 	-15-	 

     

    

 

(b)          Payment
of Interest, Fees, Expenses, and Other Amounts. On the Effective Date, immediately prior to giving effect to this Amendment,
the Borrower shall have paid (A) to the Resigning Administrative Agent, for the account of the relevant obligees under the
Credit Documents, all unpaid interest, fees, expenses, and other amounts accrued and/or owing by any Credit Party under the Credit
Documents through and including the Effective Date (whether or not otherwise then due and payable), including, without limitation,
(i) the fees set forth in any Fee Letter, (ii) any interest or fees accrued through and including the Effective Date
pursuant to Section 2.8 or 2.9 of the Credit Agreement, and (iii) all other costs, expenses, or other amounts accrued or owing
pursuant to Sections 2.11 and 9.1 of the Credit Agreement, and (B) all fees, costs and expenses due to be paid on or before
the Effective Date under Section 2(i) and (j) hereof.

 

(c)          No
Default. No Default shall have occurred and be continuing, immediately after giving effect to this Amendment.

 

(d)          New
Credit Agreement; Revolving Outstanding Amount. (i) The New Credit Agreement shall have become effective with each New
Facility Lender’s commitment thereunder not exceeding the amount set forth opposite such New Facility Lender’s name
on Exhibit C attached hereto or such higher amount agreed to in writing by such New Facility Lender, (ii) pursuant
to, and immediately after giving effect to, the New Credit Agreement, the Existing Letters of Credit shall be deemed to have been
issued under, and shall be governed by the terms and conditions of, the New Credit Agreement, (iii) immediately prior to giving
effect to this Amendment and the New Credit Agreement, the Revolving Outstanding Amount (other than with respect to the Existing
Letters of Credit) shall be equal to zero, (iii) immediately after giving effect to this Amendment and the New Credit Agreement,
the Revolving Outstanding Amount shall be equal to zero, and (iv) the Lenders shall have received a certificate duly executed by
a Responsible Officer of each of the Parent and the Borrower dated as of the Effective Date certifying as to the matters in this
clause (d) and clause (c) above.

 

Section 8.            Representations
and Warranties. Each Credit Party hereby represents and warrants to the parties hereto that, as of the date hereof: (a) the
representations and warranties made by such Credit Party in the Credit Documents are true and correct in all material respects
on and as of the Effective Date; provided that (i) to the extent any representation and warranty is qualified as to “Material
Adverse Change” or otherwise as to materiality, such representation and warranty is true and correct in all respects, (ii)
to the extent that such representation or warranty relates to an earlier date, it shall be true and correct only as of such specified
date, (iii) the representations and warranties contained in Section 4.4(a) of the Credit Agreement shall be deemed to refer to
the most recent Financial Statements furnished pursuant to Sections 5.2(a) and (b), respectively, of the Credit Agreement, and
(iv) the representation and warranty contained in Section 4.4(b) of the Credit Agreement shall be deemed to refer to the most recent
Financial Statements furnished pursuant to Section 5.2(a) of the Credit Agreement; (b) the execution, delivery and performance
of this Amendment are within the limited liability company or corporate power and authority of such Credit Party and have been
duly authorized by appropriate limited liability company and corporate action and proceedings; (c) this Amendment constitutes the
legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles
of equity, and no portion of the Obligations are subject to avoidance, subordination, recharacterization, recovery, attack, offset,
counterclaim, or defense of any kind; and (d) there are no governmental or other third party consents, licenses and approvals required
in connection with the execution, delivery, performance, validity and enforceability of this Amendment.

 

    	 	-16-	 

     

    

 

Section
9.            Reaffirmation of Guaranty. Each
Guarantor hereby ratifies, confirms, acknowledges and agrees that its obligations under the Guaranty to which it is a party
are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and
punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the
Guaranteed Obligations (as defined in such Guaranty), and its execution and delivery of this Amendment does not indicate or
establish an approval or consent requirement by such Guarantor under the Guaranty, in connection with the execution and
delivery of amendments, consents or waivers to the Credit Agreement, the Notes or any of the other Credit Documents.

 

Section 10.         Release.
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Parent and the Borrower
hereby, for itself, its Subsidiaries and Affiliates, and its successors and assigns (collectively, the “Releasing Parties”
and each individually a “Releasing Party”), fully and without reserve, releases, acquits, and forever discharges
each of the Resigning Administrative Agent, the Resigning Issuing Lenders, the Resigning Swingline Lender, and the New Facility
Lenders, and their respective successors and assigns, officers, directors, employees, representatives, trustees, attorneys, agents
and affiliates (collectively the “Released Parties” and each individually a “Released Party”)
from any and all actions, claims, demands, causes of action, judgments, executions, suits, debts, liabilities, costs, damages,
expenses or other obligations of any kind and nature whatsoever, direct and/or indirect, at law or in equity, whether now existing
or hereafter asserted, whether absolute or contingent, whether due or to become due, whether disputed or undisputed, whether known
or unknown (INCLUDING, WITHOUT LIMITATION, ANY OFFSETS, REDUCTIONS, REBATEMENT, CLAIMS OF USURY OR CLAIMS WITH RESPECT TO THE NEGLIGENCE
OF ANY RELEASED PARTY) (collectively, the “Released Claims”), for or because of any matters or things occurring,
existing or actions done, omitted to be done, or suffered to be done by any of the Released Parties, in each case, on or prior
to the Effective Date that in any way directly or indirectly arises out of or in any way connected to any of this Amendment, the
Credit Agreement, any other Credit Document, or any of the transactions contemplated hereby or thereby (collectively, the “Released
Matters”); provided that the Released Matters shall not apply or extend to, include or otherwise affect any agreement,
arrangement, contract or relationship between a Releasing Party and a Released Party other than the Credit Documents, the New Credit
Facility Documents, and the respective transactions related thereto, whether heretofore, presently or hereafter existing. Each
of the Parent and the Borrower hereby acknowledges and agrees that the agreements in this Section 10 are intended to cover
and be in full satisfaction for all or any alleged injuries or damages arising in connection with the Released Matters herein compromised
and settled. Each of the Parent and the Borrower hereby further agrees, for itself, its Subsidiaries and Affiliates, and its successors
and assigns, that it will not sue any Released Party on the basis of any Released Claim released, remised and discharged by the
Credit Parties pursuant to this Section 10. In entering into this Amendment, the Parent and the Borrower consulted
with, and have been represented by, legal counsel and expressly disclaim any reliance on any representations, acts or omissions
by any of the Released Parties and hereby agrees and acknowledges that the validity and effectiveness of the releases set forth
herein do not depend in any way on any such representations, acts and/or omissions or the accuracy, completeness or validity hereof.

 

    	 	-17-	 

     

    

 

Section 11.         Miscellaneous.
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Section
9.13(b), (c) and (d) and Section 9.15 of the Credit Agreement shall apply to this Amendment, mutatis mutandis. Except as
herein provided, the Credit Agreement shall remain unchanged and in full force and effect. This Amendment is, for the avoidance
of doubt, a Credit Document under the Credit Agreement. The execution and delivery of this Amendment shall not operate as a waiver
of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any Credit Document, nor,
except as herein provided, constitute a waiver of any provision of the Credit Agreement or any Credit Document. Upon the effectiveness
of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder” or words of
like import shall mean and be a reference to the Credit Agreement, as affected and amended by this Amendment. This Amendment may
be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument
and any of the parties hereto may execute this Amendment by signing any such counterpart. Transmission by facsimile or electronic
transmission (e.g., PDF) of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery
of such counterpart. With respect to each of the Resigning Administrative Agent, the Resigning Issuing Lenders, the Resigning Swingline
Lender, and the New Facility Lenders, all obligations of the Parent, the Borrower, and their respective Subsidiaries provided for
in Sections 2.11, 2.12, 2.14(b), and 9.1(a), (b) and (d) of the Credit Agreement and all of the obligations of the Lenders
in Section 9.1(c) and Section 9.8 of the Credit Agreement shall survive (in the case of Section 9.8, until the fifth anniversary
of the date of) any termination of the Credit Agreement, repayment in full of the Obligations, and termination or expiration of
all Letters of Credit. References in this Amendment to the “Administrative Agent” mean, for all periods prior to the
Effective Date and on the effectiveness of this Amendment, the Resigning Administrative Agent, and from and after the effectiveness
of this Amendment, the Successor Administrative Agent.

 

[Signature Pages Follow]

 

    	 	-18-	 

     

    

 

In
Witness Whereof, the parties hereto have caused this Amendment to be duly executed as of the Effective Date.

  

	 	BORROWER: 
	 	 
	 	ROWAN COMPANIES, INC.

 

	 	By:	/s/ Stephen M. Butz

	 	Name:	Stephen M. Butz
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 
	 	GUARANTORS:
	 	 
	 	ROWAN COMPANIES PLC

 

	 	By:	/s/ Stephen M. Butz

	 	Name:	Stephen M. Butz
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 
	 	ROWAN FINANZ S.à r.l., a Luxembourg private limited liability company

 

	 	By:	 /s/ Rui Miguel Silva Gomes

	 	Name: 	Rui Miguel Silva Gomes
	 	Title:	Category A Manager

 

	 	ATLANTIC MARITIME SERVICES LLC,
	 	a Delaware limited liability company

 

	 	By:	/s/ Stephen M. Butz

	 	Name:	Stephen M. Butz
	 	Title:	President and Treasurer

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	Rowan 350 Slot Rigs, Inc.,
	 	a Delaware corporation

 

	 	By:	/s/ Stephen M. Butz

	 	Name:	Stephen M. Butz
	 	Title:	Vice President and Treasurer
	 	 
	 	ROWAN FINANCE LLC,
	 	a Delaware limited liability company

 

	 	By:	/s/ Stephen M. Butz
	 	Name:	Stephen M. Butz
	 	Title:	Vice President and Treasurer

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	LENDER PARTIES:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as Administrative Agent, Swingline Lender, Issuing Lender, a Lender, Resigning Administrative Agent, Resigning Swingline Lender, and a Resigning Issuing Lender

 

	 	By:	/s/ Timothy P. Gebauer

	 	Name: 	Timothy P. Gebauer
	 	Title:   	Director

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

  

	 	DNB CAPITAL LLC,
	 	as a Lender  

 

	 	By:	/s/ Andrew Shohet
	 	Name:	Andrew J. Shohet
	 	Title:	First Vice President
	 	 	 
	 	By:	/s/ Phillipe Wulfers
	 	Name:	Phillipe Wulfers
	 	Title:	First Vice President

 

	 	DNB BANK ASA, NEW YORK BRANCH,
	 	as an Issuing Lender and a Resigning Issuing Lender

 

	 	By:	/s/ Mita Zalavadia
	 	Name:	Mita Zalavadia
	 	Title:	Assistant Vice President
	 	 	 
	 	By:	/s/ Magdalena Brzostowska
	 	Name:	Magdalena Brzostowska
	 	Title:	First Vice President

 

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	MUFG BANK, LTD., f/k/a the BANK OF 

TOKYO-MITSUBISHI UFJ, ltd., 
	 	as an Issuing Lender, a Resigning Issuing Lender and a Lender

 

	 	By:	/s/ Kevin Sparks
	 	Name:	Kevin Sparks
	 	Title:	Director

  

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as an Issuing Lender, a Lender, and a Resigning Issuing Lender

 

	 	By:	/s/ Michael Clayborne
	 	Name:	Michael Clayborne
	 	Title:	Director

  

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	barclays bank plc,
	 	as an Issuing Lender, a Lender, and a Resigning Issuing Lender

 

	 	By:	/s/ Sydney Dennis
	 	Name:	Sydney G. Dennis
	 	Title:	Director

  

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

  

	 	ROYAL BANK OF CANADA,
	 	as an Issuing Lender and a Lender

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to Amendment No.
3

Rowan Companies, Inc.

 

     

     

    

 

	 	citibank, N.A.,
	 	as an Issuing Lender, a Lender, and a Resigning Issuing Lender

 

	 	By:	/s/ Robert Malleck
	 	Name:	Robert Malleck
	 	Title:	Vice President

  

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	hsbc bank usa, n.A.,
	 	as a Lender

 

	 	By:	/s/ Michael Bustios
	 	Name:	Michael Bustios
	 	Title:	Senior Vice President

  

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	ZB, N.A. dba AMEGY BANK,
	 	as a Lender

 

	 	By:	/s/ Steven Taylor
	 	Name:	Steven Taylor
	 	Title:	Vice President

  

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

  

	 	MIZUHO BANK, LTD.,
	 	as a Lender

 

	 	By:	 
	 	Name:	 
	 	Title:	 

  

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA,
	 	as a Lender 

 

	 	By:	/s/ Annie Carr
	 	Name:	Annie Carr
	 	Title:	Authorized Signatory

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

  

	 	bank of nova scotia, HOUSTON
	 	BRANCH,
	 	as an Lender 

 

	 	By:	/s/ Thane Rattew
	 	Name:	Thane Rattew
	 	Title:	Managing Director

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

  

	 	deutsche bank ag new york branch, 
	 	as a Lender 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	M&T Bank,
	 	as a Lender

 

	 	By:	/s/ Edward Tierney
	 	Name:	Edward Tierney
	 	Title:	Senior Vice President

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

	 	Wilmington
    Trust, National Association,
	 	as Successor Administrative Agent 

 

	 	By:	/s/ Meghan McCauley

	 	Name:  	Meghan McCauley
	 	Title:  	Vice President 

 

Signature Page to Amendment No. 3

Rowan Companies, Inc.

 

     

     

    

 

EXHIBIT A-1

 

Outstanding Advances and Interest

 

	Amount	 	 	Outstanding
 Principal
 Amount	 	 	Accrued
 but
 Unpaid
 Interest	 	 	Date of
 Advance	 	 	 	Class	 	Type	 	Rate	 	Interest
 Period	 	Applicable
 Margin
	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	N/A	 		 	N/A	 	N/A	 	N/A	 	N/A	 	N/A

 

	Lender	 	Outstanding Principal Amount 
 Payable	 	 	Accrued but Unpaid Interest 
 Payable	 
	Mizuho Bank, Ltd.	 	$	0.00	 	 	$	0.00	 
	Royal Bank of Canada	 	$	0.00	 	 	$	0.00	 
	Deutsche Bank AG New York Branch	 	$	0.00	 	 	$	0.00	 

 

    Exhibit A-1

     

    

 

EXHIBIT A-2

 

Credit Documents

 

		1.	Amended and Restated Credit Agreement dated as of January
23, 2014 (as amended by the Commitment Increase and Extension Agreement and Amendment No. 1 dated as of May 5, 2015 and the Extension
Agreement and Amendment No. 2 dated as of January 25, 2016) among the Borrower, the Parent, the lenders party thereto from time
to time and the Administrative Agent.

 

		2.	Amended and Restated Parent Guaranty dated as of January
23, 2014, made by the Parent, in favor of the Administrative Agent for the ratable benefit of the Lender Parties.

 

		3.	Amended and Restated Subsidiary Guaranty dated as of January
23, 2014, made by Atlantic Maritime Services LLC, a Delaware limited liability company, Rowan 350 Slot Rigs, Inc. (formerly known
as RDC Qatar, Inc.), a Delaware corporation, and Rowan Finance LLC, a Delaware limited liability company, in favor of the Administrative
Agent for the ratable benefit of the Lender Parties.

 

		4.	Amended and Restated Subsidiary
Guaranty dated as of January 23, 2014, made by Rowan Finanz S.à r.l., a Luxembourg
private limited liability company, in favor of the Administrative Agent for the ratable benefit of the Lender Parties.

 

		5.	Revolving Note dated as of May 5, 2015, issued by the Borrower
payable to the order of Wells Fargo Bank, National Association in the principal amount of $150,714,285.71.

 

		6.	Revolving Note dated as of May 5, 2015, issued by the Borrower
payable to the order of DNB Capital LLC in the principal amount of $150,714,285.71.

 

		7.	Revolving Note dated as of May 5, 2015, issued by the Borrower
payable to the order of Deutsche Bank AG New York Branch in the principal amount of $100,000,000.00.

 

		8.	Revolving Note dated as of May 5, 2015, issued by the Borrower
payable to the order of HSBC Bank USA, N.A. in the principal amount of $100,000,000.00.

 

		9.	Revolving Note dated as of May 5, 2015, issued by the Borrower
payable to the order of ZB, N.A. dba Amegy Bank in the principal amount of $35,000,000.00.

 

		10.	Swingline Note dated as of January 23, 2014, issued by
the Borrower payable to the order Wells Fargo Bank, National Association in the principal amount of $50,000,000.00.

 

    Exhibit A-2 

     

    

 

EXHIBIT B

 

Existing Letters of Credit 

 

	Original
 Amount	 	 	Issuing Lender	 	Issue Date	 	Expiry 
 Date	 	Issuer	 	Beneficiary
 Name
	$	5,000,000.00	 	 	Wells Fargo Bank, National Association 
	 	June 29, 2017	 	November 15, 2019	 	Rowan Drilling 
(U.K.) Limited	 	HSBC Bank plc

 

    Exhibit B

     

    

 

EXHIBIT C

 

Maximum New Revolving Commitments

 

	New Facility Lender	 	Maximum New Revolving Commitment	 
	Wells Fargo Bank, National Association	 	$	113,392,857.17	 
	Bank of America, N.A.	 	$	113,035,714.28	 
	Citibank, N.A.	 	$	113,035,714.28	 
	Barclays Bank PLC	 	$	113,035,714.28	 
	MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.)	 	$	113,035,714.28	 
	DNB Capital LLC	 	$	100,714,285.71	 
	Goldman Sachs Bank USA	 	$	78,750,000.00	 
	HSBC Bank USA, N.A.	 	$	75,000,000.00	 
	M&T Bank	 	$	75,000,000.00	 
	The Bank of Nova Scotia, Houston Branch	 	$	33,750,000.00	 
	ZB, N.A. dba Amegy Bank	 	$	26,250,000.00	 
	Total	 	$	955,000,000.00	 

 

    Exhibit C

     

    

 

SCHEDULE II

 

	LENDER	 	NON-EXTENDED
 COMMITMENT	 	 	EXTENDED
 REVOLVING
 COMMITMENT	 	 	AGGREGATE
 REVOLVING
 COMMITMENT	 	 	REVOLVING
 CREDIT
 MATURITY DATE
	Deutsche Bank AG, New York Branch	 	$	0	 	 	$	100,000,000.00	 	 	$	100,000,000.00	 	 	January 23, 2021
	Royal Bank of Canada	 	$	150,714,285.71	 	 	$	0	 	 	$	150,714,285.71	 	 	January 23, 2020
	Mizuho Bank, Ltd.	 	$	60,000,000	 	 	$	0	 	 	$	60,000,000	 	 	January 23, 2019
	Total	 	$	210,714,285.71	 	 	$	100,000,000.00	 	 	$	310,714,285.71	 	 	 

 

    Schedule II

     

    

 

SCHEDULE IV

 

Notice Information

 

	ADMINISTRATIVE AGENT
	WILMINGTON TRUST,

NATIONAL ASSOCIATION	Address:	
        Suite 1290, 50 South Sixth Street,

        Minneapolis, MN 55402

	 	Attn:	Meghan McCauley
	 	Telephone:	612-217-5647
	 	Facsimile:	612-217-5651
	 	 	 
	 	with a copy to: 	Duane Morris LLP
	 	Address: 	222 Delaware Ave., Suite 1600
	 	 	Wilmington, Delaware 19801
	 	Attn:	
        Christopher Winter, Esq.

		Telephone:	(302) 657-4904
	 	Facsimile:	(302) 397-2455

         

        

	CREDIT PARTIES
	Borrower and Guarantors	Address:	2800 Post Oak Blvd.
	 	 	Suite 5450
	 	 	Houston, Texas 77056-6189
	 	Attn:	Stephen M. Butz, Executive Vice President,
	 	 	Chief Financial Officer and Treasurer
	 	 	 
	 	Telephone:	(713) 968-6663
	 	Facsimile:	(713) 960-7509
	 	 	 
		with a copy to: 	 
	 	Attn:	
        Mark F. Mai, Executive Vice

President, General Counsel and Secretary

	 	Telephone:	(713) 968-6848
	 	Facsimile:	(713) 960-7509

 

    Schedule IValks_Ex_10-1

		

			Exhibit 10.1

		

		
			 
		

		
			ALKERMES plc
		

		
			 
		

		
			 2018 Stock Option and Incentive Plan
		

		
			 
		

		
			SECTION 1.GENERAL PURPOSE OF THE PLAN; DEFINITIONS    
		

		
			 
		

		
			        The name of the plan is the Alkermes plc 2018 Stock Option and Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and enable the officers, employees, Non-Employee Directors and consultants of Alkermes plc, an Irish public limited company (the “Company”), and its Subsidiaries upon whose judgment, initiative and efforts the Company and its Subsidiaries largely depend for the successful conduct of their business to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer alignment of their interests with those of the Company and its shareholders, thereby stimulating their efforts on the Company’s and its Subsidiaries’ behalf and strengthening their desire to remain with the Company and its Subsidiaries.
		

		
			 
		

		
			        The following terms shall be defined as set forth below:
		

		
			 
		

		
			         “Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.
		

		
			 
		

		
			        “Administrator” means the compensation committee of the Board or a similar committee performing the functions of the compensation committee and which is comprised of not less than two Non-Employee Directors who are independent.
		

		
			 
		

		
			        “Award” or “Awards”, except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Unit Awards, Cash-Based Awards and Performance Share Awards.
		

		
			 
		

		
			        “Award Certificate” means a written or electronic certificate setting forth the terms and provisions applicable to an Award granted under the Plan. Each Award Certificate is subject to the terms and conditions of the Plan.
		

		
			 
		

		
			        “Board” means the Board of Directors of the Company.
		

		
			 
		

		
			        “Cash-Based Award” means an Award entitling the recipient to receive a cash-denominated payment. 
		

		
			 
		

		
			        “Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.
		

		
			 
		

		
			  “Companies Act” means the Irish Companies Act 2014, all enactments which are to be read as one, or construed or read together as one with the Irish Companies Act 2014 and every statutory modification or reenactment thereof for the time being in force.  
		

		
			 
		

		
			        “Effective Date” means the date set forth in Section 18.
		

		
			 
		

		
			        “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.
		

		
			 
		

		
			        “Fair Market Value” of the Shares on any given date for purposes of the Plan, unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, means the fair market value of the Shares determined in good faith by the Administrator; provided, however, that if the Shares are admitted to quotation on the  Nasdaq Global Select Market (“Nasdaq”) or another national securities exchange, the determination shall be made by reference to the closing price reported by Nasdaq or such other exchange for such date. If the market is closed on such date, the determination shall be made by reference to the last date preceding such date for which the market is open.
		

		
			 
		

		
			        “Incentive Stock Option” means any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the Code.
		

		
			 
		

		
			        “Non-Employee Director” means a member of the Board who is not also an employee of the Company or any Subsidiary.
		

		
			 
		

		
			        “Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock Option.
		

		
			

		 

		

			 

		

		

			 

		

 

		

			 

		

		

		
			 
		

		
			        “Option” or “Stock Option” means any option to purchase Shares granted pursuant to Section 5.
		

		
			 
		

		
			“Performance-Based Award” means any Restricted Stock Award, Restricted Stock Unit Award, Performance Share Award or Cash-Based Award granted pursuant to Section 10.
		

		
			 
		

		
			“Performance Criteria” means the criteria that the Administrator selects for purposes of establishing the Performance Goal or Performance Goals for an individual for a Performance Cycle. The Performance Criteria (which shall be applicable to the organizational level specified by the Administrator, including, but not limited to, the Company or a unit, division, group, or a Subsidiary) that will be used to establish Performance Goals are the following: earnings before interest, taxes, depreciation and amortization, net income (loss) (either before or after interest, taxes, depreciation and/or amortization), changes in the market price of the Shares, economic value-added, initiation or completion of clinical trials, results of clinical trials, drug development or commercialization milestones, collaboration milestones, operational measures including production capacity and capability, hiring and retention of key managers, expense management, capital raising transactions, sales or revenue, acquisitions or strategic transactions, operating income (loss), cash flow (including, but not limited to, operating cash flow and free cash flow), return on capital, assets, equity, or investment, shareholder returns, gross or net profit levels, operating margins, earnings (loss) per Share, sales or market shares, and any other measures of performance selected by the Administrator, any of which may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group.
		

		
			 
		

		
			        “Performance Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select, over which the attainment of one or more Performance Criteria will be measured for the purpose of determining a grantee’s right to and the payment of a Restricted Stock Award, Restricted Stock Unit Award, Performance Share Award or Cash-Based Award. Each such period shall not be less than 12 months.
		

		
			 
		

		
			        “Performance Goals” means the specific goals established in writing by the Administrator for a Performance Cycle based upon the Performance Criteria.
		

		
			 
		

		
			        “Performance Share Award” means an Award entitling the recipient to acquire Shares upon the attainment of specified Performance Goals.
		

		
			 
		

		
			        “Restricted Stock Award” means an Award entitling the recipient to acquire, at such purchase price (which may be zero) as determined by the Administrator, Shares subject to such restrictions and conditions as the Administrator may determine at the time of grant.
		

		
			 
		

		
			        “Restricted Stock Unit Award” means an Award of phantom stock units to a grantee.
		

		
			 
		

		
			        “Sale Event” shall mean (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation in which the outstanding Shares are converted into or exchanged for securities of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction, or (iii) the sale of all of the Shares to an unrelated person or entity.
		

		
			 
		

		
			        “Sale Price” means the value as determined by the Administrator of the consideration payable, or otherwise to be received by shareholders, per Share pursuant to a Sale Event.
		

		
			 
		

		
			        “Section 409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder.
		

		
			 
		

		
			        “Share” or “Shares” means the ordinary shares, par value $.01 per share, of the Company, subject to adjustments pursuant to Section 3.
		

		
			 
		

		
			        “Stock Appreciation Right” means a right to receive the appreciation on Shares granted pursuant to Section 5.
		

		
			 
		

		
			        “Subsidiary” means any corporation or other entity in which the Company has at least a 50 percent interest, either directly or indirectly.
		

		
			 
		

		
			        “Ten Percent Owner” means an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power of all classes of shares of the Company 

		 

		

			2

		

		

			 

		

 

		

			 

		

or any subsidiary corporation of the Company, within the meaning of Section 424 of the Code.
		

		
			 
		

		
			SECTION  2.ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS    
		

		
			 
		

		
			        (a)    Administration of Plan.    The Plan shall be administered by the Administrator.
		

		
			 
		

		
			        (b)    Powers of Administrator.    The Administrator shall have the power and authority to grant Awards consistent with the terms of the Plan, including the power and authority:
		

		
			 
		

		
			(i)  to select the individuals to whom Awards may from time to time be granted;
		

		
			 
		

		
			(ii)  to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Unit Awards, Cash-Based Awards and Performance Share Awards, or any combination of the foregoing, granted to any one or more grantees;
		

		
			 
		

		
			(iii)  to determine the number of Shares to be covered by any Award;
		

		
			 
		

		
			(iv)  to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the form of written (or electronic) instruments evidencing the Awards;
		

		
			 
		

		
			(v)  subject to the provisions of Sections 5(a)(iii), 6(d) and 7(a), to accelerate at any time the exercisability or vesting of all or any portion of any Award;
		

		
			 
		

		
			(vi)  subject to the provisions of Section 5(a)(ii), to extend at any time the period in which Stock Options or Stock Appreciation Rights may be exercised; and
		

		
			 
		

		
			(vii)  at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written and electronic instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan.
		

		
			 
		

		
			        All decisions and interpretations of the Administrator shall be binding on all persons, including the Company, Subsidiaries and Plan grantees.
		

		
			 
		

		
			        (c)    Delegation of Authority to Grant Awards.    Subject to applicable law, the Administrator, in its discretion, may delegate to a subcommittee comprised of one or more members of the Board all or part of the Administrator’s authority and duties with respect to the granting of Awards to employees who are not subject to the reporting and other provisions of Section 16 of the Exchange Act. Any such delegation by the Administrator shall include a limitation as to the amount of the Awards that may be granted during the period of the delegation and shall contain guidelines as to the determination of the exercise price, in the case of Stock Options and Stock Appreciation Rights, and the vesting criteria for the Award. The Administrator may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Administrator’s delegate or delegates that were consistent with the terms of the Plan.
		

		
			 
		

		
			        (d)    Award Certificates.    Awards under the Plan shall be evidenced by Award Certificates that set forth the terms, conditions and limitations for each Award which may include, without limitation, the term of an Award and the provisions applicable in the event employment or service terminates.
		

		
			 
		

		
			        (e)    Indemnification.    Subject to Section 235 of the Companies Act, neither the Board nor the Administrator, nor any member of either or any delegate thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Administrator (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’  fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the Company’s articles or bylaws or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual and the Company.
		

		
			 
		

		
			

		 

		

			3

		

		

			 

		

 

		

			 

		

		

		
			        (f)    Foreign Award Recipients.    Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Awards, the Administrator, in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries shall be covered by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Administrator determines such actions to be necessary or advisable (and such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the Share limitations contained in Section 3(a) hereof; and (v) take any action, before or after an Award is made, that the Administrator determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law.
		

		
			 
		

		
			SECTION  3.SHARES ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION    
		

		
			 
		

		
			        (a)    Shares Issuable.    The maximum number of Shares reserved and available for issuance under the Plan shall be equal to 4,400,000 Shares. For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, repurchased or otherwise terminated (other than by exercise) shall be added back to the number of Shares available for issuance under the Plan. Shares tendered or held back upon exercise of an Option or Stock Appreciation Right or settlement of an Award to cover the exercise price or tax withholding shall not be added back to the number of Shares available for issuance under the Plan. In addition, upon net exercise of Options, the gross number of Shares exercised shall be deducted from the total number of Shares available for issuance under the Plan. Shares purchased in the open market with proceeds from the exercise of Options and Stock Appreciation Rights shall not be added to the number of Shares available for issuance under the Plan. In the event that a Stock Appreciation Right is settled in Shares, the gross number of Shares subject to the Stock Appreciation Right shall be deducted from the total number of Shares available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award; provided, however, that no more than 4,400,000 Shares may be issued in the form of Incentive Stock Options. The Shares issued under the Plan may be issued from treasury or otherwise.
		

		
			 
		

		
			        (b)    Effect of Awards.    The grant of any full value Award (i.e., an Award other than an Option or Stock Appreciation Right) shall be deemed, for purposes of determining the number of Shares available for issuance under Section 3(a), as an Award of 1.8 Shares for each such Share actually subject to the Award and shall be treated similarly if added back to the number of Shares available for issuance when forfeited, canceled, repurchased or otherwise terminated as provided in Section 3(a). The grant of an Option or Stock Appreciation Right shall be deemed, for purposes of determining the number of Shares available for issuance under Section 3(a), as an Award for one Share for each such Share actually subject to the Award and shall be treated similarly if added back to the number of Shares available for issuance when forfeited, canceled, repurchased or otherwise terminated as provided in Section 3(a).
		

		
			 
		

		
			        (c)    Changes in Shares.    Subject to Section 3(d) hereof, if, as a result of any reorganization, recapitalization, reclassification, share dividend, share split, reverse share split or other similar change in the Company’s capital shares, the outstanding Shares are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such Shares or other securities, or, if, as a result of any merger or consolidation, or sale of all or substantially all of the assets of the Company, the outstanding Shares are converted into or exchanged for securities of the Company or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment in (i) the maximum number of Shares reserved for issuance under the Plan, including the maximum number of Shares that may be issued in the form of Incentive Stock Options, (ii) the number and kind of Shares or other securities subject to any then outstanding Awards under the Plan, (iii) the repurchase price, if any, per Share subject to each outstanding Restricted Stock Award, and (iv) the price for each Share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Shares subject to the Stock Option or Stock Appreciation Right) as to which such Stock Options and Stock Appreciation Rights remain exercisable. The Administrator shall also make equitable or proportionate adjustments in the number of Shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration cash dividends paid other than in the ordinary course or any other extraordinary corporate event. The adjustment by the Administrator shall be final, binding and conclusive. No fractional Shares shall be issued under the Plan resulting from any such adjustment, but the Administrator in its discretion may make a cash payment in lieu of fractional Shares.
		

		
			 
		

		
			

		 

		

			4

		

		

			 

		

 

		

			 

		

		

		
			        (d)    Mergers and Other Transactions.    Except as the Administrator may otherwise specify with respect to particular Awards in the relevant Award documentation, in the case of and subject to the consummation of a Sale Event, all Options and Stock Appreciation Rights that are not exercisable immediately prior to the effective time of the Sale Event shall become fully exercisable as of the effective time of the Sale Event, all other Awards with time-based vesting, conditions or restrictions shall become fully vested and nonforfeitable as of the effective time of the Sale Event and all other Awards with conditions and restrictions relating to the attainment of performance goals may become vested and nonforfeitable in connection with a Sale Event in the Administrator’s discretion. Upon the effective time of the Sale Event, the Plan and all outstanding Awards granted hereunder shall terminate, unless provision is made in connection with the Sale Event in the sole discretion of the parties thereto for the assumption or continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards with new Awards of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking into account any acceleration hereunder). In the event of such termination, the Company shall make or provide for a cash payment to the grantees holding Options or Stock Appreciation Rights, in exchange for the cancellation thereof, in an amount equal to the difference between (A) the Sale Price multiplied by the number of Shares subject to outstanding Options or Stock Appreciation Rights (to the extent then exercisable (after taking into account any acceleration hereunder) at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding Options or Stock Appreciation Rights.
		

		
			 
		

		
			        (e)    Substitute Awards.    The Administrator may grant Awards under the Plan in substitution for stock and stock-based awards held by employees, directors or consultants of another corporation in connection with the merger or consolidation of the employing corporation with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the employing corporation. The Administrator may direct that the substitute awards be granted on such terms and conditions as the Administrator considers appropriate in the circumstances. Any substitute Awards granted under the Plan shall not count against the Share limitation set forth in Section 3(a).
		

		
			 
		

		
			SECTION  4.ELIGIBILITY    
		

		
			 
		

		
			        Grantees under the Plan will be such full or part-time officers and other employees, Non-Employee Directors and consultants of the Company and its Subsidiaries as are selected from time to time by the Administrator in its sole discretion.
		

		
			 
		

		
			SECTION  5.STOCK OPTIONS AND STOCK APPRECIATION RIGHTS    
		

		
			 
		

		
			        Any Stock Option or Stock Appreciation Right granted under the Plan shall be in such form as the Administrator may from time to time approve.
		

		
			 
		

		
			        Stock Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.
		

		
			 
		

		
			        (a)    Grant of Stock Options and Stock Appreciation Rights.    The Administrator in its discretion may grant Stock Options and Stock Appreciation Rights to eligible employees, Non-Employee Directors, and consultants of the Company or any Subsidiary. Stock Options and Stock Appreciation Rights granted pursuant to this Section 5(a) shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. If the Administrator so determines, Stock Options and Stock Appreciation Rights may be granted in lieu of cash compensation at the grantee’s election, subject to such terms and conditions as the Administrator may establish. Each Stock Appreciation Right will be denominated in Share equivalents.
		

		
			 
		

		
			(i)    Exercise Price.    The exercise price per Share covered by a Stock Option or Stock Appreciation Right granted pursuant to this Section 5(a) shall be determined by the Administrator at the time of grant but shall not be less than 100 percent of the Fair Market Value on the date of grant. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the exercise price per Share of such Incentive Stock Option shall be not less than 110 percent of the Fair Market Value on the grant date.
		

		
			 
		

		
			(ii)    Term and Termination.    The term of each Stock Option and Stock Appreciation Right shall be fixed by the Administrator, but no Stock Option or Stock Appreciation Right shall be exercisable more than ten years after the date the Stock Option or Stock Appreciation Right is granted. In the case of an Incentive Stock Option that is 

		 

		

			5

		

		

			 

		

 

		

			 

		

granted to a Ten Percent Owner, the term of such Stock Option shall be no more than five years from the date of grant. Unless otherwise determined by the Administrator on or after the date of grant, if a grantee’s employment (or other service relationship) with the Company and its Subsidiaries terminates for any reason (including if a Subsidiary ceases to be a Subsidiary of the Company), the portion of each Stock Option and Stock Appreciation Right held by the grantee that is not then exercisable shall be immediately forfeited. Unless otherwise determined by the Administrator on or after the date of grant, the grantee may exercise the exercisable portion of his Stock Options and Stock Appreciation Rights until the earlier of three months after such date of termination or the expiration of the stated term of such Stock Option or Stock Appreciation Right.
		

		
			 
		

		
			(iii)    Exercisability; Rights of a Shareholder.    Stock Options and Stock Appreciation Rights shall become exercisable at such time or times, whether or not in installments, as shall be determined by the Administrator at or after the grant date, provided they shall not be exercisable for a period of not less than one year from the date of grant. A grantee shall have the rights of a shareholder only as to Shares acquired upon the exercise of a Stock Option or Stock Appreciation Right and not as to unexercised Stock Options or Stock Appreciation Rights. The Administrator may accelerate vesting during the minimum vesting period only in the case of a grantee’s death, disability or retirement or upon a Sale Event, and otherwise may accelerate the vesting of all or any portion of any Stock Option or Stock Appreciation Right at any time.
		

		
			 
		

		
			(iv)    Method of Exercise for Stock Options.    Stock Options may be exercised in whole or in part, by giving written or electronic notice of exercise to the Company’s delegate, specifying the number of Shares to be purchased. In the case of a Stock Option that is not an Incentive Stock Option, unless otherwise determined by the Administrator on or after the date of grant, payment of the purchase price must be made by reduction in the number of Shares issuable upon such exercise, based, in each case, on the Fair Market Value of the Shares on the date of exercise. If the Administrator determines not to use the above payment method or in the case of the exercise of Incentive Stock Options, then payment of the purchase price may be made by one or more of the following methods:
		

		
			 
		

		
			        (A)  In cash, by certified or bank check or other instrument acceptable to the Administrator;
		

		
			 
		

		
			        (B)  Subject to the consent of the Administrator and on the basis of such form of surrender agreement as the Administrator may specify, through the delivery (or attestation to the ownership) of Shares owned by the optionee. Such surrendered Shares shall be valued at Fair Market Value on the exercise date; or
		

		
			 
		

		
			        (C)  By the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure.
		

		
			 
		

		
			Payment instruments will be received subject to collection. The transfer to the optionee on the records of the Company or of the transfer agent of the Shares to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price for such Shares and the fulfillment of any other requirements contained in the Option Award Certificate or applicable provisions of laws (including the satisfaction of any withholding taxes that the Company is obligated to withhold with respect to the optionee). In the event an optionee chooses to pay the purchase price by previously-owned Shares through the attestation method, the number of Shares transferred to the optionee upon the exercise of the Stock Option shall be net of the number of attested Shares. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the exercise of Stock Options, such as a system using an internet website or interactive voice response, then the paperless exercise of Stock Options may be permitted through the use of such an automated system.
		

		
			 
		

		
			(v)    Method of Exercise for Stock Appreciation Rights and Payment upon Exercise.    Stock Appreciation Rights may be exercised in whole or in part, by giving written or electronic notice of exercise to the Company’s delegate, specifying the number of Shares to be exercised. The appreciation distribution payable on the exercise of a Stock Appreciation Right will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of exercise of the Stock Appreciation Right) of a number of Shares equal to the number of Share equivalents in which the grantee is vested under the Stock Appreciation Right, and with respect to which the grantee is exercising the Stock Appreciation Right on such date, over (B) the aggregate exercise price of the number of Share equivalents with respect to which the grantee is exercising the Stock Appreciation Right on such date. The appreciation distribution may be paid in Shares, in cash, in any combination of the two or in any other form of 

		 

		

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consideration, as determined by the Administrator and contained in the Stock Appreciation Right Award Certificate.
		

		
			 
		

		
			 (vi)    Annual Limit on Incentive Stock Options.    To the extent required for “incentive stock option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options granted under the Plan and any other plan of the Company or its subsidiary corporations become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option.
		

		
			 
		

		
			SECTION  6.RESTRICTED STOCK AWARDS    
		

		
			 
		

		
			        (a)    Nature of Restricted Stock Awards.    The Administrator shall determine the restrictions and conditions applicable to each Restricted Stock Award at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions of each Restricted Stock Award Certificate shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees.
		

		
			 
		

		
			        (b)    Rights as a Shareholder.    Upon the grant of a Restricted Stock Award and payment of any applicable purchase price, a grantee shall have the rights of a shareholder with respect to the voting of the Shares subject to the Restricted Stock Award and receipt of dividends (if any), subject to such conditions contained in the Restricted Stock Award Certificate. Unless the Administrator shall otherwise determine, (i) uncertificated Shares subject to the Restricted Stock Award shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until such Shares are vested as provided in Section 6(d) below, and (ii) certificated Shares subject to the Restricted Stock Award shall remain in the possession of the Company until such Shares are vested as provided in Section 6(d) below, and the grantee shall be required, as a condition of the grant, to deliver to the Company such instruments of transfer as the Administrator may prescribe. Notwithstanding anything herein to the contrary, any dividends paid by the Company during the vesting period of any Restricted Stock Award shall accrue and shall not be paid until the Shares subject to the Restricted Stock Award have vested and if any such Shares are forfeited, the grantee shall have no rights to any such accrued dividends.
		

		
			 
		

		
			        (c)    Restrictions.    Shares subject to a Restricted Stock Award may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein or in the Restricted Stock Award Certificate. If a grantee’s employment (or other service relationship) with the Company and its Subsidiaries terminates for any reason (including if a Subsidiary ceases to be a Subsidiary of the Company), any Shares subject to a Restricted Stock Award that have not vested at the time of termination shall automatically, without any requirement of notice to such grantee from, or other action by or on behalf of, the Company or its Subsidiaries, be deemed to have been reacquired by the Company at its original purchase price (if any) from such grantee or such grantee’s legal representative simultaneously with such termination of employment (or other service relationship), and thereafter shall cease to represent any ownership of the Company by the grantee or rights of the grantee as a shareholder. Following such deemed reacquisition of unvested Shares subject to a Restricted Stock Award that are represented by physical certificates, a grantee shall surrender such certificates to the Company upon request without consideration.
		

		
			 
		

		
			        (d)    Vesting of Restricted Stock Awards.    The Administrator at the time of grant shall specify the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Stock Award and the Company’s right of repurchase or forfeiture shall lapse. Notwithstanding the foregoing, the restriction period with respect to Restricted Stock Awards shall not be less than one year, and in the event any such Restricted Stock Award granted to employees shall have a time-based restriction, the total restriction period with respect to such Restricted Stock Award shall not be less than three years; provided, however, that after twelve months, any Restricted Stock Award with a time-based restriction may become vested incrementally over such three-year period. Subsequent to such date or dates and/or the attainment of such pre-established performance goals, objectives and other conditions, the Shares on which all restrictions have lapsed shall no longer be subject to the Restricted Stock Award and shall be deemed “vested”.  Except as may otherwise be provided by the Administrator pursuant to the authority reserved in this Section 6, a grantee’s rights in any Shares subject to a Restricted Stock Award that have not vested shall automatically terminate upon the grantee’s termination of employment (or other service relationship) with the Company and its Subsidiaries for any reason (including if a Subsidiary ceases to be a Subsidiary of the Company) and such Shares shall be subject to the provisions of Section 6(c) above. The Administrator may accelerate vesting during the minimum vesting period only in the case of a grantee’s death, disability or retirement or upon a Sale Event, and otherwise may accelerate the vesting of all or any portion of any Restricted Stock Award at any time.
		

		
			 
		

		
			

		 

		

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			SECTION  7.RESTRICTED STOCK UNIT AWARDS    
		

		
			 
		

		
			        (a)    Nature of Restricted Stock Unit Awards.    The Administrator shall determine the restrictions and conditions applicable to each Restricted Stock Unit Award at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions of each Restricted Stock Unit Award Certificate shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. Notwithstanding the foregoing, the restriction period with respect to such Restricted Stock Unit Awards shall not be less than one year, and in the event any such Restricted Stock Unit Award granted to employees shall have a time-based restriction, the total restriction period with respect to such Restricted Stock Unit Award shall not be less than three years; provided, however, that after twelve months, any Restricted Stock Unit Award with a time-based restriction may become vested incrementally over such three-year period. At the end of the restriction period, the Restricted Stock Unit Award, to the extent vested, shall be settled in the form of Shares. To the extent that a Restricted Stock Unit Award is subject to Section 409A, it may contain such additional terms and conditions as the Administrator shall determine in its sole discretion in order for such Award to comply with the requirements of Section 409A. The Administrator may accelerate vesting during the minimum vesting period only in the case of a grantee’s death, disability or retirement or upon a Sale Event, and otherwise may accelerate the vesting of all or any portion of any Restricted Stock Unit Award at any time.
		

		
			 
		

		
			        (b)    Election to Receive Restricted Stock Unit Awards in Lieu of Compensation.    The Administrator may, in its sole discretion, permit a grantee to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of a Restricted Stock Unit Award. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified by the Administrator and in accordance with Section 409A and such other rules and procedures established by the Administrator. Any such future cash compensation that the grantee elects to defer shall be converted to a fixed number of phantom stock units (which may be fully vested) based on the Fair Market Value of the Shares on the date the compensation would otherwise have been paid to the grantee if such payment had not been deferred as provided herein. The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as the Administrator deems appropriate.
		

		
			 
		

		
			        (c)    Rights as a Shareholder.    A grantee shall have the rights as a shareholder only as to Shares acquired by the grantee upon settlement of a Restricted Stock Unit Award; provided, however, that the grantee may be credited with dividend equivalent rights with respect to the phantom stock units underlying his Restricted Stock Unit Award, subject to such terms and conditions as the Administrator may determine; provided that no payment of any such dividend equivalents shall be made unless and until such Restricted Stock Unit Award has vested, and if such Restricted Stock Unit Award is forfeited, the grantee shall have no right to such dividend equivalents.
		

		
			 
		

		
			        (d)    Termination.    Except as may otherwise be provided by the Administrator pursuant to the authority reserved in Section 7(a), a grantee’s right in all Restricted Stock Unit Awards that have not vested shall automatically terminate upon the grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for any reason (including if a Subsidiary ceases to be a Subsidiary of the Company).
		

		
			 
		

		
			SECTION  8.CASH-BASED AWARDS    
		

		
			 
		

		
			        Grant of Cash-Based Awards.    The Administrator may, in its sole discretion, grant Cash-Based Awards to any grantee in such number or amount and upon such terms, and subject to such conditions, as the Administrator shall determine at the time of grant. The Administrator shall determine the maximum duration of the Cash-Based Award, the amount of cash to which the Cash-Based Award pertains, the conditions upon which the Cash-Based Award shall become vested or payable, and such other provisions as the Administrator shall determine. Each Cash-Based Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the Administrator. Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be made in cash or in Shares, as the Administrator determines. Except as may otherwise be provided by the Administrator pursuant to the authority reserved in this Section 8, a grantee’s right in all Cash-Based Awards that have not vested shall automatically terminate upon the grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for any reason (including if a Subsidiary ceases to be a Subsidiary of the Company).
		

		
			 
		

		
			SECTION  9.PERFORMANCE SHARE AWARDS    
		

		
			 
		

		
			        (a)    Nature of Performance Share Awards.    The Administrator may, in its sole discretion, grant Performance Share Awards independent of, or in connection with, the granting of any other Award under the Plan. The Administrator shall determine whether and to whom Performance Share Awards shall be granted, the Performance Goals, the 

		 

		

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Performance Cycles (which, as defined above, shall not be less than 12 months), and such other limitations and conditions as the Administrator shall determine.
		

		
			 
		

		
			        (b)    Rights as a Shareholder.    A grantee receiving a Performance Share Award shall have the rights of a shareholder only as to Shares actually received by the grantee under the Plan and not with respect to Shares subject to the Award but not actually received by the grantee. A grantee shall be entitled to receive Shares under a Performance Share Award only upon satisfaction of all conditions specified in the Performance Share Award Certificate (or in a performance plan adopted by the Administrator).
		

		
			 
		

		
			        (c)    Termination.    Except as may otherwise be provided by the Administrator either in the Award Certificate or, subject to Section 15 below, in writing after the Award Certificate is issued, a grantee’s rights in all Performance Share Awards shall automatically terminate upon the grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for any reason (including if a Subsidiary ceases to be a Subsidiary of the Company).
		

		
			 
		

		
			SECTION  10.PERFORMANCE-BASED AWARDS    
		

		
			 
		

		
			(a)    Performance-Based Awards.    Any grantee who is selected by the Administrator may be granted one or more Performance-Based Awards payable upon the attainment of Performance Goals that are established by the Administrator and relate to one or more of the Performance Criteria, in each case on a specified date or dates or over any period or periods determined by the Administrator (which, for clarification, shall not be less than 12 months). The Administrator shall define the manner of calculating the Performance Criteria it selects to use for any Performance Cycle (which, as defined above, shall not be less than 12 months). Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall performance of the Company or the performance of a Subsidiary, division, business unit, or an individual. The Administrator, in its discretion, may adjust or modify the calculation of Performance Goals for such Performance Cycle to make adjustments deemed appropriate by the Administrator, including but not limited to, in order to prevent the dilution or enlargement of the rights of an individual (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development, (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company or its Subsidiaries, or the financial statements of the Company or its Subsidiaries, or (iii) in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions. Each Performance-Based Award shall comply with the provisions set forth below.
		

		
			 
		

		
			        (b)    Grant of Performance-Based Awards.    With respect to each Performance-Based Award granted to a grantee, the Administrator shall select the Performance Criteria for such grant and the Performance Goals with respect to each Performance Criterion (including a threshold level of performance below which no amount will become payable with respect to such Award). Each Performance-Based Award will specify the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable performance targets. The Performance Criteria established by the Administrator may be (but need not be) different for each Performance Cycle and different Performance Goals may be applicable to Performance-Based Awards to different grantees.
		

		
			 
		

		
			        (c)    Payment of Performance-Based Awards.    Following the completion of a Performance Cycle, the Administrator shall meet to review and certify in writing whether, and to what extent, the Performance Goals for the Performance Cycle have been achieved and, if so, to also calculate and certify in writing the amount of the Performance-Based Awards earned for the Performance Cycle. The Administrator shall then determine the actual size of each grantee’s Performance-Based Award, and, in doing so, may reduce or eliminate the amount of the Performance-Based Award for a grantee if, in its sole judgment, such reduction or elimination is appropriate.
		

		
			 
		

		
			SECTION  11.TRANSFERABILITY OF AWARDS    
		

		
			 
		

		
			        (a)    Transferability.    Except as provided in Section 11(b) below, during a grantee’s lifetime, his or her Awards shall be exercisable only by the grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s incapacity. No Awards shall be sold, assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will or by the laws of descent and distribution or pursuant to a domestic relations order. No Awards shall be subject, in whole or in part, to attachment, execution, or levy of any kind, and any purported transfer in violation hereof shall be null and void.
		

		
			 
		

		
			        (b)    Administrator Action.    Notwithstanding Section 11(a), the Administrator, in its discretion, may provide either in the Award Certificate regarding a given Award or by subsequent written approval that the grantee (who is an employee or director) may transfer his or her Non-Qualified Stock Options and Stock Appreciation Rights to his or her 

		 

		

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immediate family members, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of the Plan and the applicable Award.
		

		
			 
		

		
			        (c)    Family Member.    For purposes of Section 11(b), “family member” shall mean a grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household (other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the beneficial interest, a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which these persons (or the grantee) own more than 50 percent of the voting interests.
		

		
			 
		

		
			        (d)    Designation of Beneficiary.    Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Administrator and shall not be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate.
		

		
			 
		

		
			SECTION  12.TAX WITHHOLDING    
		

		
			 
		

		
			        (a)    Payment by Grantee.    Each grantee shall, no later than the date as of which the value of an Award or of any Shares or other amounts received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes, pay to the Company or its Subsidiaries, or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company or its Subsidiaries with respect to such income. The Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver evidence of book entry (or share certificates) to any grantee is subject to and conditioned on tax withholding obligations being satisfied by the grantee.
		

		
			 
		

		
			        (b)    Payment in Shares.    In connection with its obligations to withhold Federal, state, city or other taxes from amounts paid to grantees, the Company or its Subsidiaries may make any arrangements that are consistent with the Plan as it may deem appropriate. Without limitation of the preceding sentence, the Company shall have the right to reduce the number of Shares otherwise required to be issued to a grantee (or other recipient) in an amount that would have a Fair Market Value on the date of such issuance equal to all Federal, state, city or other taxes as shall be required to be withheld by the Company or its Subsidiaries pursuant to any statute or other governmental regulation or ruling and paid to any Federal, state, city or other taxing authority.
		

		
			 
		

		
			SECTION  13.SECTION 409A AWARDS.    
		

		
			 
		

		
			        To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A (a “409A Award”), the Award shall be subject to such additional rules and requirements as specified by the Administrator from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from service” (within the meaning of Section 409A) to a grantee who is then considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. Further, the settlement of any such Award may not be accelerated except to the extent permitted by Section 409A.
		

		
			 
		

		
			SECTION  14.TRANSFER, LEAVE OF ABSENCE, ETC.    
		

		
			 
		

		
			        For purposes of the Plan, the following events shall not be deemed a termination of employment:
		

		
			 
		

		
			        (a)   a transfer to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another;
		

		
			 
		

		
			        (b)   an approved leave of absence for military service or sickness, or for any other purpose approved by the Company or its Subsidiaries, as the case may be, if the employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise so provides in writing; or
		

		
			 
		

		
			        (c)   the transfer in status from one eligibility category under Section 4 hereof to another category.
		

		
			

		 

		

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			SECTION  15.AMENDMENTS AND TERMINATION    
		

		
			 
		

		
			        The Board may, at any time, amend or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the holder’s consent. Except as provided in Section 3(c) or 3(d), without prior shareholder approval, in no event may the Administrator exercise its discretion to reduce the exercise price of outstanding Stock Options or Stock Appreciation Rights, or effect repricing through cancellation and re-grants or cancellation in exchange for cash or another Award. To the extent required under the rules of any securities exchange or market system on which the Shares are listed, or to the extent approval by shareholders is determined by the Administrator to be required by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code, Plan amendments shall be subject to approval by the shareholders of the Company entitled to vote at a meeting of shareholders. Nothing in this Section 15 shall limit the Administrator’s authority to take any action permitted pursuant to Section 3(d).
		

		
			 
		

		
			SECTION  16.STATUS OF PLAN    
		

		
			 
		

		
			        With respect to the portion of any Award that has not been exercised and any payments in cash, Shares or other consideration not received by a grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Shares or make payments with respect to Awards hereunder, provided that the existence of such trusts or other arrangements is consistent with the foregoing sentence.
		

		
			 
		

		
			SECTION  17.GENERAL PROVISIONS    
		

		
			 
		

		
			        (a)    No Distribution.    The Administrator may require each person acquiring Shares pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof.
		

		
			 
		

		
			        (b)    Delivery of Share Certificates.    Share certificates to grantees under the Plan shall be deemed delivered for all purposes when the Company or a share transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company. Uncertificated Shares shall be deemed delivered for all purposes when the Company or a share transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company or any Subsidiary, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records). Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing Shares pursuant to the exercise of any Award, unless and until the Administrator has determined, with advice of counsel (to the extent the Administrator deems such advice necessary or advisable), that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed, quoted or traded. All share certificates delivered pursuant to the Plan shall be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with federal, state or foreign jurisdiction, securities or other laws, rules and quotation system on which the Shares are listed, quoted or traded. The Administrator may place legends on any share certificate to reference restrictions applicable to the Shares. In addition to the terms and conditions provided herein, the Administrator may require that an individual make such reasonable covenants, agreements, and representations as the Administrator, in its discretion, deems necessary or advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require any individual to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Administrator.
		

		
			 
		

		
			        (c)    Shareholder Rights.    Until Shares are deemed delivered in accordance with Section 17(b), no right to vote or receive dividends or any other rights of a shareholder will exist with respect to Shares to be issued in connection with an Award, notwithstanding the exercise of a Stock Option or Stock Appreciation Right or any other action by the grantee with respect to an Award; provided further that, to the extent the terms of any Award provide for the accrual of dividends, in no event shall any such dividends be paid until such Award has vested.
		

		
			 
		

		
			        (d)    Other Compensation Arrangements; No Employment Rights.    Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation plans or arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of the Plan and the grant of Awards 

		 

		

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do not confer upon any employee any right to continued employment with the Company or any Subsidiary.
		

		
			 
		

		
			        (e)    Trading Policy Restrictions.    Option and Stock Appreciation Right exercises and other Awards under the Plan shall be subject to the Company’s insider trading policies and procedures, as in effect from time to time.
		

		
			 
		

		
			        (f)    Forfeiture of Awards.    The Awards granted hereunder to the executive officers of the Company are subject to the clawback policy of the Company in effect from time to time.
		

		
			 
		

		
			        (g)    Section 82 and Section 1043 of the Companies Act.    The Company and any Subsidiary incorporated in Ireland may do all such things as are contemplated by the Plan except to the extent that they are prohibited by Section 82 and Section 1043 of the Companies Act. Nothing in this Section 17(g) shall prohibit anything which may be done as contemplated by the Plan by a Subsidiary which is incorporated outside of Ireland.
		

		
			 
		

		
			SECTION  18.EFFECTIVE DATE OF PLAN    
		

		
			 
		

		
			The Plan shall become effective on the date of the 2018 Annual General Meeting of Shareholders of the Company, provided that the Plan is approved by the Company’s shareholders at such meeting. No grants of Incentive Stock Options may be made hereunder after the tenth anniversary of the date the Plan is approved by the Board.
		

		
			 
		

		
			SECTION  19.GOVERNING LAW    
		

		
			 
		

		
			This Plan and all Awards and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts, applied without regard to conflict of law principles.
		

		
			 
		

		
			SECTION  20.DISPUTE RESOLUTION    
		

		
			 
		

		
			All disputes and differences arising out of the Plan or otherwise in connection therewith may be referred by the Company to arbitration pursuant to the procedures set forth in the applicable grant agreement of any grantee so affected.
		

		
			 
		

		
			 
		

		
			 
		

		 

		

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