Document:

Limited Liability Company Interest Purchase Agreement

 Exhibit 10.28 
 LIMITED LIABILITY COMPANY 
 INTEREST PURCHASE AGREEMENT

 THIS LIMITED LIABILITY COMPANY INTEREST PURCHASE AGREEMENT (this “Agreement”) is
made and entered into as of this 23rd day of February,
2012 by and among FJ900, Inc., a corporation organized and existing under the laws of the State of Delaware with its principal place of business at 2200 Pennsylvania Avenue, NW, Suite 800W, Washington, DC 20037 (“Buyer”), Steven M.
Rales, an individual (“Mr. Steven Rales”), and Joust Group, L.L.C., a limited liability company organized and existing under the laws of the State of Maryland with its principal place of business at 2200 Pennsylvania Avenue, NW,
Suite 800W, Washington, DC 20037 (“Joust Group”). Buyer, Mr. Steven Rales and Joust Group are referred to, individually, as a “Party” and, collectively, as the “Parties”. 

WHEREAS, Mr. Steven Rales is a member of, and the legal and beneficial owner of a 99% limited liability company interest (the
“Steven Rales Interest”) in, Joust Capital, LLC, a limited liability company organized and existing under the laws of the State of Maryland (the “Company”); 

WHEREAS, Joust Group is also a member of, and the legal and beneficial owner of a 1% limited liability company interest (the
“Joust Group Interest” and, together with the Steven Rales Interest, the “Interests”) in the Company; 
 WHEREAS, the Company owns and operates the Aircraft (as defined below); 
 WHEREAS,
Mr. Steven Rales and Joust Group (individually, a “Seller”, and, collectively, the “Sellers”) wish to sell to Buyer, and Buyer wishes to purchase from the Sellers, the Interests, comprising all of the
outstanding limited liability company interests in the Company; and 
 WHEREAS, the Parties wish to enter into this Agreement
setting out the terms and conditions for the sale by the Sellers, and the purchase by Buyer, of the Interests. 
 NOW,
THEREFORE, for and in consideration of the foregoing, and the representations, warranties and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby
agree as follows: 
 ARTICLE I 
 SALE AND PURCHASE OF INTERESTS 
 Section 1.1. Sale and Purchase.
Subject to the terms and conditions set forth herein, at the Closing (as defined below), the Sellers shall sell, assign, transfer, convey and deliver to Buyer, and Buyer shall purchase, acquire, accept and receive from the Sellers, all of the
Seller’s right, title and interest in, under and to the Interests, free and clear of all liens, encumbrances, security interests, charges, mortgages, indentures, pledges, options, rights of other Persons (as defined below), voting trusts,
restrictions and claims of any kind (collectively, “Liens”). 

 Section 1.2. Purchase Price. The total purchase price for the Interests shall be
the sum of Thirteen Million Five Hundred Thousand United States Dollars (“USD”) (USD$13,500,000) (the “Total Purchase Price”) payable at the Closing as follows: 

(a) The amount of Thirteen Million Three Hundred Sixty-Five Thousand USD (USD$13,365,000) equal to 99% of the Total Purchase Price shall
be paid to Mr. Steven Rales, by wire transfer of immediately available funds, to such account as Mr. Steven Rales shall have designated in writing prior to the Closing; and 

(b) The amount of One Hundred Thirty-Five Thousand USD (USD$135,000) equal to 1% of the Total Purchase Price shall be paid to Joust
Group, by wire transfer of immediately available funds, to such account as Joust Group shall have designated in writing prior to the Closing. 
 ARTICLE II 
 THE CLOSING 

Section 2.1. Closing. Subject to the satisfaction or waiver of each of the conditions set forth herein, the consummation of
the transaction contemplated by this Agreement (the “Closing”) shall take place at 11:00 a.m., Washington, D.C. time, on February 23, 2012 or at such other time and on such other date as may be mutually agreed upon by the
Parties (the “Closing Date”). 
 Section 2.2. Deliveries by Sellers. At the Closing, the Sellers
shall deliver to Buyer the following documents or instruments, in form and substance reasonably satisfactory to Buyer: 
 (a) a
counterpart of the Assignment and Assumption of Limited Liability Company Interest, substantially in the form attached hereto as Exhibit A, duly executed by Mr. Steven Rales in respect of the Steven Rales Interest (the “Steven
Rales Interest Assignment”); 
 (b) a counterpart of the Assignment and Assumption of Limited Liability Company
Interest, substantially in the form attached hereto as Exhibit A, duly executed by Joust Group in respect of the Joust Group Interest (the “Joust Group Interest Assignment” and, together with the Steven Rales Interest
Assignment, the “Interest Assignments”); 
 (c) a true and correct copy of the unanimous written consent of the
members of Joust Group, authorizing the execution and delivery of this Agreement and the other Seller Documents (as defined below) to which Joust Group is a party and the consummation by Joust Group of the transaction contemplated hereby;

 (d) the resignation of the Manager of the Company, duly executed by the Company’s Manager; 

  
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 (e) a certificate from the Sellers, substantially in the form attached hereto as Exhibit
B, dated as of the Closing Date and duly executed by the Sellers, certifying as to the matters specified therein; and 
 (f)
such further documents (including, without limitation, instruments of assignment, conveyance, transfer or confirmation) as may be reasonably necessary for (i) the Sellers to convey and transfer to Buyer, and Buyer to acquire and accept from the
Sellers, the Interests, free and clear of all Liens, and (ii) Buyer to become a member of the Company, or as may be otherwise reasonably requested by Buyer. 
 Section 2.3. Deliveries by Buyer. At the Closing, Buyer shall pay the Total Purchase Price as provided in Section 1.2 hereof and deliver to the Sellers the following documents or
instruments, in form and substance reasonably satisfactory to the Sellers: 
 (a) a counterpart of each of the Interest
Assignments, duly executed by Buyer; 
 (b) a true and correct copy of the resolutions of the Board of Directors of Buyer,
authorizing the execution and delivery of this Agreement and the other Buyer Documents (as defined below) and the consummation by Buyer of the transaction contemplated hereby; 
 (c) a certificate from Buyer, substantially in the form attached hereto as Exhibit C, dated as of the Closing Date and duly executed by Buyer, certifying as to the matters specified therein; and

 (d) such further documents (including, without limitation, instruments of assumption, acquisition, acceptance or
confirmation) as may be reasonably necessary for (i) the Sellers to convey and transfer to Buyer, and Buyer to acquire and accept from the Sellers, the Interests, free and clear of all Liens, and (ii) Buyer to become a member of the
Company, or as may be otherwise reasonably requested by the Sellers. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 Section 3.1. Representations and Warranties of Sellers. Each Seller represents and warrants to Buyer, as of the date hereof and as of the Closing Date, as follows: 

(a) Joust Group is a limited liability company duly organized, validly existing and in good standing under the laws of the State of
Maryland. Joust Group has the requisite limited liability company power and authority to carry on the business in which it is engaged, to own its assets, to execute, deliver and perform its obligations under this Agreement and the Seller Documents,
and to consummate the transaction contemplated hereby. 
 (b) The Company is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Maryland. The Company has the requisite limited liability company power and authority to carry on the business in which it is engaged and to own its assets, including, without limitation,
the Aircraft. 

  
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 (c) The execution and delivery by such Seller of, and the performance by such Seller of its
obligations under, this Agreement and any other agreements, statements, certificates, instruments or other documents to be executed and delivered by the Sellers at the Closing pursuant to this Agreement (collectively, the “Seller
Documents”) and the consummation by such Seller of the transaction contemplated hereby (i) have been or will be duly authorized and approved by all necessary action of such Seller, (ii) do not and will not require any further or
additional consent, approval or authorization of such Seller, (iii) do not and will not violate, contravene or conflict with the Articles of Organization or Operating Agreement of Joust Group or the Company or any law, regulation, judgment,
order or decree to which such Seller or the Company or any of such Seller’s or the Company’s assets are subject, (iv) do not and will not require the consent, approval, waiver, clearance, permit, license or authorization of, by or
from, any filing with, or any notice to, any Person (beyond that which has already been obtained), (v) do not and will not result in a breach of, or constitute a default under, any contract, instrument, commitment or arrangement to which such
Seller or the Company is a party, by which such Seller or the Company is bound or to which any of such Seller’s or the Company’s assets are subject, and (vi) do not and will not result in the imposition of a Lien on any of such
Seller’s or the Company’s assets. 
 (d) This Agreement constitutes and each of the other Seller Documents will
constitute the legal, valid and binding agreement of such Seller enforceable against such Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, moratorium, insolvency, reorganization or other similar laws
affecting or limiting the enforcement of creditors’ rights generally or by general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

(e) To the best of such Seller’s knowledge, there are no actions, suits, proceedings, claims or demands of any kind, pending or
threatened (collectively, “Claims”), against or affecting such Seller or the Company that restrain or prohibit (or seek to restrain or prohibit) the consummation by such Seller of the transaction contemplated hereby. 

(f) Mr. Steven Rales (i) is the sole record holder and beneficial owner of the Steven Rales Interest, free and clear of all
Liens, (ii) has good and marketable title to the Steven Rales Interest, (iii) has the full right, title, power and authority to validly sell, assign, transfer and convey the Steven Rales Interest to Buyer, and (iv) has not entered
into any agreement to sell, hypothecate or otherwise dispose of the Steven Rales Interest to any other Person. 
 (g) Joust
Group (i) is the sole record holder and beneficial owner of the Joust Group Interest, free and clear of all Liens, (ii) has good and marketable title to the Joust Group Interest, (iii) has the full right, title, power and authority to
validly sell, assign, transfer and convey the Joust Group Interest to Buyer, and (iv) has not entered into any agreement to sell, hypothecate or otherwise dispose of the Joust Group Interest to any other Person. 

(h) The Company is the sole registered, legal and beneficial owner of, and has good and marketable title to, that certain Dassault Falcon
900B aircraft bearing Manufacturer’s Serial Number 176 and FAA Registration Number N909PM (the “Airframe”), together with (A) three (3) Garrett Model TFE731-5BR-1C engines bearing Manufacturer’s Serial Numbers
P101343, P101346 and P101344 installed thereon (collectively, the “Engines”), (B) all 

  
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components, accessories, avionics, appliances, furnishings, software, appurtenances, parts, loose equipment, and other equipment or property installed thereon, incorporated therein, attached
thereto or temporarily removed therefrom to which the Company has title (collectively, the “Parts”), (C) all maintenance, flight and technical logs, records, manuals, checklists, catalogs, diagrams, minimum equipment lists, and
other records and data related to the Airframe, the Engines and/or the Parts which are in the Company’s possession or control (collectively, the “Aircraft Records”), and (D) all warranties (express or implied), service
policies or product agreements with or from manufacturers, service providers or suppliers which are still in effect with respect to the Airframe, the Engines and/or the Parts (all of the foregoing being referred to, collectively, as the
“Aircraft”). 
 (i) There are no Liens on or with respect to the Aircraft. 

(j) The Company is not a party to, or otherwise bound by, any agreement currently in effect, including, without limitation, with respect
to the Aircraft, except for (i) the Falcon 900B Aircraft Purchase Agreement Number 900-98-03061 dated May 29, 1998 by and between the Company and Dassault Falcon Jet Corp., (ii) the Management Agreement dated as of July 22, 2011
(the “Management Agreement”) by and among the Company, Joust Capital III, LLC and Buyer, and (iii) the Interchange Agreements each dated as of July 22, 2011 by and between the Company, on the one hand, and each of Joust
Capital II, LLC and Danaher Corporation, on the other hand (collectively, the “Existing Agreements”). Each of the Existing Agreements is in full force and effect, and the Company is not in breach or default of any of its obligations
under any of the Existing Agreements. 
 (k) Each of the Sellers is a party to the Amended and Restated Operating Agreement of
the Company, dated as of February 27, 2007 (the “Company’s Operating Agreement”). The Company’s Operating Agreement is in full force and effect and has not been amended, modified or terminated since February 27,
2007. Neither of the Sellers is a party to any other agreement currently in effect relating to the operation or management of the Company or the member’s rights and obligations with respect to the Company. 

(l) Mr. Steven Rales, in his capacity as Manager of the Company, consents to the sale of the Steven Rales Interest and the Joust
Group Interest as contemplated by this Agreement, pursuant to Section 5.1.A. of the Company’s Operating Agreement. 

(m) Each of the Sellers consents to Buyer becoming a member of the Company at the Closing. 

(n) Since its formation, the Company has not engaged in or operated any business or otherwise engaged in or undertaken any activities
except for the acquisition, ownership, management and operation of the Aircraft, the entry into agreements in connection therewith that are no longer in force or effect, and the entry into the Existing Agreements. 

(o) Since its formation, the Company has been and is currently in compliance with all applicable laws and regulations, including, without
limitation, all laws and regulations relating to the ownership, management and operation of the Aircraft. 

  
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 (p) The Company has no obligations or liabilities except for its obligations and liabilities
under the Existing Agreements. 
 (q) The Company maintains the following insurance coverage with respect to the Aircraft in
compliance with Section 13 of the Management Agreement: 
 (i) all-risk hull insurance against any loss, theft or damage
to the Aircraft (including, without limitation, extended coverage with respect to any Engine or Parts while removed from the Aircraft); and 
 (ii) comprehensive aviation liability insurance (including, without limitation, aircraft passenger and property damage coverage) in an amount equal to Five Hundred Million Dollars ($500,000,000) single
limit liability coverage, which names Buyer and Danaher Corporation and their respective subsidiaries and related companies, directors, officers, agents and employees as additional insureds (collectively, the “Additional Insureds”).

 Section 3.2. Representations and Warranties of Buyer. Buyer represents and warrants to the Sellers, as of the
date hereof and as of the Closing Date, as follows: 
 (a) Buyer is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware. Buyer has the requisite corporate power and authority to carry on the business in which it is engaged, to own its assets, to execute, deliver and perform its obligations under this Agreement and the
Buyer Documents, and to consummate the transaction contemplated hereby. 
 (b) The execution and delivery by Buyer of, and the
performance by Buyer of its obligations under, this Agreement and any other agreements, statements, certificates, instruments or other documents to be executed and delivered by Buyer at the Closing pursuant to this Agreement (collectively, the
“Buyer Documents”) and the consummation by Buyer of the transaction contemplated hereby (i) have been or will be duly authorized and approved by all necessary action of Buyer, (ii) do not and will not require any further
or additional consent, approval or authorization of Buyer, (iii) do not and will not violate, contravene or conflict with the Certificate of Incorporation or Bylaws of Buyer or any law, regulation, judgment, order or decree to which Buyer or
any of its assets are subject, (iv) do not and will not require the consent, approval, waiver, clearance, permit, license or authorization of, by or from, any filing with, or any notice to, any Person (beyond that which has already been
obtained), (v) do not and will not result in a breach of, or constitute a default under, any contract, instrument, commitment or arrangement to which Buyer is a party, by which Buyer is bound or to which any of Buyer’s assets are subject,
and (vi) do not and will not result in the imposition of a Lien on any of Buyer’s assets. 
 (c) This Agreement
constitutes and each of the other Buyer Documents will constitute the legal, valid and binding agreement of Buyer enforceable against Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy, moratorium,
insolvency, reorganization or other similar laws affecting or limiting the enforcement of creditors’ rights generally or by general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in
equity). 

  
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 (d) To the best of Buyer’s knowledge, there are no Claims against or affecting Buyer
that restrain or prohibit (or seek to restrain or prohibit) the consummation by Buyer of the transaction contemplated hereby. 

ARTICLE IV 

COVENANTS 

Section 4.1. Pre-Closing Covenants of Sellers. Prior to the Closing, each of the Sellers (including, in the case of
Mr. Steven Rales, in his capacity as Manager of the Company) shall perform or comply with the following covenants: 
 (a)
The Sellers shall deliver to Buyer (i) a copy of the Articles of Organization of the Company, certified by the Secretary of State of the State of Maryland, (ii) a true and correct copy of the Company’s Operating Agreement,
(iii) a certificate from the Secretary of State of the State of Maryland, certifying as to the existence and good standing of the Company, and (iv) a true and correct copy of each of the Existing Agreements. 

(b) Neither of the Sellers may cause or permit the Company to enter into any agreement or amend, modify or terminate any of the Existing
Agreements, without the prior written consent of Buyer. 
 (c) Neither of the Sellers may, or may cause or permit the Company
to, amend, modify or terminate the Company’s Operating Agreement without the prior written consent of Buyer. 
 (d) Each
Seller shall refrain from, directly or indirectly, asserting, commencing or instituting, or causing to be asserted, commenced or instituted, any Claim before any Governmental Authority, or taking any other action whatsoever to attempt to invalidate,
void or otherwise challenge the validity or enforceability of all or any part of this Agreement. 
 (e) Each Seller shall use
all commercially reasonable efforts to fulfill and perform all conditions and obligations to be fulfilled and performed by it under this Agreement at the earliest practicable time, and to cause the transaction contemplated by this Agreement to be
consummated in accordance herewith. 
 (f) Each Seller shall cause the Company to be managed and operated in the ordinary course
of business and consistent with past practices, and shall not cause, permit or consent to any action that is inconsistent therewith without the prior written consent of Buyer. 
 (g) Neither of the Sellers may cause or permit the Company to incur any additional obligations or liabilities (beyond its obligations and liabilities under the Existing Agreements) without the prior
written consent of Buyer. 
 (h) Neither of the Sellers may cause or permit the Company to (i) sell, lease, hypothecate or
otherwise dispose of the Aircraft or any part thereof, (ii) enter into any agreement providing therefor, or (iii) impose or allow to be imposed any Lien on the Aircraft without the prior written consent of Buyer. 

  
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 (i) Each Seller shall cause the Company to maintain the insurance coverage specified in
Section 3.1(q) hereof in compliance with Section 13 of the Management Agreement, including, without, limitation, with respect to naming the Additional Insureds as additional insureds on the liability insurance policy for the Aircraft, and
shall not cause, permit or consent to any action that is inconsistent therewith without the prior written consent of Buyer. 

Section 4.2. Pre-Closing Covenants of Buyer. Prior to the Closing, Buyer shall perform or comply with the following
covenants: 
 (a) Buyer shall refrain from, directly or indirectly, asserting, commencing or instituting, or causing to be
asserted, commenced or instituted, any Claim before any Governmental Authority, or taking any other action whatsoever to attempt to invalidate, void or otherwise challenge the validity or enforceability of all or any part of this Agreement.

 (b) Buyer shall use all commercially reasonable efforts to fulfill and perform all conditions and obligations to be fulfilled
and performed by it under this Agreement at the earliest practicable time, and to cause the transaction contemplated by this Agreement to be consummated in accordance herewith. 

Section 4.3. Pre-Closing Joint Covenants. Prior to the Closing, each of the Sellers and Buyer shall use its commercially
reasonable efforts to cooperate with one another in taking any actions necessary or advisable to effect the consummation of the transaction contemplated by this Agreement. 
 Section 4.4. Membership in Company. Each of the Sellers (including, in the case of Mr. Steven Rales, in his capacity as Manager of the Company) hereby (a) consents to Buyer being
admitted as and becoming a member of the Company at the Closing and (b) acknowledges and agrees that, at the Closing, such Seller shall cease (i) to be a member of the Company and (ii) to have the power to exercise any right, power or
remedy as a member of the Company. 
 ARTICLE V 
 CONDITIONS TO CLOSING 
 Section 5.1. Conditions Precedent to Obligations
of Sellers. The obligation of the Sellers to sell and transfer the Interests and to consummate the transaction contemplated by this Agreement shall be subject to the satisfaction, at or prior to the Closing, of all of the conditions precedent
set forth in this Section 5.1. Sellers may waive any or all of these conditions, in whole or in part, without prior notice, in its sole and absolute discretion. 
 (a) All representations and warranties of Buyer contained in this Agreement or in any of the Buyer Documents shall be true and correct in all material respects as of the date hereof or thereof and as of
the Closing Date; 
 (b) Buyer shall have performed and complied with, in all material respects, all covenants, obligations and
conditions required by this Agreement to be performed or complied with by Buyer prior to or on the Closing Date; 

  
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 (c) No injunction, order or decree of any Governmental Authority shall be in effect which
restrains or prohibits the consummation of the transaction contemplated by this Agreement at the Closing; 
 (d) The Sellers
shall have received the documents required to be delivered by Buyer pursuant to Section 2.3 hereof; 
 (e) The form and
substance of all Buyer Documents shall be reasonably satisfactory to the Sellers; and 
 (f) Buyer shall have paid the Total
Purchase Price to the Sellers in accordance with Section 1.2 hereof. 
 Section 5.2. Conditions Precedent to
Obligations of Buyer. The obligation of Buyer to purchase the Interests and to consummate the transaction contemplated by this Agreement shall be subject to the satisfaction, at or prior to the Closing, of all of the conditions precedent set
forth in this Section 5.2. Buyer may waive any or all of these conditions, in whole or in part, without prior notice, in its sole and absolute discretion. 
 (a) All representations and warranties of the Sellers contained in this Agreement or in any of the Seller Documents shall be true and correct in all material respects as of the date hereof or thereof and
as of the Closing Date; 
 (b) The Sellers shall have performed and complied with, in all material respects, all covenants,
obligations and conditions required by this Agreement to be performed or complied with by the Sellers prior to or on the Closing Date; 
 (c) No injunction, order or decree of any Governmental Authority shall be in effect which restrains or prohibits the consummation of the transaction contemplated by this Agreement at the Closing;

 (d) Buyer shall have received the documents required to be delivered by the Sellers pursuant to Section 2.2 hereof;

 (e) The form and substance of all Seller Documents shall be reasonably satisfactory to Buyer; and 

(f) The Sellers shall have conveyed the Interests to Buyer in accordance with this Agreement. 

ARTICLE VI 

SURVIVAL; DISCLAIMER; INDEMNIFICATION 
 Section 6.1. Survival of Provisions; Cure Rights. 
 (a) All
representations and warranties of Buyer and the Sellers contained in this Agreement or in any Buyer Documents or Seller Documents shall survive the Closing for a 

  
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period of one (1) year, except that the representations and warranties of each Seller set forth in Sections 3.1(f) through (q) inclusive shall survive until the fourth (4th) anniversary of the Closing Date. Any claim for indemnification
hereunder for a breach of a representation or warranty may not be brought after the expiration of such applicable period. Any claim for indemnification in respect of a covenant or obligation of Buyer or the Sellers hereunder to be performed prior to
the Closing may not be made after a one year period following the Closing Date. The covenants and obligations under this Agreement to be performed after the Closing shall survive the Closing until fully performed. 

(b) For all purposes under this Agreement, the existence or occurrence of any event or circumstance that constitutes or causes a breach
of a representation or warranty of the Sellers or Buyer under this Agreement on the date such representation or warranty is made shall be deemed not to constitute a breach of such representation or warranty if such event or circumstance is cured in
all material respects on or before the expiration of twenty (20) days from the receipt by such Party of written notice thereof from the other Party. 
 Section 6.2. Disclaimers and Waivers. 
 (a) Except for the
representations and warranties specifically set forth in Section 3.1 hereof, (i) the Interests are being conveyed by the Sellers to Buyer at the Closing without any representation or warranty, and all other representations and warranties
of any kind, either express or implied, written or oral, are hereby expressly disclaimed, and (ii) the Sellers make no representation or warranty of any kind with respect to the Aircraft which is being conveyed as part of the assets of the
Company at the Closing on an “AS IS, WHERE IS” basis, with all faults, limitations and defects, regardless of cause. 

(b) WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, NEITHER OF THE SELLERS MAKES ANY, AND HEREBY DISCLAIMS ANY AND ALL,
REPRESENTATIONS, WARRANTIES OR GUARANTIES, EXPRESS OR IMPLIED, WRITTEN OR ORAL, ARISING BY LAW OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION OR WARRANTY (i) AS TO THE CONDITION, OPERABILITY, AIRWORTHINESS, OR MARKET VALUE OF
THE AIRCRAFT, (ii) AS TO THE MERCHANTABILITY, FITNESS OR DESIGN OF, OR THE QUALITY OF THE MATERIAL OR WORKMANSHIP IN, THE AIRCRAFT, (iii) AS TO THE ABSENCE OF PATENT INFRINGEMENT OR THE LIKE WITH RESPECT TO THE AIRCRAFT OR ANY PART
THEREOF, OR (iv) ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE. 
 (c) NEITHER OF THE SELLERS
SHALL HAVE ANY RESPONSIBILITY OR LIABILITY TO BUYER OR ANY OTHER PERSON, WHETHER ARISING IN CONTRACT OR TORT, OUT OF ANY NEGLIGENCE OR STRICT LIABILITY OR OTHERWISE FOR (i) ANY LIABILITY, LOSS OR DAMAGE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY
OR INDIRECTLY BY THE AIRCRAFT OR ANY PART THEREOF (OR BY ANY INADEQUACY THEREOF OR DEFICIENCY OR DEFECT THEREIN), (ii) THE USE, OPERATION OR PERFORMANCE OF THE AIRCRAFT OR ANY RISKS RELATING THERETO, OR (iii) THE SERVICING, MAINTENANCE,
REPAIR, OR MODIFICATION OF THE AIRCRAFT. 

  
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 (d) EACH OF THE SELLERS AND BUYER AGREES THAT IT SHALL NOT BE ENTITLED TO RECOVER, AND
HEREBY DISCLAIMS AND WAIVES ANY RIGHT THAT IT MAY OTHERWISE HAVE TO RECOVER, LOST PROFITS OR REVENUES, LOSS OF USE OR GOODWILL OR SPECIAL, CONSEQUENTIAL, INCIDENTAL, RESULTANT, INDIRECT, PUNITIVE OR EXEMPLARY DAMAGES AS A RESULT OF ANY BREACH OR
ALLEGED BREACH BY THE OTHER PARTY OF THIS AGREEMENT OR ANY OTHER MATTER RELATING TO THIS AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY. 
 (e) Each of the Sellers hereby waives, effective at the Closing, any and all Claims under or with respect to the Company’s Operating Agreement, including, without limitation, any Claims for breach
thereof, or with respect to the operation or management of the Company. 
 Section 6.3. Indemnity. 

(a) Subject to the limitations set forth in this Article VI, each of the Sellers shall indemnify, defend and hold harmless Buyer and its
Affiliates and their respective shareholders, members, partners, directors, officers, managers, employees, agents and representatives (individually a “Buyer Indemnified Party” and, collectively, the “Buyer Indemnified
Parties”) from and against any and all actions, suits, proceedings, hearings, investigations, charges, complaints, claims, demands, injunctions, judgments, orders, decrees, rulings, damages, liabilities, penalties, fines, amounts paid in
settlement, obligations, losses, costs, expenses and fees, including, without limitation, court costs and reasonable attorneys’ fees and expenses (collectively “Losses”) arising out of, resulting from, or in connection with any
breach of any representation, warranty, covenant or obligation made by such Seller in this Agreement or in any Seller Documents or in connection with the transaction contemplated by this Agreement. 

(b) Subject to the limitations set forth in this Article VI, Buyer shall indemnify, defend and hold harmless each of the Sellers and
their Affiliates and their respective shareholders, members, partners, directors, officers, managers, employees, agents and representatives (individually a “Seller Indemnified Party” and, collectively, the “Seller
Indemnified Parties”) from and against any and all Losses arising out of, resulting from, or in connection with any breach of any representation, warranty, covenant or obligation made by Buyer in this Agreement or in any Buyer Documents or
in connection with the transaction contemplated by this Agreement. 
 (c) A Party seeking indemnification pursuant to this
Section 6.3 (an “Indemnified Party”) shall give written notice to the Party from whom such indemnification is sought (the “Indemnifying Party”) of the assertion or commencement of any Claim, in respect of which
indemnity may be sought pursuant to this Section 6.3 and shall give the Indemnifying Party such information with respect thereto as the Indemnifying Party may reasonably request, but failure to give such notice shall not relieve the
Indemnifying Party of any liability hereunder (except to the extent that the Indemnifying Party may have suffered actual prejudice thereby). Any survival period limitation specified in Section 6.1 hereof shall not apply to a Claim which has
been the subject of notice from the Indemnified Party to the Indemnifying Party given prior to the expiration of such period. The Indemnified Party shall have the burden of proof in establishing the amount of its Losses. 

  
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 (d) In the event of the initiation of any action, suit or proceeding against the Indemnified
Party by a Person other than the Parties, the Indemnifying Party shall have the sole and absolute right after the receipt of notice, at its option and at its own expense, to be represented by counsel of its choice and to control, defend against,
negotiate, settle or otherwise deal with any Claim which relates to any Losses sought to be indemnified against hereunder; provided, however, that the Indemnified Party may participate in any such action, suit or proceeding with
counsel of its choice and at its expense. The Parties agree to cooperate fully with each other in connection with the defense, negotiation or settlement of any such Claim. To the extent that the Indemnifying Party elects not to defend such Claim,
and the Indemnified Party defends against or otherwise deals with any such Claim, the Indemnified Party may retain counsel, reasonably acceptable to the Indemnifying Party, and control the defense of such proceeding. Neither the Indemnifying Party
nor the Indemnified Party may settle any Claim to the extent that such settlement obligates the other Party to pay money, to perform obligations or to admit liability without the consent of such other Party, such consent not to be unreasonably
withheld. 
 Section 6.4. Limitations on Indemnification. Notwithstanding any provision in this Agreement to the
contrary, after the Closing the indemnification provided in Section 6.3 hereof shall constitute the sole and exclusive remedy of a Party for the matters described in Section 6.3 and such Party waives all other remedies on account of such
matters. The indemnification obligation under Section 6.3 hereof shall cover all Losses with respect to any and all of the specific matters set forth in Section 6.3, except that an Indemnifying Party shall not, except in cases of fraud, or
willful or intentional misrepresentation, be liable for any damages that do not arise directly from the Indemnifying Party’s breach and shall not be liable for any damages suffered or incurred by an Indemnified Party in enforcing this indemnity
(including, without limitation, costs of investigation, attorneys’ fees, etc.) if it is finally determined that the Indemnified Party is not entitled to indemnification under this Article VI. 

ARTICLE VII 

TERMINATION 

Section 7.1. Right of Termination. Neither of the Sellers nor Buyer shall have the right to terminate this Agreement except
as expressly provided below: 
 (a) Either Party may terminate this Agreement, provided that such Party is not then in material
breach of any of its representations, warranties, covenants or obligations set forth herein, by giving written notice to the other Party at any time prior to the Closing in the event that such other Party is in material breach of any of its
representations, warranties, covenants or obligations set forth herein and such breach remains uncured for a period of twenty (20) days after notice of breach is received by the breaching Party from the Party terminating this Agreement.

  
 -12-

 (b) The Parties may terminate this Agreement by mutual written consent at any time prior to
the Closing. 
 Section 7.2. Sole and Exclusive Remedy. Notwithstanding any provision in this Agreement to the
contrary, and for the avoidance of doubt, the exercise by any Party of any right of termination under this Article VII shall constitute the sole and exclusive remedy of such Party for the matters giving rise to such right of termination and such
Party waives all other remedies on account of such matters. 
 Section 7.3. Survival Following Termination.
Notwithstanding anything to the contrary contained herein, the provisions of Articles VI through VIII, inclusive, shall survive the termination of this Agreement. 
 ARTICLE VIII 
 MISCELLANEOUS 

Section 8.1. Notices. All notices, requests, consents, demands and other communications required or permitted to be given
under this Agreement (collectively, “Notices”) shall be in writing, be in the English language and be sent by certified or registered mail (return receipt requested), reputable overnight courier service, hand or confirmed facsimile.
Notices shall be deemed to have been properly given and made five (5) business days after having been sent by mail, two (2) business days after having been sent by courier service, and one (1) business day after having been sent by
hand or facsimile, in each case in compliance with this Section 8.1. Notices shall be addressed to the intended recipient at its address set forth below or to such other address as the intended recipient designates in writing to the other
Parties: 
 If to Mr. Steven Rales: 

Steven M. Rales 
 2200 Pennsylvania Avenue, NW 
 Suite 800W 

Washington, DC 20037 
 Facsimile: 
 Telephone: 

If to Joust Group: 
 Joust Group, L.L.C. 
 2200 Pennsylvania Avenue, NW 

Suite 800W 
 Washington, DC 20037 
 Facsimile: 

Telephone: 

  
 -13-

 If to Buyer: 

FJ900, Inc. 
 c/o Danaher Corporation 
 2200 Pennsylvania Avenue, NW 

Suite 800W 
 Washington, DC 20037 
 Facsimile: 

Telephone: 
 With a copy to: 
 Mr. Philip S. Teigland 

President 
 FJ900, Inc. 
 23411 Autopilot Drive 

Suite 217 
 Dulles, VA 20166 
 Section 8.2. Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Delaware without regard to its choice-of-law and conflicts-of-laws rules, except to the extent that the laws of the State of Maryland mandatorily apply. 

Section 8.3. Arbitration. Each of the Parties agrees that any dispute, controversy or claim arising out of, or relating to,
this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including, without limitation, the determination of the scope or applicability of this clause, shall be determined by arbitration in Washington, D.C. before
one arbitrator. The arbitration shall be administered by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) pursuant to its Streamlined Arbitration Rules and Procedures. The expense of the arbitrator shall be borne equally between
the Parties. Judgment on the arbitral award may be entered in any court having jurisdiction. This clause shall not preclude the Parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. 

Section 8.4. Further Assurances. From time to time prior to, at, and after the Closing, each Party shall execute and deliver all
such documents and instruments and take all such actions as the other Party, being advised by counsel, shall reasonably request for the purpose of carrying out and effectuating the intent and purpose of this Agreement and the transaction
contemplated hereby, including, without limitation, the execution and delivery of any and all confirmatory and other instruments, in addition to those to be delivered at the Closing, and any and all actions which may reasonably be necessary to
effect the transaction contemplated hereby. 
 Section 8.5. Attorneys’ Fees; Expenses. Except as otherwise
provided herein, each of the Sellers, on the one hand, and Buyer, on the other hand, shall be responsible for and pay (a) one-half (1/2) of the attorneys’ fees and costs incurred in connection with the preparation, execution and
delivery of this Agreement and the consummation of the transaction contemplated hereby, and (b) 100% of any other expenses it incurs individually in connection therewith. 

  
 -14-

 Section 8.6. Severability. Any provision of this Agreement which is illegal,
invalid or unenforceable in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction. If the final judgment of a court of competent
jurisdiction declares that any provision of this Agreement is illegal, invalid or unenforceable, the Parties agree that such court shall have the power to modify such provision consistent with the intent of the Parties. 

Section 8.7. Binding Nature; No Beneficiaries; Cumulative Rights. This Agreement shall be binding upon, and shall inure to
the benefit of, the Parties and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer on any Person, other than the Parties and their respective successors and permitted assigns, any
rights, remedies, benefits, obligations or liabilities under this Agreement, except as specifically provided in this Agreement or otherwise specifically agreed to in writing by the Parties. Except as otherwise expressly provided in this Agreement,
the rights and remedies provided herein shall be cumulative and not exclusive of any other rights or remedies provided at law or in equity. 
 Section 8.8. Assignments. No Party may assign, transfer or delegate this Agreement or any of its rights or obligations under this Agreement without the prior written consent of the other
Parties, which may be given or withheld in such other Party’s sole and absolute discretion. 
 Section 8.9. Entire
Agreement. This Agreement contains and constitutes the entire agreement of or among the Parties with respect to the subject matter of this Agreement, and supersedes all other prior or contemporaneous understandings, communications, commitments,
undertakings, representations and agreements, oral or written, expressed or implied, of or among the Parties with respect to the subject matter of this Agreement. 
 Section 8.10. Amendments. This Agreement may not be amended, modified, discharged or waived orally or by course of conduct, but only by an agreement in writing, signed by or on behalf of the
Party against whom enforcement of any amendment, modification, discharge or waiver is sought. 
 Section 8.11. No
Waivers. The failure or delay on the part of either Party to insist upon or enforce strict performance of any provision of this Agreement by the other Party, or to exercise any right, power or remedy under this Agreement, shall not be deemed or
construed as a waiver thereof. A waiver by either Party of any provision of this Agreement or of any breach thereof shall not be deemed or construed as a general or continuing waiver of such provision or of any other provision, of any subsequent or
other breach hereof or of any rights hereunder. 
 Section 8.12. Headings; Exhibits. The section headings contained
in this Agreement are for convenience only and shall not be considered in the interpretation or construction of the provisions of this Agreement. The term “this Agreement” shall be deemed to include each of the exhibits hereto, any
documents based on such exhibits and any other statement, certificate, instrument or other document furnished or delivered by the Parties in connection with this Agreement or the transaction contemplated hereby. 

Section 8.13. Certain Terms. The words “hereof,” “herein”, “hereunder” or
“hereto” and words of similar import when used in this Agreement refer to this Agreement as a whole and 

  
 -15-

 
not to any particular provision or paragraph of this Agreement. Defined terms in the singular include the plural and vice versa. The terms “including,”
“includes” and “include” shall be deemed to be followed by the words “without limitation” unless already so expressly stated. “Affiliate” means, in respect of any Person, any other
Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such first Person or, in the case of an individual, any individual Person who is related by blood, marriage or adoption to such first Person.
For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (i) vote 50% or more of the securities having ordinary voting power for the election of directors (or individuals
performing similar functions) of such Person or (ii) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. “Person” means an individual, corporation, company, limited
liability company, partnership, limited liability partnership, association, joint venture, Governmental Authority, trust or any other entity or organization. “Governmental Authority” means any federal, state, local or foreign court
or governmental or regulatory agency or authority, or any multinational or organizational body. 
 Section 8.14.
Construction. The Parties have each participated in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
Parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 Section 8.15. Counterparts. This Agreement may be executed in any number of counterparts and such counterparts may be exchanged by means of electronic mail or facsimile transmission, and each
of such counterparts shall be deemed an original but all of them together shall constitute one and the same instrument. In the event that counterparts of this Agreement are executed and exchanged by electronic mail or facsimile transmission, the
Parties shall endeavor to exchange original executed counterparts of this Agreement. 
 [SIGNATURES ON FOLLOWING PAGE]

  
 -16-

 IN WITNESS WHEREOF, the Parties have caused this Limited Liability Company Interest Purchase
Agreement to be duly executed and delivered by their duly authorized representatives as of the date first written above. 
  

			
	FJ900, INC.
		
	By:	 	 /s/ Philip Teigland

	Name:	 	Philip Teigland
	Title:	 	President
		
	By:	 	 /s/ Steven M. Rales

	Name:	 	Steven M. Rales
	
	JOUST GROUP, L.L.C.
		
	By:	 	 /s/ Mitchell P. Rales

	Name:	 	Mitchell P. Rales
	Title:	 	Member
		
	By:	 	 /s/ Steven M. Rales

	Name:	 	Steven M. Rales
	Title:	 	Member

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION OF 
 LIMITED LIABILITY COMPANY INTEREST

 ASSIGNMENT AND ASSUMPTION OF 
 LIMITED LIABILITY COMPANY INTEREST 
 THIS ASSIGNMENT AND ASSUMPTION
OF LIMITED LIABILITY COMPANY INTEREST (this “Assignment”) is made as of this      day of                 , 2012 by and between
[Steven M. Rales/Joust Group, L.L.C.], [an individual/a Maryland limited liability company] (“Assignor”), and FJ900, Inc., a Delaware corporation (“Assignee”). 

WHEREAS, Joust Capital, LLC, a Maryland limited liability company (the “Company”), was formed pursuant to the filing of
the Articles of Organization of the Company with the State Department of Assessments and Taxation of the State of Maryland; 

WHEREAS, the management, control and operation of the business and affairs of the Company are governed by that certain Amended and
Restated Operating Agreement of the Company dated as of February 27, 2007 (the “Operating Agreement”) by and between Assignor and [Steven M. Rales/Joust Group, L.L.C., a Maryland limited liability company] (the “Other
Member”); and 
 WHEREAS, Assignor owns and holds [ninety-nine/one] Unit[s] (as defined in the Operating Agreement) of
the Company representing [99/1]% of the outstanding limited liability company interests in the Company (the “Assigned Interest”); and 
 WHEREAS, Assignor, Assignee and the Other Member have entered into that certain Limited Liability Company Interest Purchase Agreement dated as of February 23, 2012 (the “Agreement”),
pursuant to which Assignor has agreed to sell to Assignee, and Assignee has agreed to purchase from Assignor, the Assigned Interest, in accordance with the terms and conditions set forth in the Agreement; and 

WHEREAS, Assignor and Assignee wish to effect the assignment and transfer of the Assigned Interest by Assignor to Assignee pursuant to
the Agreement by means of this Assignment. 
 NOW, THEREFORE, for and in consideration of the foregoing, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Assignment. Assignor hereby assigns, transfers, conveys and sets over to Assignee, its successors and assigns, all of Assignor’s right, title and interest in, under and to the Assigned
Interest, including, without limitation, (a) all rights to share in such profits and losses, to receive such distribution or distributions, and to receive such allocations of income, gain, loss, deduction or credit or similar items to which
Assignor, as owner of the Assigned Interest, was 

 
entitled, (b) all right, title and interest in and to Assignor’s capital account with respect to the Assigned Interest, (c) all right, title and interest of Assignor in connection
with Assignor’s ownership of the Assigned Interest under and pursuant to the Operating Agreement, (d) all rights of Assignor as owner of the Assigned Interest to exercise any and all rights, powers and remedies with respect to the Assigned
Interest and to participate in the management of the business and affairs of the Company as and to the extent provided or permitted under the Operating Agreement, and (e) all other rights otherwise inuring to Assignor by virtue of owning the
Assigned Interest. 
 2. Acceptance and Assumption. Assignee hereby accepts the assignment and transfer of the Assigned
Interest as provided in Section 1 hereof and agrees to assume all obligations and duties of Assignor with respect to the Assigned Interest from and after the execution and delivery of this Assignment. 

3. Membership in Company. Assignor hereby (a) consents to Buyer being admitted as and becoming a member of the Company upon
the execution and delivery of this Assignment, and (b) acknowledges and agrees that Assignor hereby ceases (i) to be a member of the Company and (ii) to have the power to exercise any right, power or remedy as a member of the Company.

 4. Amendment and Restatement of Operating Agreement. Assignee shall have the right to amend and restate the
Operating Agreement upon or after the execution and delivery of this Assignment to reflect the terms and conditions of this Assignment and incorporate such other terms and conditions as Assignee may find acceptable in its sole discretion.

 5. Miscellaneous. 
 (a) Governing Law. This Assignment shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to its choice-of-law and conflicts-of-laws rules, except
to the extent that the laws of the State of Maryland mandatorily apply. 
 (b) Severability. Any provision of this
Assignment which is illegal, invalid or unenforceable in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Assignment in any jurisdiction. If the final
judgment of a court of competent jurisdiction declares that any provision of this Assignment is illegal, invalid or unenforceable, the parties hereto agree that such court shall have the power to modify such provision consistent with the intent of
the parties hereto. 
 (c) Headings. The section headings contained in this Assignment are for convenience only and shall
not be considered in the interpretation or construction of the provisions of this Assignment. 
 (d) Binding Nature. This
Assignment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns. 
 (e) Counterparts. This Assignment may be executed in any number of counterparts and such counterparts may be exchanged by means of electronic mail or facsimile

  
 -2-

 
transmission, and each of such counterparts shall be deemed an original but all of them together shall constitute one and the same instrument. In the event that counterparts of this Assignment
are executed and exchanged by electronic mail or facsimile transmission, the parties hereto shall endeavor to exchange original executed counterparts of this Assignment. 
 [SIGNATURES ON FOLLOWING PAGE] 

  
 -3-

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption of Limited
Liability Interest to be duly executed and delivered as of the date first written above. 
  

			
	ASSIGNOR:
	
	[JOUST GROUP, L.L.C.
		
	By:	 	  

	Name:	 	Mitchell P. Rales
	Title:	 	Member
		
	By:	 	  

	Name:	 	Steven M. Rales
	Title:	 	Member]
	
	 [

	Steven M. Rales]
	
	ASSIGNEE:
	
	FJ900, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 -4-

 EXHIBIT B 
 FORM OF SELLER’S CLOSING CERTIFICATE 
 CERTIFICATE 

This Certificate is executed and delivered by Steven M. Rales (“Mr. Steven Rales”) and Joust Group, L.L.C., a Maryland
limited liability company (“Joust Group” and, together with Mr. Steven Rales, the “Sellers”), pursuant to Sections 2.2(c) and (e) of the Limited Liability Company Interest Purchase Agreement dated as of
February 23, 2012 (the “Agreement”) by and among FJ900, Inc., a Delaware corporation and each of the Sellers. Capitalized terms used but not defined in this Certificate shall have the respective meanings set forth in the
Agreement. 
 Each of the Sellers hereby certifies to Buyer as follows: 

1. Attached hereto is a true and correct copy of the unanimous written consent of the members of Joust Group, authorizing the execution
and delivery of the Agreement and the other Seller Documents to which Joust Group is a party and the consummation by Joust Group of the transaction contemplated thereby, and such unanimous written consent has not been amended, repealed or rescinded
and remains in full force and effect as of the date hereof. 
 2. All representations and warranties of the Sellers contained in
the Agreement or in any of the Seller Documents were true and correct in all material respects as of the date of the Agreement or the Seller Documents, as the case may be, and are true and correct in all material respects as of the date hereof.

 3. The Sellers have performed and complied with, in all material respects, all covenants, obligations and conditions required
by the Agreement to be performed or complied with by the Sellers prior to or on the date hereof. 
 4. No injunction, order or
decree of any Governmental Authority is in effect which restrains or prohibits the consummation of the transaction contemplated by the Agreement on the date hereof. 
 5. In reliance on the certifications made by Buyer in the Certificate of Buyer dated the date hereof, all of the conditions precedent to the obligation of the Sellers to consummate the transaction
contemplated by the Agreement have been satisfied. 
 [SIGNATURES ON FOLLOWING PAGE] 

 IN WITNESS WHEREOF, the Sellers have duly executed and delivered this Certificate on this
     day of                 , 2012. 
  

			
	JOUST GROUP, L.L.C.
		
	By:	 	  

	Name:	 	Mitchell P. Rales
	Title:	 	Member
		
	By:	 	  

	Name:	 	Steven M. Rales
	Title:	 	Member
	
	  

	Steven M. Rales

  
 -2-

 EXHIBIT C 
 FORM OF BUYER’S CLOSING CERTIFICATE 
 CERTIFICATE 

This Certificate is executed and delivered by FJ900, Inc., a Delaware corporation (“Buyer”), pursuant to Sections 2.3(b)
and (c) of the Limited Liability Company Interest Purchase Agreement dated as of February 23, 2012 (the “Agreement”) by and among Buyer, Steven M. Rales (“Mr. Steven Rales”) and Joust Group, L.L.C., a
Maryland limited liability company (“Joust Group” and, together with Mr. Steven Rales, the “Sellers”). Capitalized terms used but not defined in this Certificate shall have the respective meanings set forth in the
Agreement. 
 Buyer hereby certifies to the Sellers as follows: 

1. Attached hereto is a true and correct copy of the resolutions of the Board of Directors of Buyer, authorizing the execution and
delivery of the Agreement and the other Buyer Documents and the consummation by Buyer of the transaction contemplated thereby, and such resolutions have not been amended, repealed or rescinded and remains in full force and effect as of the date
hereof. 
 2. All representations and warranties of Buyer contained in the Agreement or in any of the Buyer Documents were true
and correct in all material respects as of the date of the Agreement or the Buyer Documents, as the case may be, and are true and correct in all material respects as of the date hereof. 

3. Buyer has performed and complied with, in all material respects, all covenants, obligations and conditions required by the Agreement
to be performed or complied with by Buyer prior to or on the date hereof. 
 4. No injunction, order or decree of any
Governmental Authority is in effect which restrains or prohibits the consummation of the transaction contemplated by the Agreement on the date hereof. 
 5. In reliance on the certifications made by the Sellers in the Certificate of the Sellers dated the date hereof, all of the conditions precedent to the obligation of Buyer to consummate the transaction
contemplated by the Agreement have been satisfied. 
 [SIGNATURE ON FOLLOWING PAGE] 

 IN WITNESS WHEREOF, Buyer has duly executed and delivered this Certificate on this
     day of                 , 2012. 
  

			
	FJ900, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 -2-National Oilwell Varco, Inc. Long-Term Incentive Plan

 EXHIBIT 10.1 
 NATIONAL OILWELL VARCO, INC. 
 LONG-TERM INCENTIVE PLAN 

(as amended and restated as of February 21, 2012) 
 SECTION 1. Purpose of the Plan. 
 The National Oilwell Varco, Inc.
Long-Term Incentive Plan (the “Plan”) is intended to promote the interests of National Oilwell Varco, Inc., a Delaware corporation (the “Company”), by encouraging Employees, Consultants and Directors to acquire or increase their
equity interest in the Company and to provide a means whereby they may develop a sense of proprietorship and personal involvement in the development and financial success of the Company, and to encourage them to remain with and devote their best
efforts to the business of the Company, thereby advancing the interests of the Company and its stockholders. The Plan is also contemplated to enhance the ability of the Company and its Subsidiaries to attract and retain the services of individuals
who are essential for the growth and profitability of the Company. 
 SECTION 2. Definitions. 

As used in the Plan, the following terms shall have the meanings set forth below: 

“Award” shall mean an Option, Restricted Stock, Performance Award, Phantom Share, Stock Payment, or SAR. 

“Award Agreement” shall mean any written or electronic agreement, contract, instrument or document evidencing any Award, which
may, but need not, be executed or acknowledged by a Participant. 
 “Board” shall mean the Board of Directors of the
Company, as constituted from time to time. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from
time to time, and the rules and regulations thereunder. 
 “Committee” shall mean the administrator of the Plan in
accordance with Section 3, and shall include reference to the Compensation Committee of the Board (or any other committee of the Board designated, from time to time, by the Board to act as the Committee under the Plan), the Board or
subcommittee, as applicable. 
 “Consultant” shall mean any individual who is not an Employee or a member of the Board
and who provides consulting, advisory or other similar services to the Company or a Subsidiary. 
 “Director” shall
mean any member of the Board who is not an Employee. 
 “Employee” shall mean any employee of the Company or a
Subsidiary or a parent corporation. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 “Fair Market Value” shall mean, as of any applicable date, the last reported sales
price for a Share on the New York Stock Exchange (or such other national securities exchange which constitutes the principal trading market for the Shares) for the applicable date as reported by such reporting service approved by the Committee;
provided, however, that if Shares shall not have been quoted or traded on such applicable date, Fair Market Value shall be determined based on the next preceding date on which they were quoted or traded, or, if deemed appropriate by the Committee,
in such other manner as it may determine to be appropriate. In the event the Shares are not publicly traded at the time a determination of its Fair Market Value is required to be made hereunder, the determination of Fair Market Value shall be made
in good faith by the Committee. 
 “Incentive Stock Option” or “ISO” shall mean an option granted under
Section 6(a) of the Plan that is intended to qualify as an “incentive stock option” under Section 422 of the Code or any successor provision thereto. 
 “Non-Qualified Stock Option” or “NQO” shall mean an option granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option. 

“Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option. 

“Participant” shall mean any Employee, Consultant or Director granted an Award under the Plan. 

“Performance Award” shall mean any right granted under Section 6(c) of the Plan. 

“Performance Criteria” shall mean the following business criteria with respect to the Company, any Subsidiary or any division,
operating unit or product line: net earnings (either before or after interest, taxes, depreciation and/or amortization), sales, revenue, net income (either before or after taxes), operating earnings, cash flow (including, but not limited to,
operating cash flow and free cash flow), cash flow return on capital, return on net assets, return on stockholders’ equity, return on assets, return on capital, stockholder returns, return on sales, gross or net profit margin, customer or sales
channel revenue or profitability, productivity, expense, margins, cost reductions, controls or savings, operating efficiency, customer satisfaction, working capital, strategic initiatives, economic value added, earnings per share, earnings per share
from operations, price per share of stock, and market share, 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. The Committee will determine whether the
foregoing criteria will be computed without recognition of (i) unusual or nonrecurring events affecting the Company or its financial statements or (ii) changes in applicable laws, regulations or accounting principles. 

“Person” shall mean individual, corporation, partnership, limited liability company, association, joint-stock company, trust,
unincorporated organization, government or political subdivision thereof or other entity. 
 “Phantom Shares” shall
mean an Award of the right to receive Shares, cash equal to the Fair Market Value of such Shares or any combination thereof, in the Committee’s discretion, which is granted pursuant to Section 6(d) of the Plan. 

  
 -2-

 “Qualifying Event” shall mean a “change of control” of the Company or an
Affiliate, as determined by the Committee, or, with respect to de minimus amounts, as determined in good faith by the Committee, such unusual circumstance as the Committee may determine from time to time in its sole discretion. 

“Restricted Period” shall mean the period established by the Committee with respect to an Award during which the Award either
remains subject to forfeiture, is subject to restrictions or is not exercisable by the Participant. 
 “Restricted
Stock” shall mean any Share, prior to the lapse of restrictions thereon, granted under Section 6(b) of the Plan. 

“Rule 16b-3” shall mean Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor rule or regulation thereto
as in effect from time to time. 
 “SAR” shall mean a stock appreciation right granted under Section 6(e) of the
Plan that entitles the holder to receive the excess of the Fair Market Value of a Share on the relevant date over the exercise price of such SAR, with the excess paid in cash and/or in Shares in the discretion of the Committee. 

“SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

“Shares” or “Common Shares” or “Common Stock” shall mean the common stock of the Company, $0.01 par value,
and such other securities or property as may become the subject of Awards under the Plan. 
 “Stock Payment” means
(a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to
Section 6(f) of the Plan. 
 “Subsidiary” shall mean any entity (whether a corporation, partnership, joint
venture, limited liability company or other entity) in which the Company owns a majority of the voting power of the entity directly or indirectly, except with respect to the grant of an ISO the term Subsidiary shall mean any “subsidiary
corporation” of the Company as defined in Section 424 of the Code. 
 SECTION 3. Administration. 

(a) The Committee. 
 The
Plan shall be administered by the Compensation Committee of the Board (or any other committee of the Board designated, from time to time, by the Board to act as the Committee under the Plan). Notwithstanding the foregoing, Awards made to Directors
shall be administered by the Board. The term “Committee” as used herein shall refer to the Compensation Committee (or other Board committee), the Board, or the subcommittee (as defined in paragraph (c) of this Section 3), as
applicable. 

  
 -3-

 (b) Committee Powers. 
 A majority of the Committee shall constitute a quorum, and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the
members of the Committee in writing, shall be the acts of the Committee. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have
full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Shares to be covered by, or with respect to which payments, rights, or
other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares,
other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) interpret and administer the Plan and any
instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and
(viii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the Company,
any Subsidiary, any Participant, any holder or beneficiary of any Award, any stockholder and any other Person. However, the Committee’s authority to waive or accelerate the Restricted Period with respect to an Award shall be limited to a
Qualifying Event. 
 (c) Delegation to a Subcommittee. 
 The Committee may, subject to any applicable law, regulatory, securities exchange or other similar restrictions, delegate to one or more members of the Board or officers of the Company (the
“subcommittee”), the authority to administer the Plan as to Awards to Employees and Consultants who are not subject to Section 16(b) of the Exchange Act. The Committee may impose such limitations and restrictions, in addition to any
required restrictions/limitations, as the Committee may determine in its sole discretion. Any grant made pursuant to such a delegation shall be subject to all of the provisions of the Plan concerning this type of Award. 

(d) Modification of Awards. 
 At any time after grant of an Award, the Committee may, in its sole and absolute discretion and subject to whatever terms and conditions it selects: 

(1) accelerate the period during which the Award vests or becomes exercisable or payable; and 

(2) accelerate the time when applicable restrictions or risk of forfeiture or repurchase lapses; and 

(3) extend the period during which the Award may be exercised or paid; and 

(4) extend the term of any Award (other than the maximum 10 year term); 

  
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 provided, that such action may be taken only in compliance with the requirements of Section 162(m) of
the Code with respect to an Award that is intended to be performance-based compensation under Section 162(m) of the Code. 
 SECTION 4.
Shares Available for Awards. 
 (a) Shares Available. 
 Subject to adjustment as provided below, the number of Shares that may be issued with respect to Awards granted under the Plan shall be 25,500,000. If an Award is forfeited or otherwise lapses, expires,
terminates or is canceled without the actual delivery of Shares or is settled in cash, then the Shares covered by such Award, to the extent of such forfeiture, expiration, lapse, termination or cancellation, shall again be Shares that may be issued
with respect to Awards granted under the Plan. Shares tendered or withheld by the Company to satisfy tax withholding, exercise price or other payment obligations shall be available for issuance under future Awards, subject to the overall limitation
provided in the first sentence above. Notwithstanding the foregoing, no more than 5% of the Shares that may be issued under the Plan may be issued pursuant to Stock Payments. 
 (b) Sources of Shares Deliverable Under Awards. 
 Any Shares delivered pursuant to an Award
may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares. 
 (c) Adjustments.

 In the event of a stock dividend or stock split with respect to Shares, the number of Shares with respect to which Awards may be granted, the
number of Shares subject to outstanding Awards, the grant or exercise price with respect to outstanding Awards and the individual annual grant limits with respect to Awards (other than dollar denominated Awards) automatically shall be
proportionately adjusted, without action by the Committee; provided, however, such automatic adjustment shall be evidenced by written addendums to the Plan and Award Agreements prepared by the Company and, with respect to Options, shall be in
accordance with the Treasury Regulations concerning Incentive Stock Options. Further, in the event that the Committee determines that any distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization,
reorganization, merger, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the Committee to be
appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number
and type of Shares (or other securities or property) with respect to which Awards may be granted, (ii) the number and type of Shares (or other securities or property) subject to outstanding Awards, and (iii) the grant or exercise price
with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided that the number of Shares subject to any Award denominated in Shares shall always be a whole number. 

  
 -5-

 (d) Individual Participant Limits. 

Subject to adjustment pursuant to the above paragraph (c), “Adjustments,” the maximum aggregate number of Shares that may be subject to
Share-denominated Awards granted under the Plan to any individual during any calendar year shall not exceed 500,000; provided, however, that commencing January 1, 2005, to the extent the 500,000 Share limit is not awarded to any Participant
with respect to any calendar year, the amount not so awarded but permitted for such Participant shall be available for award to such Participant during any subsequent calendar year. As a result, the maximum number of Shares pursuant to which Awards
may be granted during any calendar year hereunder to any Participant may be greater than the 500,000 Share limit specified above only to the extent that such Shares were not awarded to such Participant during any preceding calendar year. The method
of counting such Shares shall conform to any requirements applicable to performance-based compensation under Section 162(m) of the Code or the rules and regulations promulgated thereunder. The maximum amount of dollar-denominated Awards that
may be granted to any individual during any calendar year shall not exceed $2,000,000. 
 SECTION 5. Eligibility. 

Any Employee, Consultant or Director shall be eligible to be designated a Participant by the Committee. No individual shall have any right
to be granted an Award pursuant to this Plan. 
 SECTION 6. Awards. 

(a) Options 
 Subject to
the provisions of the Plan, the Committee shall have the authority to determine Participants to whom Options shall be granted, the number of Shares to be covered by each Option, the purchase price therefor and the conditions and limitations
applicable to the exercise of the Option, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 

(1) Exercise Price. The purchase price per Share purchasable under an Option shall be determined by the Committee
at the time the Option is granted, but shall not be less than the Fair Market Value per Share on the effective date of such grant. 
 (2) Time and Method of Exercise. The Committee shall determine and provide in the Award Agreement or by action subsequent to the grant the time or times at which an Option may be exercised in whole
or in part, and the method or methods by which, and the form or forms (which may include, without limitation, cash, check acceptable to the Company, Shares already-owned for more than six months (unless such holding requirement is waived by the
Committee), Shares issuable upon Option exercise, a “cashless-broker” exercise (through procedures approved by the Committee), other securities or other property, a note, or any combination thereof, having a Fair Market Value on the
exercise date equal to the relevant exercise price) in which payment of the exercise price and tax withholding obligation with respect thereto may be made or deemed to have been made. Notwithstanding any other provision of the Plan to the

  
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contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the
exercise price of an Option in any method which would violate Section 13(k) of the Exchange Act. The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may vest and
be exercised. No portion of an Option which is unexercisable at termination of the Participant’s employment or service, as applicable, shall thereafter become exercisable, except as may be otherwise provided by the Committee either in the Award
Agreement or by action following the grant of the Option. 
 (3) Incentive Stock Options. An Incentive
Stock Option may be granted only to an individual who is an Employee of the Company or any parent or subsidiary corporation (as defined in Section 424 of the Code) at the time the Option is granted and must be granted within 10 years from the
date the Plan was approved by the Board or the shareholders, whichever is earlier. To the extent that the aggregate Fair Market Value (determined at the time the respective Incentive Stock Option is granted) of Common Stock with respect to which
Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all incentive stock option plans of the Company and its parent and subsidiary corporations exceeds $100,000, such Incentive Stock Options
shall be treated as a Non-Qualified Stock Option. The Committee shall determine, in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements, which of a Participant’s Incentive Stock
Options will not constitute Incentive Stock Options because of such limitation and shall notify the Participant of such determination as soon as practicable after such determination. No Incentive Stock Option shall be granted to an individual if, at
the time the Option is granted, such individual owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its parent or subsidiary corporation, within the meaning of section 422(b)(6) of the
Code, unless (i) at the time such Option is granted the option price is at least 110% of the Fair Market Value of the Common Stock subject to the Option and (ii) such Option by its terms is not exercisable after the expiration of five
years from the date of grant. An Incentive Stock Option shall not be transferable otherwise than by will or the laws of descent and distribution, and shall be exercisable during the Participant’s lifetime only by such Participant or the
Participant’s guardian or legal representative. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision, and any regulations
promulgated thereunder. 
 (4) Substitution of Stock Appreciation Rights. The Committee, in its sole
discretion, shall have to right to substitute a SAR for an Option at any time prior to or upon exercise of such Option, subject to the provisions of Section 6(e) hereof; provided that such SAR shall be exercisable for the same number of
shares of Stock as such substituted Option would have been exercisable for. 

  
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 (b) Restricted Stock. 
 Subject to the provisions of the Plan, the Committee shall have the authority to determine the Participants to whom Restricted Stock shall be granted, the number of Shares of Restricted Stock to be
granted to each such Participant, the duration of the Restricted Period during which, and the conditions, including the Performance Criteria or other specified criteria, including the passage of time, if any, under which the Restricted Stock may
vest or be forfeited to the Company, and the other terms and conditions of such Awards. However, except as provided in Section 6(b)(3) with respect to waivers, (i) the minimum Restricted Period for a Restricted Stock Award the vesting of
which is based on the achievement of Performance Criteria shall not be less than one year and (ii) the minimum Restricted Period for a Restricted Stock Award the vesting of which is based solely on the passage of time shall not be less than
three years. 
 (1) Dividends. Dividends paid on Restricted Stock may be paid directly to the
Participant, may be subject to risk of forfeiture and/or transfer restrictions during any period established by the Committee or sequestered and held in a bookkeeping cash account (with or without interest) or reinvested on an immediate or deferred
basis in additional shares of Common Stock, which credit or shares may be subject to the same restrictions as the underlying Award or such other restrictions, all as determined by the Committee in its discretion, as provided in the Award Agreement.

 (2) Registration. Any Restricted Stock may be evidenced in such manner as the Committee shall deem
appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of Restricted Stock granted under the Plan, such certificate shall be
registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

(3) Forfeiture and Restrictions Lapse. Except as otherwise determined by the Committee or the terms of the Award
Agreement, upon a Participant’s termination of employment or service (as determined under criteria established by the Committee) for any reason during the applicable Restricted Period, all Restricted Stock shall be forfeited by the Participant
and re-acquired by the Company. The Committee may, upon or in connection with a Qualifying Event, waive in whole or in part any or all remaining restrictions with respect to such Participant’s Restricted Stock; provided, however, if the Award
is intended to qualify as performance based compensation under Section 162(m) of the Code, such waiver may be only in compliance with the requirements of Section 162(m) of the Code. Unrestricted Shares, evidenced in such manner as the
Committee shall deem appropriate, shall be issued to the holder of Restricted Stock promptly after the applicable restrictions have lapsed or otherwise been satisfied. 

(4) Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions
as the Committee may impose (including, without limitation, restrictions on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times,
pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. During the Restricted Period, Restricted Stock will be subject to such limitations on transfer as
necessary to comply with Section 83 of the Code. 

  
 -8-

 (c) Performance Awards. 
 The Committee shall have the authority to determine the Participants who shall receive a Performance Award, which shall be denominated as a cash amount at the time of grant and confer on the Participant
the right to receive all or part of such Award upon the achievement of such performance goals (based on the Performance Criteria or any other specified criteria) during such performance periods as the Committee shall establish with respect to the
Award. However, except as provided in Section 6(c)(3) with respect to waivers, the minimum performance period shall not be less than one year. The Committee, in its discretion, may determine whether an Award is to qualify as performance-based
compensation as described in Section 162(m) (4) (C) of the Code. 
 (1) Terms and
Conditions. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the performance goals to be achieved during any performance period, the Performance Criteria or other criteria upon which the
performance goals are to be based, the length of any performance period and the amount of any Performance Award. 
 (2) Payment of Performance Awards. Performance Awards may be paid (in cash and/or in Shares, in the sole discretion of the Committee) in a lump sum or in installments following the close of the
performance period, or at such later deferral date elected by the Participant, in accordance with procedures established by the Committee with respect to such Award. 

(3) Forfeiture and Restrictions Lapse. Except as otherwise determined by the Committee or the terms of the Award
Agreement that granted the Performance Award, upon a Participant’s termination of employment or service, as applicable (as determined under criteria established by the Committee) for any reason during the applicable Restricted Period, all
Performance Awards shall be forfeited by the Participant and re-acquired by the Company. The Committee may, upon or in connection with a Qualifying Event, waive in whole or in part any or all remaining restrictions with respect to such
Participant’s Performance Award; provided, however, if the Award is intended to qualify as performance based compensation under Section 162(m) of the Code, such waiver may be only in compliance with the requirements of Section 162(m)
of the Code. Unrestricted Shares, evidenced in such manner as the Committee shall deem appropriate, shall be issued to the holder of Performance Awards promptly after the applicable restrictions have lapsed or otherwise been satisfied. 

(d) Phantom Shares. 
 The
Committee shall have the authority to grant Awards of Phantom Shares to Participants upon such terms and conditions as the Committee may determine. 
 (1) Terms and Conditions. Each Phantom Share Award shall constitute an agreement by the Company to issue or transfer a specified number of Shares or pay an amount of cash equal to the Fair Market
Value of a specified number of Shares, or a combination thereof to the Participant in the future, subject to the fulfillment during the 

  
 -9-

 
Restricted Period of such conditions, including those linked to the Performance Criteria or other specified criteria, including the passage of time, if any, as the Committee may specify at the
date of grant. During the Restricted Period, the Participant shall not have any right to transfer any rights under the subject Award, shall not have any rights of ownership in the Phantom Shares and shall not have any right to vote such shares.

 (2) Dividend Equivalents. Any Phantom Share award may provide, in the discretion of the Committee,
that any or all dividends or other distributions paid on Shares during the Restricted Period be credited in a cash bookkeeping account (with or without interest) or that equivalent additional Phantom Shares be awarded, which account or Phantom
Shares may be subject to the same restrictions as the underlying Award or such other restrictions as the Committee may determine. 
 (3) Forfeiture and Restrictions Lapse. Except as otherwise determined by the Committee or set forth in the Award Agreement, upon a Participant’s termination of employment or service (as
determined under criteria established by the Committee) for any reason during the applicable Restricted Period, all Phantom Shares shall be forfeited by the Participant. The Committee may, upon or in connection with a Qualifying Event, waive in
whole or in part any or all remaining restrictions with respect to such Participant’s Phantom Shares; provided, however, if the Award is intended to qualify as performance based compensation under Section 162(m) of the Code, such waiver
may be only in compliance with the requirements of Section 162(m) of the Code. 
 (4) Payment of Phantom
Shares. Phantom Shares may be paid (in cash and/or in Shares, in the sole discretion of the Committee) in a lump sum or in installments following the close of the Restricted Period, or at such later deferral date elected by the Participant, in
accordance with procedures established by the Committee with respect to such Award. 
 (e) SARs. 

Subject to the provisions of the Plan, the Committee shall have the authority to determine Participants to whom SARs shall be granted, the number of
Shares to be covered by each SAR, the exercise price and the conditions and limitations applicable to the exercise of the SAR, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine,
that are not inconsistent with the provisions of the Plan. A SAR may be granted (a) in connection and simultaneously with the grant of an Option, (b) with respect to a previously granted Option, or (c) independent of an Option.

 (1) Exercise Price. The exercise price per SAR shall be determined by the Committee at the time the
SAR is granted, but shall not be less than the Fair Market Value per Share on the effective date of such grant. 

(2) Time of Exercise. The Committee shall determine and provide in the Award Agreement the time or times at which
a SAR may be exercised in whole or in part. 

  
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 (3) Method of Payment. The Committee shall determine, in its
discretion, whether the SAR shall be paid in cash, shares of Common Stock or a combination of the two. 
 (f) Stock
Payments. 
 Stock Payments may be awarded in such amount and may be based upon such Performance Criteria or other specific criteria, if any,
determined appropriate by the Committee, determined on the date such Stock Payment is made or on any date thereafter. 
 (g)
Substitute Awards. 
 Awards may be granted under the Plan in substitution of similar awards held by individuals who become Employees,
Consultants or Directors as a result of a merger, consolidation or acquisition by the Company or a Subsidiary of another entity or the assets of another entity. Such substitute awards may have exercise prices less than the Fair Market Value of a
Share on the date of such substitution. 
 (h) General. 

(1) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either
alone or in addition to, in tandem with, any other Award granted under the Plan or any award granted under any other plan of the Company or any Subsidiary. Awards granted in addition to or in tandem with other Awards or awards granted under any
other plan of the Company or any Subsidiary may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 
 (2) Limits on Transfer of Awards. 
 (A) Except as provided
in paragraph (C) below, each Award, and each right under any Award, shall be exercisable only by the Participant during the Participant’s lifetime, or if permissible under applicable law, by the Participant’s guardian or legal
representative as determined by the Committee. 
 (B) Except as provided in paragraph (C) below, no Award
and no right under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant otherwise than by will or by the laws of descent and distribution, and any such purported prohibited
assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Subsidiary. 
 (C) To the extent specifically approved in writing by the Committee, an Award (other than an Incentive Stock Option) may be transferred to immediate family members or related family trusts, limited
partnerships or similar entities or other Persons on such terms and conditions as the Committee may establish or approve. 

  
 -11-

 (3) Terms of Awards. The term of each Award shall be for such period
as may be determined by the Committee; provided, that in no event shall the term of any Award exceed a period of 10 years from the date of its grant. 
 (4) Share Certificate. All certificates for Shares or other securities of the Company or any Subsidiary delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to
such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Shares or other securities are then listed, and any
applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

(5) Consideration for Grants. Awards may be granted for no cash consideration or for such consideration as the
Committee determines including, without limitation, such minimal cash consideration as may be required by applicable law. 
 (6) Delivery of Shares or other Securities and Payment by Participant of Consideration. No Shares or other securities shall be delivered pursuant to any Award until payment in full of any amount
required to be paid pursuant to the Plan or the applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the Company. Such payment may be made by such method or methods and in such form or
forms as the Committee shall determine, including, without limitation, cash, Shares, other securities, other Awards or other property, withholding of Shares, cashless exercise with simultaneous sale, or any combination thereof, provided that the
combined value, as determined by the Committee, of all cash and cash equivalents and the Fair Market Value of any such Shares or other property so tendered to the Company, as of the date of such tender, is at least equal to the full amount required
to be paid pursuant to the plan or the applicable Award Agreement to the Company. 
 (i) Performance Based Compensation.

 The Committee shall determine which Awards are intended by the Committee to qualify as “performance-based compensation” as described
in Section 162(m)(4)(C) of the Code. The Committee shall establish performance goals applicable to those Awards based upon the attainment of such target levels of one or more of the Performance Criteria, over one or more periods of time, which
may be of varying and overlapping durations, as the Committee may select. The Performance Criteria shall be subject to adjustment for changes in accounting standards required by the Financial Accounting Standards Board after the goal is established,
and, to the extent provided for in the Award Agreement, shall be subject to adjustment for specified significant extraordinary items or events. In this regard, performance goals based on stock price shall be proportionately adjusted for any changes
in the price due to a stock split. Performance Criteria may be absolute, relative to one or more other companies, or relative to one 

  
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or more indexes, and may be contingent upon future performance of the Company or any Subsidiary, division, unit or product line thereof. A performance goal need not be based upon an increase or
positive result under a Performance Criteria and could, for example, be based upon limiting economic losses or maintaining the status quo. Which Performance Criteria to be used with respect to any grant, and the weight to be accorded thereto if more
than one factor is used, shall be determined by the Committee, in its sole discretion, at the time of grant. To the extent necessary to comply with the qualified performance-based compensation requirements of Section 162(m)(4)(C) of the Code,
following the completion of each specified performance period, the Committee shall certify in writing whether the applicable performance goals have been achieved for such performance period. In determining the amount earned by a Participant, the
Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant to the assessment of individual or corporate
performance for the performance period. Notwithstanding any other provision of the Plan, any Award which is intended to constitute qualified performance-based compensation shall be subject to any additional limitations set forth in
Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings issued thereunder that are requirements for qualification as qualified performance-based compensation as described in
Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent necessary to conform to such requirements. 

SECTION 7. Amendment and Termination. 
 Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan: 

(1) Amendments to the Plan. The Board or the Committee may amend, alter, suspend, discontinue, or terminate the
Plan without the consent of any stockholder, Participant, other holder or beneficiary of an Award, or other Person; provided, however, notwithstanding any other provision of the Plan or any Award Agreement, without the approval of the stockholders
of the Company no such amendment, alteration, suspension, discontinuation, or termination shall be made that would (i) increase the total number of Shares that may be issued under the Plan, except as provided in Section 4(c) of the Plan,
or (ii) permit the exercise price of any outstanding Option or SAR that is “underwater” to be reduced or for an “underwater” Option or SAR to be cancelled and replaced with a new Award. 

(2) Amendments to Awards. Subject to Paragraph (1) above and Section 3(b), the Committee may waive any
conditions or rights under, amend any terms of, or alter any Award theretofore granted, provided no change in any Award shall adversely affect the rights of a Participant under the Award without the consent of such Participant. Notwithstanding the
foregoing, with respect to any Award intended to qualify as performance-based compensation under Section 162(m) of the Code, no adjustment other than an acceleration of vesting or payment upon the Participant’s death, disability or change
of control of the Company, shall be authorized to the extent such adjustment would cause the Award to fail to so qualify. 

  
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 SECTION 8. General Provisions. 

(a) No Rights to Awards. 

No Participant or other Person shall have any claim to be granted any Award, there is no obligation for uniformity of treatment of Participants, or
holders or beneficiaries of Awards and the terms and conditions of Awards need not be the same with respect to each recipient. 

(b) Tax Withholding. 

The Company or any Subsidiary is authorized to withhold from any Award, from any payment due or transfer made under any Award or from any compensation or
other amount owing to a Participant the amount (in cash, Shares, or other property) of any applicable taxes required to be withheld by the Company or Subsidiary in respect of the Award, its exercise, the lapse of restrictions thereon, or any payment
or transfer under the Award and to take such other action as may be necessary in the opinion of the Company to satisfy all of its obligations for the payment of such taxes. In addition, the Committee may provide, in an Award Agreement, that the
Participant may direct the Company to satisfy such Participant’s tax withholding obligations through the withholding of Shares otherwise to be acquired upon the exercise or payment of such Award, but only to the extent such withholding does not
cause a charge to the Company’s financial earnings. 
 (c) No Right to Employment or Retention. 

The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company or any Subsidiary or under any
other service contract with the Company or any Subsidiary, or to remain on the Board. Further, the Company or a Subsidiary may at any time dismiss a Participant from employment or terminate any contractual agreement or relationship with any
Consultant, free from any liability or any claim under the Plan, with or without cause, unless otherwise expressly provided in the Plan, in any Award Agreement or any other agreement or contract between the Company or a Subsidiary and the affected
Participant. If a Participant’s employer ceases to be a Subsidiary, such Participant shall be deemed to have terminated employment for purposes of the Plan, unless specifically provided otherwise in the Award Agreement. 

(d) Unusual Transactions or Events. 
 In the event of any distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, reorganization, merger, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company, or other similar corporate transaction or event or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any
affiliate, or of changes in applicable laws, regulations or accounting principles, and whenever the Committee determines that action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles, the Committee, in its sole discretion and on such terms and
conditions as it deems appropriate, either by amendment of the terms of any outstanding Awards or by action taken prior to the occurrence of such transaction or event and either automatically or upon the Participant’s request, is hereby
authorized to take any one or more of the following actions: 

  
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 (1) To provide for either (A) termination of any such Award in exchange
for an amount of cash, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction
or event described in this Section 8(d) the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the
Company without payment) or (B) the replacement of such Award with other rights or property selected by the Committee in its sole discretion; 
 (2) To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock
of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; and 
 (3) To make adjustments in the number and type of shares of common Stock (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Awards and/or in the
terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards and Awards which may be granted in the future; 

(4) To provide that such Award shall be exercisable or payable or fully vested with respect to all shares covered
thereby, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and 
 (5) To
provide that the Award cannot vest, be exercised or become payable after such event. 
 (e) Governing Law. 

The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of
the State of Texas and applicable federal law. 
 (f) Severability. 

If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or
Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the
determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and
effect. 

  
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 (g) Other Laws. 
 The Committee may refuse to issue or transfer any Shares or other consideration under an Award, permit the exercise of an Award and/or the satisfaction of its tax withholding obligation in the manner
elected by the Participant, holder or beneficiary if, acting in its sole discretion, it determines that the issuance of transfer or such Shares or such other consideration, the manner of exercise or satisfaction of the tax withholding obligation
might violate any applicable law or regulation, including without limitation, the Sarbanes-Oxley Act, or entitle the Company to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant,
other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded or refused, as the case may be, to the relevant Participant, holder or beneficiary. 

(h) No Trust or Fund Created. 
 Neither the Plan nor the Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Subsidiary and a Participant or any other
Person. To the extent that any Person acquires a right to receive payments from the Company or any Subsidiary pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company or any Subsidiary.

 (i) No Fractional Shares. 
 No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities, or other property shall be paid or transferred in
lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be cancelled, terminated, or otherwise eliminated. 
 (j) Headings. 
 Headings are given to the Section and subsections of the Plan solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the plan or any provision thereof. 
 SECTION 9. Effective Date of Plan. 
 The Plan shall become effective
as of the later of the date (i) it is approved by the stockholders of the Company and (ii) the merger between National-Oilwell Inc. and Varco International Inc. is effective. No Awards may be made prior to the effective date of the Plan.

 SECTION 10. Forfeiture in Certain Circumstances (“Clawback”). 

The Committee may, at its sole discretion, terminate any Award if it determines that the recipient of the Award has engaged in material misconduct. For
purposes of this Clawback provision, material misconduct includes conduct adversely affecting the Company’s financial condition, results of operations, or conduct which constitutes fraud or theft of Company assets, any of which require the
Company to make a restatement of its reported financial statements. The Committee may also specify other conduct requiring the Company to make a restatement of its 

  
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publicly reported financial statements as constituting material misconduct in future Award Agreements. If any material misconduct results in any error in financial information used in the
determination of compensation paid to the recipient of an Award and the effect of such error is to increase the payment amount pursuant to an Award, the Committee may also require the recipient to reimburse the Company for all or a portion of such
increase in compensation provided in connection with any such Award. In addition, if there is a material restatement of the Company’s financial statements that affects the financial information used to determine the compensation paid to the
recipient of the Award, then the Committee may take whatever action it deems appropriate to adjust such compensation. 
 SECTION 11. Term
of the Plan. 
 No Award shall be granted under the Plan after September 13, 2014, which is the 10th anniversary of
the date this Plan was first adopted by the Board. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award granted prior to such termination, and the authority of the Board or the Committee to amend,
alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. 

  
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