Document:

Exhibit

EXHIBIT 10(c)

AMENDED AND RESTATED
AIRCRAFT TIME SHARING AGREEMENT

This AMENDED AND RESTATED AIRCRAFT TIME SHARING AGREEMENT (the “Agreement”) is dated October 1, 2019 (the “Effective Date”) by and between THE SHERWIN-WILLIAMS COMPANY, an Ohio corporation (the “Company”), and JOHN G. MORIKIS, an individual (the “Executive”).
W I T N E S E T H:
WHEREAS, the Company leases certain aircraft identified in Exhibit A (individually and collectively as the context requires, the “Aircraft”) and operates the Aircraft for business use in accordance with the FAR (as hereinafter defined) and the Company’s policies regarding use of the Aircraft;
WHEREAS, in order to provide for the safety and security of the Executive in his capacity as the Company’s Chief Executive Officer and to maximize the Executive’s ability to carry out his responsibilities to the Company, the Company has determined it is appropriate for the Company to make the Aircraft available to the Executive for personal use, subject to the terms and conditions set forth in this Agreement;
WHEREAS, the Executive desires to lease each Aircraft from time to time, with a flight crew, on a non-exclusive basis, from the Company on a time sharing basis as defined in Section 91.501(c)(1) of the FAR; 
WHEREAS, the Company is willing to lease each Aircraft from time to time, with a flight crew, on a non-exclusive basis, to the Executive on a time sharing basis; and 
WHEREAS, during the Term (as hereinafter defined) of this Agreement, each Aircraft will be subject to use by the Company and may be subject to use by one or more other third parties.
NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
		
	1.
	Definitions. The following terms shall have the following meanings for all purposes of this Agreement:

“Aircraft” means, individually and collectively as the context requires, each of the Aircraft identified in Exhibit A. 
 “Applicable Law” means, without limitation, all applicable laws, treaties, international agreements, decisions and orders of any court, arbitration or governmental agency or authority and rules, regulations, orders, directives, licenses and permits of any governmental body, instrumentality, agency or authority, including, without limitation, the FAR and 49 U.S.C. § 41101, et seq., as amended.
“FAA” means the Federal Aviation Administration or any successor agency.
“FAR” means collectively the Aeronautics Regulations of the FAA and the United States Department of Transportation, as codified at Title 14, Parts 1 to 399 of the United States Code of Federal Regulations.
“Operational Control” has the same meaning given the term in Section 1.1 of the FAR.
“Pilot in Command” has the same meaning given the term in Section 1.1 of the FAR.
“Taxes” means commercial air transportation excise taxes pursuant to Section 4261 of the Internal Revenue Code of 1986, as amended, regardless of whether any flight is considered “noncommercial” under the FAR.
“Term” means the entire period from the Effective Date to the date this Agreement is terminated pursuant to Section 3.

		
	2.
	Agreement to Lease. 

2.1    Lease. The Company agrees to lease each Aircraft to the Executive from time to time on an “as needed and as available” basis, and to provide a fully qualified flight crew for all of the Executive’s flight operations, in accordance with the terms and conditions of this Agreement. 
2.2    Automatic Removal of Aircraft. In the event that the Company sells any individual Aircraft listed on Exhibit A, such Aircraft shall, upon the transfer of title to such Aircraft, be deemed immediately removed from the applicability of this Agreement regardless of whether such Aircraft is specifically removed from Exhibit A. 
3.Term. 
3.1    Initial Term. The initial term of this Agreement shall commence on the Effective Date and continue for a period of one (1) year. 
3.2    Renewal. At the end of the initial one (1) year term or any subsequent one (1) year term, this Agreement shall automatically be renewed for an additional one (1) year term. 
3.3    Termination. 
3.3.1    Each party shall have the right to terminate this Agreement at any time with or without cause on ten (10) days’ written notice to the other party. 
3.3.2    In the event that the Executive no longer serves as Chief Executive Officer of the Company, the Company shall have the right to terminate this Agreement immediately upon delivery of a written notice of termination to the Executive.

4.Applicable Regulations. The parties hereto intend this Agreement to constitute, and this Agreement shall be interpreted as, a Time Sharing Agreement as defined in Section 91.501(c)(1) of the FAR. The parties agree that for all flights under this Agreement, the Aircraft used for the flight shall be operated under the pertinent provisions of Subpart F of Part 91 of the FAR. If any provision of this Agreement is determined to be inconsistent with any of the requirements of the provisions of Subpart F of Part 91 of the FAR, such provision shall be deemed amended in any respect necessary to bring it into compliance with such requirements.

5.Charges. For any flight conducted under this Agreement (including any deadhead flights required for repositioning), the Executive shall pay the Company an amount determined by the Company, not to exceed the expenses of operating such flight that may be charged pursuant to Section 91.501(d) of the FAR, which expenses include and are limited to:

5.1    fuel, oil, lubricants, and other additives;

5.2    travel expenses of the crew, including food, lodging, and ground transportation;

5.3    hangar and tie-down costs away from the Aircraft’s base of operation;

5.4    insurance obtained for the specific flight;

5.5    landing fees, airport taxes, and similar assessments;

5.6    customs, foreign permit, and similar fees directly related to the flight;

5.7    in flight food and beverages;

5.8    passenger ground transportation;

5.9    flight planning and weather contract services; and

5.10    an additional charge equal to 100% of the expenses listed in Section 5.1.

6.Invoices and Payment. The Company shall provide a quarterly invoice to the Executive in an amount determined by the Company in accordance with Section 5 above. The Executive shall remit the full amount of any such invoice, together with any applicable Taxes under Section 7, to the Company within thirty (30) days after receipt of the invoice. 

7.Taxes. The Executive shall be responsible for all Taxes which may be assessed or levied as a result of the lease of the Aircraft to the Executive, or the use of the Aircraft by the Executive, or the provision of a taxable transportation service to the Executive using the Aircraft.  The Executive shall remit to the Company all such Taxes together with each payment made pursuant to Section 6. 

8.Scheduling Flights. 

8.1    Flight Requests. The Executive shall submit requests for flight time and proposed flight schedules to the Company as far in advance of any given flight as practical. The Executive shall provide at least the following information for each proposed flight prior to the scheduled departure: 

(a)departure airport; 
(b)destination airport; 
(c)date and time of flight; 
(d)the names of all passengers; 
(e)purpose of the flight for each passenger; 
(f)the nature and extent of any unusual luggage and/or cargo to be carried; 
(g)the date and time of return flight, if any; and 
(h)any other information concerning the proposed flight that may be pertinent or required by the Company, the flight crew or governmental authorities.
8.2    Approval of Flight Requests. The Company may approve or deny any flight scheduling request in its sole discretion. The Company shall be under no obligation to approve any flight request submitted by the Executive and shall have final authority over the scheduling of all Aircraft.

8.3    Subordinated Use of Aircraft. The Executive’s rights to schedule use of the Aircraft during the Term of this Agreement shall at all times be subordinate to the Aircraft use requirements of the Company.  The Company shall at all times be entitled to preempt any scheduled, unscheduled, or anticipated use of any Aircraft by the Executive, notwithstanding any prior approval by the Company. 

9.Aircraft Maintenance and Flight Crew. The Company shall be solely responsible for maintenance, preventive maintenance and required or otherwise necessary inspections of each Aircraft, and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventative maintenance, or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless such maintenance or inspection can be safely conducted at a later time in compliance with all Applicable Laws and regulations, and within the sound discretion of the Pilot in Command. 

10.Flight Crews. The Company shall provide a qualified flight crew for each flight conducted in accordance with this Agreement. The members of the flight crew may be either employees or independent contractors of the Company. In either event, the flight crew shall be and remain under the exclusive command and control of the Company in all phases of all flights conducted under this Agreement. 

11.Operational Control. THE PARTIES EXPRESSLY AGREE THAT THE COMPANY SHALL HAVE AND MAINTAIN OPERATIONAL CONTROL OF ALL AIRCRAFT FOR ALL FLIGHTS OPERATED UNDER THIS AGREEMENT.  The Company shall exercise exclusive authority over initiating, conducting, or terminating any flight conducted on behalf of the Executive pursuant to this Agreement.

12.Authority of Pilot In Command. Notwithstanding that the Company shall have Operational Control of the Aircraft during any flight conducted pursuant to this Agreement, the Company and the Executive expressly agree that the Pilot in Command, 

in his or her sole discretion, may terminate any flight, refuse to commence any flight, or take any other flight-related action which in the judgment of the Pilot in Command is necessary to ensure the safety of the Aircraft, the flight crew, the passengers, and persons and property on the ground. The Pilot in Command shall have final and complete authority to postpone or cancel any flight for any reason or condition that in his or her judgment would compromise the safety of the flight. No such action of the Pilot in Command shall create or support any liability of the Company to the Executive for loss, injury, damage or delay. 

13.Insurance. 

13.1    Liability. In connection with any use of the Aircraft, for the benefit of the Company and the Executive, the Company shall maintain, or cause to be maintained, bodily injury and property damage, liability insurance in an amount customary in the industry for similar aircraft and operations. Such policy shall be an occurrence policy naming the Company as Named Insured, and the Executive as an Additional Insured.

13.2     Hull. The Company shall maintain, or cause to be maintained, all risks aircraft hull insurance for each Aircraft in amounts determined from time to time by agreement of Company and the provider of the insurance.

13.3    Additional Insurance. The Company shall use reasonable efforts to provide such additional insurance coverage as the Executive may request or require; provided, however, that the cost of such additional insurance shall be borne by the Executive as set forth in Section 5.4 of this Agreement.

13.4    Insurance Certificates. The Company will provide a copy of its Certificate of Insurance to the Executive from time to time as requested by the Executive.

14.Representations and Warranties. The Executive represents and warrants that:

14.1    The Executive will use the Aircraft solely for his own use and the use of his family and guests, and the Executive will not use any Aircraft for the purpose of providing transportation of passengers or cargo for compensation or hire.

14.2    The Executive shall not incur any mechanic’s or other lien on the Aircraft.  The Executive shall not attempt to convey, mortgage, assign, lease, sublease, or in any way alienate any Aircraft.

14.3    During the Term of this Agreement, the Executive will abide by and conform to all Applicable Laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the operation and use of any Aircraft under a time sharing agreement.

15.No Assignments. Neither this Agreement nor any party’s interest herein shall be assignable to any other party whatsoever. This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective heirs, representatives and successors.

16.Administration and Amendment Modification. This Agreement may not be modified, altered, or amended except by written agreement executed by both parties; provided, however, that the Executive hereby acknowledges and agrees that the Company may amend Exhibit A to add or remove Aircraft without his consent or written agreement.

17.Headings. The section headings in this Agreement are for convenience of reference only and shall not modify, define, expand, or limit any of the terms or provisions hereof.

18.Notices. All notices and communications required or permitted by this Agreement shall be in writing and shall be deemed to have been duly given or made when delivered personally or transmitted electronically by e-mail or facsimile, receipt acknowledged, or in the case of documented overnight delivery service or registered or certified mail, return receipt requested, delivery charge or postage prepaid, on the date shown on the receipt therefor, in each case at the address set forth below:

If to Company:        The Sherwin-Williams Company
101 West Prospect Avenue 
Cleveland, Ohio 44115
Attention: Mary L. Garceau, Senior Vice President, General                 Counsel and Secretary
E-Mail: mary.l.garceau@sherwin.com

If to Executive:        at his home address listed in the records of the Company.

19.Governing Law.   This Agreement shall be governed by the laws of the State of Ohio, without regard to its choice of law principles.

20.Limitation of Liability. NEITHER THE COMPANY (NOR ITS AFFILIATES) MAKES, HAS MADE OR SHALL BE DEEMED TO MAKE OR HAVE MADE ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED UNDER THIS AGREEMENT OR ANY ENGINE OR COMPONENT THEREOF INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS, QUALITY OF MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PURPOSE, USE OR OPERATION, AIRWORTHINESS, SAFETY, PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR TITLE. THE EXECUTIVE HEREBY WAIVES, RELEASES, DISCLAIMS AND RENOUNCES ALL EXPECTATION OF RELIANCE UPON ANY SUCH WARRANTIES, OBLIGATIONS, LIABILITIES, RIGHTS, CLAIMS OR REMEDIES.

21.Sole Recourse. The Executive agrees that the Aircraft liability insurance carried by, or on behalf of, the Company shall provide the Executive’s sole recourse for all claims, losses, liabilities, obligations, demands, suits, judgments or causes of action, penalties, fines, costs and expenses of any nature whatsoever, including attorneys’ fees and expenses for or on account of or arising out of, or in any way connected with the use of the Aircraft by the Executive or his guests, including, without limitation, injury to or death of any persons, including, without limitation, guests, invitees or other parties which may result from or arise out of the use or operation of the Aircraft. The provisions of this Section 21 shall survive the termination or expiration of this Agreement.

22.Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each and all of which when so executed and delivered shall be an original, and all of which shall together constitute one and the same instrument.

23.Entire Agreement. This Agreement constitutes the entire agreement of the parties as of the Effective Date and supersedes all prior or independent, oral or written agreements, understandings, statements, representations, commitments, promises, and warranties made with respect to the subject matter of this Agreement. 

24.Truth In Leasing Statement. 
WITHIN THE TWELVE (12) MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT, EACH AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED IN ACCORDANCE WITH THE PROVISIONS OF FAR PART 91.
THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR OPERATIONS CONDUCTED HEREUNDER, EACH AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN ACCORDANCE WITH THE PROVISIONS OF FAR PART 91.
THE COMPANY ACKNOWLEDGES (AND CERTIFIES BY ITS SIGNATURE BELOW) THAT WHEN IT OPERATES ANY AIRCRAFT ON BEHALF OF THE EXECUTIVE UNDER THIS AGREEMENT, THE COMPANY SHALL BE KNOWN AS, CONSIDERED, AND IN FACT WILL BE THE OPERATOR OF, AND SHALL HAVE OPERATIONAL CONTROL OF, THE AIRCRAFT. 
EACH PARTY HERETO CERTIFIES THAT IT UNDERSTANDS THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH IN THIS AGREEMENT FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.
AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE (FSDO).
THE PARTIES HERETO CERTIFY THAT A TRUE COPY OF THIS AGREEMENT SHALL BE CARRIED ON EACH AIRCRAFT AT ALL TIMES, AND SHALL BE MADE AVAILABLE FOR INSPECTION UPON REQUEST BY AN APPROPRIATELY CONSTITUTED AND IDENTIFIED REPRESENTATIVE OF THE ADMINISTRATOR OF THE FAA.
THE ADDRESS OF THE COMPANY IS: 101 West Prospect Avenue, Cleveland, Ohio 44115
25.    Truth In Leasing Compliance. The Company, on behalf of the Executive, shall take the steps set forth on Exhibit B. 

IN WITNESS WHEREOF, the parties have executed this AMENDED AND RESTATED AIRCRAFT TIME SHARING AGREEMENT as of the date and year first written above.

THE SHERWIN-WILLIAMS COMPANY 

By:    /s/ Thomas P. Gilligan            
Name: Thomas P. Gilligan
Title: Senior Vice President - Human Resources

/s/ John G. Morikis                
JOHN G. MORIKIS, Individually

The undersigned hereby consents to the terms of this Agreement.

CONTRACT TRANSPORTATION SYSTEMS CO. 

By:    /s/ Stephen J. Perisutti                
Name: Stephen J. Perisutti
Title: Vice President and Assistant Secretary

EXHIBIT A

AIRCRAFT

Dassault Falcon 2000EX aircraft bearing MSN 73 and U.S. registration number N273SW 

Dassault Falcon 2000EX aircraft bearing MSN 155 and U.S. registration number N274SW

Dassault Falcon 2000LXS aircraft bearing MSN 350 and U.S. registration number N279SW

EXHIBIT B

INSTRUCTIONS FOR COMPLIANCE WITH “TRUTH IN LEASING” REQUIREMENTS UNDER FAR SECTION 91.23

1.    Within 24 hours after execution of this Agreement, mail a copy of the executed document to the following address via certified mail, return receipt requested:

Federal Aviation Administration
Aircraft Registration Branch
ATTN: Technical Section
P.O. Box 25724
Oklahoma City, Oklahoma 73125

2.    At least 48 hours prior to the first flight of each Aircraft to be conducted under this Agreement, provide notice, of the departure airport and proposed time of departure of the first flight, by facsimile, to the responsible Flight Standards District Office.

3.    Carry a copy of this Agreement on board each Aircraft at all times.Exhibit

Exhibit 4.42

Description of the Company’s Class A Ordinary Shares Registered
Under Section 12 of the Exchange Act of 1934 
The following summary of Valaris plc’s (the “Company” or “Valaris”) Class A Ordinary Shares is based on and qualified by the Company’s Articles of Association (the “Articles”). For a complete description of the terms and provisions of the Company’s equity securities, including its Class A Ordinary Shares, refer to the Articles, which are filed as an exhibit to this Annual Report on Form 10-K, and the relevant provisions of applicable law.
General
		
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	All of the issued Class A Ordinary Shares are fully paid and not subject to any further calls by the Company.

		
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	Class A Ordinary Shares carry the right to receive dividends or other distributions paid by Valaris.

		
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	The holders of Class A Ordinary Shares have the right to receive notice of, and to attend and vote at, all general meetings of Valaris.

		
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	Subject to the U.K. Companies Act 2006 (the “Companies Act”), any equity securities issued by Valaris for cash must first be offered to Valaris shareholders in proportion to their existing holdings of Class A Ordinary Shares unless waived by a special resolution of Valaris shareholders, either generally or specifically, for a maximum period not exceeding five years. 

		
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	Class A Ordinary Shares are not redeemable; however, subject to the Companies Act, Valaris may purchase or contract to purchase any of its Class A Ordinary Shares off-market. Valaris may only purchase its Class A Ordinary Shares out of distributable reserves or the proceeds of a new issue of shares made for the purpose of funding the repurchase.

		
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	If Valaris is wound up (whether the liquidation is voluntary, under supervision of a court or by a court), the liquidator is under a duty to collect in and realize the assets of Valaris and to distribute them to creditors of Valaris and, if there is a surplus, to Valaris shareholders according to their entitlements. This applies whether the assets consist of property of one kind or of different kinds.

		
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	Under the Companies Act, a “special resolution” of shareholders requires the affirmative vote of not less than 75% of votes cast and an “ordinary resolution” requires the affirmative vote of greater than 50% of votes cast.

Share Capital
All of the issued Class A Ordinary Shares, nominal value US$0.40 per share, are fully paid and are not subject to any further calls by Valaris. There are no conversion rights, redemption provisions or sinking fund provisions relating to any Class A Ordinary Shares; however, subject to the Companies Act, Valaris may purchase or contract to purchase any of its Class A Ordinary Shares off-market.
Under English law, persons who are neither residents nor nationals of the U.K. may freely hold, vote and transfer the Valaris shares in the same manner and under the same terms as U.K. residents or nationals.
The Class A Ordinary Shares and the Class B Ordinary Shares, nominal value US$1.00 per share (collectively, the “Ordinary Shares”), have the same rights and privileges in all respects. While the Class B Ordinary Shares (all of which are held by a subsidiary of Valaris) remain in issue, such shares have no voting rights or rights to dividends or distributions, to the extent that they are held by Valaris or any of its subsidiaries.
Dividends
Subject to the Companies Act, the board of directors of Valaris (the “Valaris Board”) may resolve to pay a dividend to the shareholders according to their respective rights and interests in Valaris, and may fix the time for payment of such dividend. The Valaris Board may from time to time resolve to pay (on any class of shares of any amounts) such dividends as appear to them to be justified by the profits of Valaris that are available for distribution. When evaluating dividend payment timing and amounts, the Valaris Board considers several factors, including Valaris’s profitability, liquidity, financial condition, market outlook, reinvestment opportunities, capital requirements and other factors and restrictions the Valaris Board deems relevant. There can be no assurance that Valaris will pay a dividend in the future.

There are no fixed dates on which entitlement to dividends arise on any of the Ordinary Shares. The Valaris Board may direct the payment of all or any part of a dividend to be satisfied by distributing specific assets, in particular paid up shares or debentures of any other company. The Articles permit a scrip dividend scheme under which shareholders may be given the opportunity to elect to receive fully paid Class A Ordinary Shares instead of cash, with respect to all or part of future dividends. Ordinary Shares held by or for the benefit of a Valaris subsidiary will not be entitled to any dividends or distributions, including any scrip dividends, bonus shares or dividends or distributions of property or debentures of any other company. Further, the trustees of an employee benefit trust established in connection with Valaris’s equity incentive plans are not entitled to any dividends or distributions, including any scrip dividends, bonus shares or dividends or distributions of property or debentures of any other company.
If a shareholder owes any money to Valaris relating in any way to any class of Valaris shares, the Valaris Board may deduct any of this money from any dividend on any shares held by the shareholder, or from other money payable by Valaris in respect of the shares. Money deducted in this way may be used to pay the amount owed to Valaris.
Unclaimed dividends and other amounts payable by Valaris in respect of an Ordinary Share can be invested or otherwise used by the directors for the benefit of Valaris until they are claimed under English law. A dividend or other money remaining unclaimed for a period of twelve years after it first became due for payment will be forfeited and cease to remain owed by Valaris.

Voting Rights
At a general meeting of Valaris shareholders, any resolution put to a vote must be decided on a poll rather than by a show of hands.
Each Valaris shareholder (other than any of its subsidiaries who hold Ordinary Shares) who (being an individual) is present in person or (being a corporation) is present by a duly authorized corporate representative at Valaris’s general meeting will have one vote for every share held, and every person present who has been appointed as a proxy has one vote for every share in respect of which he or she is the proxy, except that any proxy who has been appointed by DTC or its proxies have such number of votes as equals the number of shares in relation to which such proxy has been appointed, subject to any rights or restrictions as to voting attached to any class of shares in accordance with the Articles or by agreement and subject to the disenfranchisement (i) in the event of non-payment of any call or other sum due and payable in respect of any shares not fully paid; (ii) in the event of any non-compliance with any statutory notice requiring disclosure of an interest in shares; and (iii) with respect to any shares held by the trustees of an employee benefit trust established in connection with Valaris’s equity incentive plans in which a beneficial interest has not yet vested in a beneficiary of such trust.
In the case of joint holders, the vote of the person whose name stands first in the register of shareholders and who tenders a vote, whether in person or by proxy, is accepted to the exclusion of any votes tendered by any other joint holders.
The necessary quorum for a general meeting is the shareholders who together represent at least the majority of the voting rights of all the shareholders entitled to vote present in person or by proxy (that is, any shares whose voting rights have been disenfranchised (whether pursuant to the Companies Act and/or under the Articles) shall be disregarded for the purposes of determining a quorum).
An annual general meeting of shareholders must be called by not less than 21 clear days’ notice and no more than 60 clear days’ notice. For all other general meetings except general meetings properly requisitioned by shareholders, such meetings may be called by not less than 14 clear days’ notice and no more than 60 days’ notice. The notice of meeting also must specify a time (which may not be more than 60 clear days nor less than 10 days before the date for the holding of the meeting) by which a person must be entered on the register in order to have the right to attend or vote at the meeting. The number of shares then registered in their respective names shall determine the number of votes a person is entitled to cast at that meeting.
Valaris must receive an appointment of proxy (whether in hard copy form or electronic form) before the time for holding the meeting or adjourned meeting at which the person named in the appointment of proxy proposes to vote; in the case of a poll taken more than 48 hours after the meeting at which the relevant vote was to be taken, an appointment 

of proxy must be received after such meeting and not less than 24 hours (or such shorter time as the Valaris Board may determine) before the time appointed for taking the poll; or in the case of a poll not taken immediately but taken not more than 48 hours after the meeting, the appointment of proxy must be delivered at the meeting at which the poll is to be taken. An appointment of proxy not received or delivered in accordance with the Articles is invalid under English law.
Return of Capital
In the event of a voluntary winding-up of Valaris, the liquidator may, on obtaining any sanction required by law, divide among the shareholders the whole or any part of the assets of Valaris, whether or not the assets consist of property of one kind or of different kinds.
The liquidator also may, with the same authority, transfer the whole or any part of the assets to trustees upon any trusts for the benefit of the shareholders as the liquidator decides. No past or present shareholder can be compelled to accept any asset that could subject him or her to a liability.

Preemptive Rights and New Issues of Ordinary Shares
Under Section 549 of the Companies Act, directors are, with certain exceptions, unable to allot securities without being authorized either by the shareholders in a general meeting or by the Articles pursuant to Section 551 of the Companies Act. In addition, under the Companies Act, the issuance of equity securities that are to be paid for wholly in cash (except shares held under an employees’ share scheme) must be offered first to the existing equity shareholders in proportion to the respective nominal values of their holdings on the same or more favorable terms, unless a special resolution to the contrary has been passed in a general meeting of shareholders or the articles of association otherwise provide an exclusion from this requirement (which exclusion can be for a maximum of five years after which shareholders’ approval would be required to renew the exclusion). In this context, equity securities generally means ordinary shares (being shares other than shares that, with respect to dividends or capital, carry a right to participate only up to a specified amount in a distribution) and all rights to subscribe for or convert securities into such shares.
Subject to the provisions of the Companies Act and to any rights attached to any existing shares, any Valaris shares may be issued with, or have attached to them, such rights or restrictions as the shareholders of Valaris may by ordinary resolution determine, or, where the above authorizations are in place, the Valaris Board may determine such rights or restrictions.
The Companies Act prohibits an English company from issuing shares for no consideration, including with respect to grants of restricted shares made pursuant to equity incentive plans. Accordingly, the nominal value of the shares issued upon the lapse of restrictions or the vesting of any restricted share award or any other share-based grant must be paid pursuant to the Companies Act.
Disclosure of Interests in Shares
Section 793 of the Companies Act provides Valaris the power to require a person whom it knows has, or whom it has reasonable cause to believe has, or within the previous three years has had, any ownership interest in any shares (the “default shares”) to disclose prescribed particulars of those shares. For this purpose default shares includes any shares allotted or issued after the date of the Section 793 notice in respect of those shares. Failure to provide the information requested within the prescribed period after the date of sending the notice will result in sanctions being imposed against the holder of the “default shares” as provided within the Companies Act.
Under the Articles, Valaris also will withdraw voting and certain other rights, place restrictions on the rights to receive dividends and transfer “default shares” if the relevant holder of “default shares” has failed to provide the information requested within 14 days after the date of sending the notice, depending on the level of the relevant shareholding (and unless the Valaris Board decides otherwise).

Alteration of Share Capital/Repurchase of Ordinary Shares
Valaris may from time to time:

		
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	increase its share capital by allotting new shares in accordance any unused portion of any authority to allot shares approved by Valaris shareholders and in accordance with the Articles;

		
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	by ordinary resolution of its shareholders, consolidate and divide all or any of its share capital into shares of a larger nominal amount than the existing shares; and

		
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	by ordinary resolutions of its shareholders, subdivide any of its shares into shares of a smaller nominal amount than its existing shares.

 Subject to the Companies Act 2006 (including approval by Valaris’s shareholders by way of ordinary resolution) and to any rights the Valaris shareholders may have, Valaris may purchase Ordinary Shares by way of “off-market purchases. Such purchases are subject to various restrictions, including those imposed pursuant to the terms of relevant shareholder approvals, such as caps on both: (i) the number of Ordinary Shares that Valaris may purchase; and (ii) the aggregate financial cost of such purchases. Relevant shareholder approvals may last for up to five years from the date of the relevant ordinary resolution, and renewal of such approvals for additional five year terms may be sought. Valaris shares may only be repurchased out of distributable profits or the proceeds of a fresh issue of shares made for that purpose, and, if a premium is paid, it must be paid out of distributable profits.
Transfer of Ordinary Shares
The Articles allow Valaris’s shareholders to transfer all or any of their shares in any form that is approved by the Valaris Board. 
The Valaris Board may refuse to register a transfer:
		
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	if the shares in question are not fully paid;

		
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	if it is with respect to more than one class of shares;

		
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	if it is with respect to shares on which Valaris has a lien;

		
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	if it is in favor of more than four persons jointly;

		
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	if, where an instrument of transfer is required to effect the transfer, and that instrument is required to be stamped, Her Majesty’s Revenue and Customs has not duly stamped it;

		
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	if it is not presented for registration together with the share certificate and evidence of title as the Valaris Board reasonably requires; or

		
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	in certain circumstances, if the holder has failed to provide the required particulars to Valaris as described under “Disclosure of Interests in Ordinary Shares” above.

Shareholders are strongly encouraged to hold their Class A Ordinary Shares in book entry form through the facilities of DTC, which may be achieved by instructing the delivery of such Class A Ordinary Shares to a bank or brokerage account or by appointing Computershare as custodian for such Class A Ordinary Shares. Transfers of Class A Ordinary Shares held in book entry form through DTC will not attract a charge to stamp duty or Stamp Duty Reserve Tax (“SDRT”) in the U.K. A transfer of title in the Class A Ordinary Shares from within the DTC system out of DTC and any subsequent transfers that occur entirely outside the DTC system, including repurchase by Valaris, may attract a stamp duty (currently 0.5%), which is payable by the transferee of the Class A Ordinary Shares. Any such duty must be paid (and the relevant transfer document stamped by HMRC, if applicable) before the transfer can be registered in the books of Valaris. In addition, if those Class A Ordinary Shares are redeposited into DTC, the redeposit will attract stamp duty or SDRT. Valaris has put in place arrangements to require that Class A Ordinary Shares held in certificated form cannot be transferred into the DTC system until the transferor of the Class A Ordinary Shares has first delivered the Class A Ordinary Shares to a depository specified by Valaris so that SDRT may be collected in connection with the initial delivery to the depository. Any such Class A Ordinary Shares will be evidenced by a receipt issued by the depository. Before the transfer can be registered in the books of Valaris, the transferor also will be required to put the depository in funds to settle the resultant liability to SDRT, which is currently 1.5% of the value of the Class A Ordinary Shares, and to pay the transfer agent such processing fees as may be established from time to time.
If the Valaris Board refuses to register a transfer of a share, it must, within two months after the date on which the transfer was lodged, send to the transferee notice of the refusal, together with its reasons for refusal. An instrument of transfer which the Valaris Board refuses to register must (except in the case of suspected fraud) be returned to the person depositing it.

General Meetings and Notices
The notice of a general meeting of shareholders must be given to the shareholders of record (other than any who, under the provisions of the Articles or the terms of allotment or issue of shares, are not entitled to receive notice), to the Valaris Board and to its auditors.
Under English law, Valaris is required to hold an annual general meeting of shareholders within six months from the day following the end of its fiscal year and, subject to the foregoing, the meeting may be held at a time and place determined by the Valaris Board.
Liability of Valaris’s Directors and Officers
The Articles provide that English courts have exclusive jurisdiction with respect to any suits brought by shareholders against Valaris or its directors. English law does not permit a company to exempt any director or certain officers from any liability arising from negligence, default, breach of duty or breach of trust against the company. However, despite this prohibition, an English company is permitted to purchase and maintain insurance for a director or executive officer of the company against any such liability. Valaris has entered into deeds of indemnity with each of its current directors and executive officers and purchased insurance on their behalf. In addition, directors and executive officers may be covered by indemnification agreements and indemnification rights granted under the charter documents of Valaris subsidiaries. Shareholders can ratify by ordinary resolution a director’s or certain officer’s conduct amounting to negligence, default, breach of duty or breach of trust in relation to the company.
Takeover Code
Takeover offers and certain other transactions in respect of certain public companies are regulated by the U.K. City Code on Takeovers and Mergers (the “Takeover Code”), which is administered by the Takeover Panel, a body consisting of representatives of the City of London financial and professional institutions that oversees the conduct of takeovers. An English public limited company potentially is subject to the Takeover Code if, among other factors, its central place of management and control is within the U.K., the Channel Islands or the Isle of Man. The Takeover Panel generally will look to the residency of a company’s directors to determine where it is centrally managed and controlled. The Takeover Panel has previously confirmed that on the basis of Valaris’s current directors and management the Takeover Code would not apply to Valaris. It is possible, however, that if the characteristics of Valaris’s directors or management were to change in the future the Takeover Panel may take a different position and the Takeover Code may apply to Valaris.
Anti-Takeover Provisions
General
The provisions of the Articles summarized below may have the effect of discouraging, delaying or preventing hostile takeovers, including those that might result in a premium being paid over the market price of Valaris’s Ordinary Shares and discouraging, delaying or preventing changes of control or management of Valaris.
Issuance of Additional Ordinary Shares
Subject to the terms of any then existing shareholder approvals (which are required by the Companies Act and which cannot endure for more than five years from the date of grant), the Valaris Board has the authority, without further action of Valaris’s shareholders, but subject to its statutory and fiduciary duties, to allot shares, or to grant rights to subscribe for or to convert or exchange any security into shares, up to a specified aggregate nominal amount, and to exclude preemptive rights in respect of certain issuances. The issuance of further shares on various terms could adversely affect the Valaris shareholders. The potential issuance of further Ordinary Shares may discourage bids for Ordinary Shares at a premium over the market price, may adversely affect the market price of Ordinary Shares and may discourage, delay or prevent a change of control.
Shareholder Rights Plan

The Valaris Board has the necessary corporate authority to exercise any power of the company to establish a shareholders rights plan. Any shareholders rights plan may be in such form as the Valaris Board may in its absolute discretion decide. Such a plan could make it more difficult for another party to obtain control of Valaris by threatening to dilute a potential acquirer’s ownership interest under certain circumstances. The Valaris Board may adopt a shareholder rights plan at any time.
The anti-takeover and other provisions of the Articles, as well as the adoption of a shareholder rights plan, could discourage potential acquisition proposals and could delay or prevent a change of control. These provisions are intended to enhance shareholder value by discouraging certain types of abusive takeover tactics. However, these provisions could have the effect of discouraging others from making tender offers for Class A Ordinary Shares and, as a consequence, also may inhibit fluctuations in the market price of Class A Ordinary Shares that could result from actual or rumored takeover attempts.

Board of Directors

At every annual general meeting all Valaris directors must retire from office and each director may offer himself or herself for re-appointment by the members. Under English law, shareholders have no cumulative voting rights. In addition, the Articles incorporate provisions that regulate shareholders’ ability to nominate directors for election. Although Valaris’s shareholders have the ability to remove a director without cause under English law, the lack of cumulative voting and the limitations on shareholders’ powers to nominate directors will have the effect of making it more difficult not only for any party to obtain control over Valaris by replacing the majority of the Valaris Board but also to force an immediate change in the composition of the Valaris Board. However, under the Articles, if Valaris shareholders remove the entire Valaris Board, a shareholder may then convene a general meeting for the purpose of appointing directors.

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