SEC Contract Filing

Filing Date: 2016-05-02

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v438600_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FORM OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">NON-EMPLOYEE DIRECTOR RESTRICTED SHARE
NOTICE</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Pursuant to the <U>2013 ROWAN COMPANIES
PLC INCENTIVE PLAN</U>, as amended</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><U>Grant of Restricted Shares</U>. </B>Pursuant to Annex 1 to the 2013 Rowan Companies plc Incentive
Plan (as amended, the &ldquo;<B><I>Plan</I></B>&rdquo;), upon and subject to the conditions described in this Non-Employee Director
Restricted Share Notice (this &ldquo;<B><I>Notice</I></B>&rdquo;) and Annex 1 to the Plan, Rowan Companies plc, a public limited
company incorporated under English law (the &ldquo;<B><I>Company</I></B>&rdquo;), hereby grants to <B>___________ </B>(the &ldquo;<B><I>Participant</I></B>&rdquo;),
effective as of _________ (the &ldquo;<B><I>Grant Date</I></B>&rdquo;), <B>___________ </B>restricted shares (the &ldquo;<B><I>Restricted
Shares</I></B>&rdquo; and such award, the &ldquo;<B><I>Grant</I></B>&rdquo;). All capitalized terms used but not otherwise defined
herein shall have the meanings set forth in the Plan.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B><U>Incorporation of the Plan</U></B>. References in this Notice to the Plan shall be taken to
mean Annex 1 to the Plan. The Plan is hereby incorporated herein by this reference. In the event of any conflict between the terms
of this Notice and the Plan, the terms of the Plan shall control.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B><U>Vesting Schedule; Forfeiture</U></B>.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Grant shall vest and cease to be subject to forfeiture and deemed repurchase with respect to
all of the Restricted Shares subject thereto on the earlier of (i)&nbsp;the date of the first (1st) annual general meeting of the
Company&rsquo;s shareholders to occur following the Grant Date or (ii)&nbsp;the one (1) year anniversary of the Grant Date (such
date, the &ldquo;<B><I>Vesting Date</I></B>&rdquo;), subject to the Participant&rsquo;s continued service as a Director through
the Vesting Date; <I>provided, however</I>, that if the Participant incurs a Director Termination (as defined below) due to the
Participant&rsquo;s death prior to the Vesting Date, all then-unvested Restricted Shares shall vest in full and cease to be subject
to forfeiture and deemed repurchase upon such Director Termination.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subject to <U>Section 3(a)</U> above, if the Participant resigns as a Director, is removed as a
Director or ceases to provide services as a Director for any reason (each, a &ldquo;<B><I>Director Termination</I></B>&rdquo;),
the Grant (to the extent not then-vested, after taking into account any accelerated vesting that occurs in connection with such
Director Termination, if any) shall be forfeited and deemed to be repurchased by the Company (without payment therefor) as of the
date of such Director Termination, unless determined otherwise by the Committee. For the avoidance of doubt, upon the Participant
ceasing to provide services as a Director for any reason, unless otherwise provided in this Notice or another written agreement
between the Company and the Participant or otherwise determined by the Committee, no Restricted Shares which have not become vested
as of the date the Participa